Buying Mortgage From Bank.
Have any of you ever had luck buying the note from the bank? i.e. There is a 1st from CITi or Wells etc. The note is delinquent, and you wish to buy it from them..
I am holding a third on a property and am looking to purchase the 1st and foreclose as the owner is delinquent. I am looking to pay even market or face value for the 1st..
IF you have done this what techniques were useful to get in front of the decisionmaker at the bank??
Randall
Have you looked into the short sale?
The owner will not have aforeclosure on his record and you may be able to get the 2nd discounted.
If all goes well the short sale should be about 20% below market value.Deal with the bank that way.
there are articles on this site re short sale
I have not bought a note from the bank. But, as you probably know, buying a note and doing a short sell are two very different techniques. For a SS you must have the cooperation of the home owner. To buy a note the home owner has no input into the process. Also, I have heard that you should be careful buying a note, and always only buy at a discount, because the home owners could come up with the reinstatment money and now you are a long term note holder.