GMAC Anyone Dealt With For Foreclosure?
Anyone have experiece with these guys...if so, anything you can help me with would be appreciated.
I already contacted them about short sale package and found out what they need and the guy on the other end was like "well, unless you offer full price, you wont' get far...they probably won't accept it. What do you think you want to offer?"
I just smiled and played stupid...which isn't hard 
Thanks,
Chris
There is a distinct difference between a mortgage loan investor, and the entity that services that loan. That should be one of the first little tidbits you try to learn BEFORE even discussing the possibility of a short sale.
Most people think one lender is more cooperative than another... but they are all pretty much the same. It isn't so much which lender (or loan servicer) you approach, it's more about the type of loan, who owns that loan....and that particular investor's criteria for short sale.
Check out the article, "How to Prequalify a Short Sale Candidate". While youare at it, check out "Short sales: Childs' Play, or not?" If you can't find it, email me privately.
Thanks, I will look for that.
Solutions Kid
[addsig]
[quote]
On 2003-09-02 19:27, SolutionsKid wrote:
I already contacted them about short sale package and found out what they need and the guy on the other end was like "well, unless you offer full price, you wont' get far...they probably won't accept it. What do you think you want to offer?"
I spoke with the same SOB myself a few weeks ago. He also told me that they didn't have a short sale package, which was false.
All I did was call back again the next day and spoke to someone else.
Initially, the offer was rejected, so I asked to speak with the person who was in charge of the file. I asked him, " Have you SEEN this property? No- you haven't. It's a train wreck. I don't care what your computer says the home is worth, you can't *possibly* know what it's work by clicking a few buttons."
They said if I paid for the appraisal and a nominal fee, they would delay the sheriff's sale.
And they have.
They said I'll have to pay the appraisal price. Guess who's going to be there to show the appraiser around?
Be persistent.
Good luck.
Good strategy. If you are serious, spend $50 to get a termite inspector to inspect the premises and give you a 'worst case' scenario. Not that he would fabricate an untruth... but an honest 'what if'....
Hi SolutionsKid,
I shared this with you on the other web site, but I will share it with my friends here as well.
I recently contacted GMAC mortgage about a Freddie Mac loan that they were servicing. They originially wanted the full BPO price of $129,000. After many counters to them, they finally told me that if I didn't offer them at least $120,000, then do not call back. I let them sit on this for two weeks and I called them back and asked if they would consider $114,000 cash. Guess what . . . they did! I put $3,000 in fix up / clean up and it is on the market for $164,900. You may be surprised what you get if you just ask for it!
Best of Success!
BAMZ[ Edited by BAMZ on Date 09/23/2003 ]
Wow, robertmichon!
Are you saying that bank trusted the appraisal YOU hired?
I was under impression banks only trust their own appraisal.
Do I miss something here?
Quote:
On 2003-09-17 17:14, robertmichon
They said if I paid for the appraisal and a nominal fee, they would delay the sheriff's sale.
And they have.
They said I'll have to pay the appraisal price. Guess who's going to be there to show the appraiser around?
Be persistent.
Good luck.