Finding buyers lesson (part 1)

[ericmedem]

woops screwed that one up. Ive been dealing with reo asset managers for many of the large banking establishments and have found home sthrough them on average 60% below retail all the way down to 8%. I actually purchased a home valued at 90K for 2500 becasue they didnt want to deal with the home anymore. Either way a good reo asset amanager can do wonders for you, the ones i dela with find me these delas on average every few days and can have info across the USA in the same amount of time. They work above and beyond any real estate salesman ive ever dealt with. Going to courthouse steps can work but i prefer getting information about homes that have dropped in price considerably.

Two of the three homes I bought last week were from realtors who let me know that the asset managers wanted the properties off of their books. I didnt do as well as $2500 on 90k, but I did get one that got foreclosed on at $108k for $29,500.

Eric Medemar

[richardsasahara]

Would it be a violation if we paid a realtor a certain amount to find a client?

I'm a bit confused about that. As a loan officer/asipiring investor I find your post very intriging, but I want to be sure I'm not violating any RESPA laws or anything.

Can I find a property, line up a buyer, and give a comission to a realtor for helping in between? Am I able to write up their loans as well?

I don't mean to pick at your knowledge, but I'm starting out as a loan officer and want to make sure everything is okay. Thansk.

[dpinnick]

Where do you find the asset managers who can tell you of the deals? Newbie here.

[IC0317]

Hi, I dont really have trouble finding buyers, I just post an ad on different forums and I get a nice amount of PB(potential buyers), then I send out my preference sheet and add them to my files. My thing is finding the deals to take to the buyers.

[klproperties]

There is an investor up here in the Sonoma county area of Ca. that pays about a 5K finders fee to realtors for houses they close on. But does not always list with them.

[dsandlin]

You can find asset managers with a little bit of work. Not all real estate companies know where to find an asset manager, the best way is to ask. If they never heard of an reo asset manager then they probably do not have one in the office. Keep asking around and you will find one.  Depending upon the area im finding some like to be wined and dined, i personally will not do this. Im here buying a house they have so im actually helping them out. The only downside for them is its a minimal amout they get from the bank. Sometimes 1500 to 2500 which is really low. But if you are buying a 25,000 house then 2500 isnt too bad to me. The guy i deal with has access to the entire US through 8 of the major banks. If you need help getting started let me know ill be happy to get you started.

[klproperties]

dsandlin, I am a new investor looking for that first deal is it possible for you to assist me with the assest manager that you mentioned. I am looking in the santa rosa ca and the dallas dfw area texas areas. Thanks in advance. Kelly   Email me please

[Jaffman]

dsandlin
I too would appreciate any assistance you could provide to me on REO Asset Managers.
Thanks

[ericmedem]

Would it be a violation if we paid a realtor a certain amount to find a client?

I'm a bit confused about that. As a loan officer/asipiring investor I find your post very intriging, but I want to be sure I'm not violating any RESPA laws or anything.

Can I find a property, line up a buyer, and give a comission to a realtor for helping in between? Am I able to write up their loans as well?

I don't mean to pick at your knowledge, but I'm starting out as a loan officer and want to make sure everything is okay. Thansk.

I know in my state you are perfectly allowed to pay a realtor for any service, you would just need to pay the realor through his broker.

Eric Medemar

[realpro]

Hi Dsandlin,

Would it be possible for you to turn me onto your REO asset manager?  I won't waste his/her time.  Thanks in advance. 

[ericmedem]

What are you looking to get ahold of asset managers for? You can often get ahold of asset managers simply by calling the banks and asking for them.

Eric Medemar

[pdxloan]

Eric:  great answer on where to find out contact info of asset managers.  Pretty simple...just call and ask for one! LOL

On a general note, as far as finding buyers, as a mortgage consultant, I was wondering, is it always a wholesale buyer people are asking about getting?

What about actual owner-occupied buyers?

Would access to finding buyers like this be a question to ask also?

Just a thought, as the sub-prime mortgage lenders dry up, alternatives for people to buy a home may be drying up for a while.

I have a buyer, while qualified income-wise and asset-wise, her credit is far from stellar.

It's because her loving husband of 13 years decided to leave her and divorce her for someone else, and in the process of divorce, ruined her credit by not paying on the mortgage on time for the past 15 months.  Now not every month, but enough 30 and 60 day lates to cause her credit score to drop.  As well as consumer lates on credit cards.

Anyway, I arranged for her to lease-to-own a property from an investor/realtor in my area, so that she can have a place to live for her and her children.  She'll be able to refinance the property into her own name probably in 12-24 months and the term on the lease is 36 months.

Incidentally, I know advanced investors will know this technique; it is being done through a Revocable Land Trust, so that this mother of 3 will be able to take a tax deduction on the interest paid on the mortgage, as well as the property tax portion.  Such a lovely vehicle for real estate investing..the Illinois Land Trust!

So, back to original question:  Do investors here (from newbies to experienced and all levels in between) also seek out sources for end-buyers?

If you do, than look into contacting as many loan officer and mortgage planners possible and see if they have any situation you can help their client's with in terms of buying a home now.

Looking for any thoughts; I certainly don't pretend to have all the answers. LOL 

Your humble Mortgage Planning Consultant,

Ed Bisquera

P.S. Yes, I did receive a referral fee for finding a tenant-buyer and suggest anyone do the same.  If we (the loan consultant) can't make money immediately from doing a loan, than at least we can make a small fee for finding a solution.  Not much, mind you, since the intent is to get the loan business when the tenant-buyer eventually needs a conventional loan later down the road.  EB

[ericmedem]

You can also use the "Safe Land Contract" if she wants all of the tax benefits of homeownership.  Essentially you do a lease option of your choosing on the home, then ad your buyer onto the deed.  Right after you have the buyer sign the quit claim deed adding them on you have them sign another takiing them off.  You file the deed adding them on then save the deed taking them off.  If the buyer decided to stop paying you go and file the quit claim taking them off.  I have never had to use the second deed, because the fear of me having that has always kept the buyer paying, or they are just good buyers.

[lovetoknow]

 

[lovetoknow]

You can find asset managers with a little bit of work. Not all real estate companies know where to find an asset manager, the best way is to ask. If they never heard of an reo asset manager then they probably do not have one in the office. Keep asking around and you will find one.  Depending upon the area im finding some like to be wined and dined, i personally will not do this. Im here buying a house they have so im actually helping them out. The only downside for them is its a minimal amout they get from the bank. Sometimes 1500 to 2500 which is really low. But if you are buying a 25,000 house then 2500 isnt too bad to me. The guy i deal with has access to the entire US through 8 of the major banks. If you need help getting started let me know ill be happy to get you started.


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