Buying Paper At A Discount
Has anyone tried buying any Wells Fargo notes at a discount?
I have a prospect who is going to foreclosure on Dec 12th, and owes what the property is worth.
Will wells sell me the paper?
thanks,
Hi vcrindc,
I haven't tried with Wells, but generally large banks only sell their loans in bulk. It never hurts to ask them, but they probably wont sell loans on a per loan basis!
Best of Success!
BAMZ
This may be a time where you want to call up a few investors, tell them your going to contact Wells, and see if they want to possibly join money and buy a few notes. Everyone loves to sell in bulk
[addsig]
Let me know if you need some financial bulk behind you because we'll take on thier portfolio of notes if necessary. The paper man has spoken go gettum.
Mark
On a single transaction I would take an authorization from present owner and offer discount for payoff of note. The Loss Mitigator/Walter Mitty might if he has a large stack of foreclosures awaiting sale.
You can always wait til after sale and just start making offers.
Ok, just this once. Here is how you deal with this particular organization after they have obtained property at sale. Now an REO. You make a low, low, conditional offer. Following day you John Doe another offer also low but remove some of the conditions. Two days latter you hit them with an even lower offer loaded with conditions and perhaps attach to that offer an inspection report by Joe Smith the Contractor with delusions.
All are different persons. Then, your broker or you go see the REO and talk a little and see if they are ready for a "Steamboat" this is the offer all cash, no conditions take it as it is. Check in hand and a fairly large check like $5,000.
Now that's your strike. Hold and if he does not react walk away. You can "Kite" with once again an occassional low offer and you might get lucky.
Go for it. Lucus
[quote]
On 2003-12-04 01:47, smr1sun wrote:
Let me know if you need some financial bulk behind you because we'll take on thier portfolio of notes if necessary. The paper man has spoken go gettum.
Mark <IMG SRC="images/forum/smilies/icon_biggrin.gif">
Dear Mark, the paper man.
Watch it. This organization has in the past sold portfolios of non performing notes. Such sales have in the past had a few "Spikes" well hidden. The normal is to sell to investing institutions only. To maintain a relationship service or other, when the spike is found and the buyer raises enough hell, they take it back and put it into a "Cash Out Play" but thats to captive investors only. Not outsiders.
The worst as you know are the FEEMA non performing portfolios. They are sold in and around $200,000,000 a package. But sometimes payment for these is a future promise of like 20% of face, payable at time of property sale. I do not know your level of play but, I extend this warning as you are on this site. If you are an organization similar to the Bank of Beal with those connections go for it.
Lucius