Ameriquest
I had a call from a man yesterday who is behind on his mortgage. the lender rep told him to find someone to do a short sale. the balance owed on the house is SIGNIFICANTLY higher than the value. I'm guessing from what the home owner told me it also needs SIGNIFICANT rehab. He says they're not yet in foreclosure but w/the figures he gave me I think he might be wrong.
In my 'real life' I am a loan closer and I have noticed throughout the years that Ameriquest consistently sets property values considerably higher than I, in my layman's eyes, would. Sometimes I wonder if I am in the correct house.
I've got to check myself because the home owner seemed rather confused (or very smart). he says the balance owed is $37,000, that they borrowed $29,000 and I'm guessing in good shape this house would sell for no more than $20,000/$25,000.
My question is, does Ameriquest unofficially take these initial overly inflated values into consideration when doing short sales?
The short answer is no. But I do have a good working relationship with some of the Loss Mit reps at Ameriquest. If you need help, let me know.
You are probably aware the Ameriquest specializes in sub prime loans/customers though.
[addsig]
That is correct, they do.
thanks. we'll see how the first attempt at a short sale goes - assuming the home owner understands this isn't going to be a 'purchase' where he gets any funds. he says he wants 'a little something' for what he's got into the property.
another question. I just spoke with the lender rep and he says approvals are based on the appraisal. I'm guessing the appraisal will be higher than I'd like. any way around this? if we provide comps, will the appraisal still override these?
Sue,
You will want to provide comps, or even better a BPO. They will still do their own, but you will at least have the tools you need to present your case. Also, do not let the appraiser or broker get into the property without you. You want to be there so you can provide them with the comps, and so you can make your case for a low appraisal or bpo.