Get your self a good desk phone with a speaker and volume control.
Last time I call Ocwen, it took the lost mitigation department 49 minutes to answer.
Thanks for the reply! Is this what you have been experiencing currently in SS, full BPO only? When or more specifically when do you see SS where they accept deeply discounted offers so to be able to wholesale the property for profit? I would assume with all the subprime fallout and record number of foreclosures that these lenders are anxious to unload and get these types of properties off their books asap.
I just got a short sale accepted where the owner owed 1720k and the lender is accepting 112k.
Get this, the house was built in 04 and only needs carpet and paint.
loan 51,500-bpo 40k.sale price to me 32,700.my repairs w/another bathroom added,14k.current appraisal 76k.welcome to texas.p.s. that was wells fargo bank.
I think it depends on where in the country you are and the lender you are dealing with.
We recently got a property REO for $180K (60% of the value). We offered $240K cash ($290K was owed) on it via a SS before foreclosure and the refused. Go figure.
[ Edited by linlin on Date 10/31/2007 ]
In most mitigation departments getting them to move faster is almost impossible as in my experience it is the most disorganized department of any bank or loan servicer as it is not their primary business but a necessary evil.
I would assume you have the name of the minions at Saxon that gave you the assurances, I would contact them and find out what the hold up, probably the drastic change in the BPO value would be my guess. That value change probably had to run the approval through the mill all over again with no guarantee the $410K will be acceptable.
I think you have two choices, call them up and say that you have another deal on the table, but you are willing to take the original approvale of $450K if it speeds the process up and you close by the date given. I know it may be hard to leave what you see as $40K on the table, but you also may walk away with $0.
The 2nd option I would think would be to speak to the buyers bank and see if you can lock her rate or pay a point or two if you think you can for sure get the lower bpo.
bidred, why does she have to close today? you are not being very specific. You need to dig as to why she needs to close. Sometimes if the rates are rising, the higher rate will increase her payment and get her above her debt to income ratios. But I believe rates are going down and you can always buy down the rate.
You are not going to get loss mit to move any faster, so you need to get the bank to give you more time.
You were right on the money at offering to buy it at 450,000 instead of 410,000 it work like a charm. Supposedly the second bPO they did i came in higher or they reapprove the same or near same price to save face. I ended up negotiating down to 435,000. It ate into my profits but hey at least their is profits left.
Quote:
On 2007-10-31 21:57, dnvrkid wrote:
In most mitigation departments getting them to move faster is almost impossible as in my experience it is the most disorganized department of any bank or loan servicer as it is not their primary business but a necessary evil.
I would assume you have the name of the minions at Saxon that gave you the assurances, I would contact them and find out what the hold up, probably the drastic change in the BPO value would be my guess. That value change probably had to run the approval through the mill all over again with no guarantee the $410K will be acceptable.
I think you have two choices, call them up and say that you have another deal on the table, but you are willing to take the original approvale of $450K if it speeds the process up and you close by the date given. I know it may be hard to leave what you see as $40K on the table, but you also may walk away with $0.
The 2nd option I would think would be to speak to the buyers bank and see if you can lock her rate or pay a point or two if you think you can for sure get the lower bpo.
Meagherr,
Get your self a good desk phone with a speaker and volume control.
Last time I call Ocwen, it took the lost mitigation department 49 minutes to answer.
1-888-779-2857 Press 1 after the announcement
Nightfighter
can also try (800) 446-2936
Hi SSPro,
Thanks for the reply! Is this what you have been experiencing currently in SS, full BPO only? When or more specifically when do you see SS where they accept deeply discounted offers so to be able to wholesale the property for profit? I would assume with all the subprime fallout and record number of foreclosures that these lenders are anxious to unload and get these types of properties off their books asap.
Ok, what are some of opinions of others currently working short sales? Is anybody landing any good deals and actually making any money?
ShortSalesinCO,
Your average of 84% on a conventional SS.
Is that net to the lender?
Is that including the back interest on the loan?
In your experience, on an average, what is the percentage between the loan amount and the net to the lender (bottom line on the HUD1)?
Thanks.
Thanks ShortSalesinCO
I just got a short sale accepted where the owner owed 1720k and the lender is accepting 112k.
Get this, the house was built in 04 and only needs carpet and paint.
loan 51,500-bpo 40k.sale price to me 32,700.my repairs w/another bathroom added,14k.current appraisal 76k.welcome to texas.p.s. that was wells fargo bank.
I think it depends on where in the country you are and the lender you are dealing with.
We recently got a property REO for $180K (60% of the value). We offered $240K cash ($290K was owed) on it via a SS before foreclosure and the refused. Go figure.
[ Edited by linlin on Date 10/31/2007 ]
Which bank was that with?
In most mitigation departments getting them to move faster is almost impossible as in my experience it is the most disorganized department of any bank or loan servicer as it is not their primary business but a necessary evil.
I would assume you have the name of the minions at Saxon that gave you the assurances, I would contact them and find out what the hold up, probably the drastic change in the BPO value would be my guess. That value change probably had to run the approval through the mill all over again with no guarantee the $410K will be acceptable.
I think you have two choices, call them up and say that you have another deal on the table, but you are willing to take the original approvale of $450K if it speeds the process up and you close by the date given. I know it may be hard to leave what you see as $40K on the table, but you also may walk away with $0.
The 2nd option I would think would be to speak to the buyers bank and see if you can lock her rate or pay a point or two if you think you can for sure get the lower bpo.
Good Luck.
bidred, why does she have to close today? you are not being very specific. You need to dig as to why she needs to close. Sometimes if the rates are rising, the higher rate will increase her payment and get her above her debt to income ratios. But I believe rates are going down and you can always buy down the rate.
You are not going to get loss mit to move any faster, so you need to get the bank to give you more time.
You were right on the money at offering to buy it at 450,000 instead of 410,000 it work like a charm. Supposedly the second bPO they did i came in higher or they reapprove the same or near same price to save face. I ended up negotiating down to 435,000. It ate into my profits but hey at least their is profits left.
Quote:
On 2007-10-31 21:57, dnvrkid wrote:
In most mitigation departments getting them to move faster is almost impossible as in my experience it is the most disorganized department of any bank or loan servicer as it is not their primary business but a necessary evil.
I would assume you have the name of the minions at Saxon that gave you the assurances, I would contact them and find out what the hold up, probably the drastic change in the BPO value would be my guess. That value change probably had to run the approval through the mill all over again with no guarantee the $410K will be acceptable.
I think you have two choices, call them up and say that you have another deal on the table, but you are willing to take the original approvale of $450K if it speeds the process up and you close by the date given. I know it may be hard to leave what you see as $40K on the table, but you also may walk away with $0.
The 2nd option I would think would be to speak to the buyers bank and see if you can lock her rate or pay a point or two if you think you can for sure get the lower bpo.
Good Luck.