Fairbanks Capital And Others

Is it wise or possible to deal with lendors after they have taken home back in the first 30 days.

I have 2 homes with Fairbanks and was told they would work a short on both just taken back in last 45 days.

But found out Friday one was given to a Real estate agent!!


Does this make it possible to put in a low offer or change How I can Neg... with the bank?

Thanks for all your help..


Dave


ps As you can see by the many post I have put up recently that I am pro active in getting out there and doing deals !!!

its not like I am a totally rookie I do know some things in the pre foreclosure world but really want to get into the REO and SS a lot more since I can create more equity and $$$$ for my inveators and myself

Comments(5)

  • TheShortSalePro29th May, 2004

    If it's an REO, it's not a short sale.

    However, much the same technique can be implemented to negotiate for a discount from their asking price. Factual, compelling proposal, etc.
    [addsig]

  • David-1050429th May, 2004

    Thanks Shortsale pro

    Another words use the same tatics if I was doing a short sale with bank..


    Does this mean only with the Agent or should I contact the person handling home

    Or will she tell me too contact the agent


    Dave

  • InActive_Account29th May, 2004

    David,

    Watch out with Fairbanks Capital. There was a class action law suit against them that just finished up for unfair practices. I would not be surprised if some property owners had recourse against them because of the way they dealt with customers. I know because I was one of those customers. My house was never at risk, at least that I know of, but they harassed me constantly to the point that I refinanced just to get rid of them.

    Robert
    [addsig]

  • cjmazur29th May, 2004

    I have tried this w/ several lenders including Fairbanks, and they have a network of brokers that they work with for disposing of REOs.

    I was told to contact a specific broker, wait for a BPO and for it to be listed, then I could buy.

    Very inefficient to me.

  • Stockpro9929th May, 2004

    These REO's are where I think it pays to have brokers/agents license. The process is similare to the SS and they allow for a commission to an agent in the figures/Hud 1

    [addsig]

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