Short Sale/Buy Note From The Bank.
Who has success at buying defaulted notes from the bank?
Is buying a defaulted note the same basics as a short sale?
Which is better buying the note, or doing a short sale?
How much time does it take to buy a defaulted note?
Is the lender willing to sell a note even if they are not interested in doing a short sale?
Great that is some good information. So what i would really like to know is, i already have the homeowner wanting to deal with me. The banks does not want to do the short sale. Can i still get them to accept a discount. Then i can have the seller waive their right to the property and give me instance access and ownership. Sort of like deed in lieu of foreclosure, but i wouldnt file it against them. Is this possible with your experience?
Well i am attempting to buy a note and i will keep you informed as to the outcome.
Quote:
On 2006-04-30 01:09, charlotteinvestor wrote:
Well i am attempting to buy a note and i will keep you informed as to the outcome.
Hi charlotteinvestor,
I was curious to how it turn out on trying to buy the note instead of doing a short sale. WAITING ON YOUR RESPONSE.
Well i contacted the department that handles selling notes, and they said the only sell notes in packages. Whether they are performing or nonperforming.
The least amount they were willing to sell are 20 loans at a time. Also the loans will be in a variety of states and counties.
So this was not appealing to me because if i do buy the package of notes. I would have to foreclose on all the homeowners, which could cost 400k.
Then i would have to wait for the redemption period to end before i can even get my money back.
That method is good for larger companies that take serious risks.