How to buy bank-owned properties, Part I - 04/10/08 05:53 AM
This is a series of tips of buying bank-owned properties.  Please feel free to ask any questions.
1.  Decide if buying a bank-owned property is the right approach for you.  Do you want move-in condition, fixer or rehab?
2.  If you are working with a licensed real estate professional, make sure this person knows how to write offers that will be viewed favorably and will be a clean contract.  Despite how many times I've advised an agent on writing a winning offer, he would still do what he wants to do.  Some are actually offended that I try to help them.
I know some of … (3 comments)

Choosing the best real estate agent and loan officer - 04/10/08 05:30 AM
As a real estate professional, I view every person in our industry as a professional until that person breaks that bond or that impression. 
Since before I was licensed, I've always run into people who don't treat their real estate business as a business.  For example, not returning my emails or phone calls is a huge pet peeve.  My time is valuable, just as my client's time or my prospect's time.
When it comes to working with retail loan reps, I find them repulsive (sorry, I do not mean to offend) for the lack of knowledge they have at working with difficult loan … (2 comments)

The loan modification trap - 04/10/08 05:05 AM
From my experience, calling the bank and trying to get a loan modification is a trap.  The entity you are calling is only the servicer of your loan.  Your actual loan is backed by investors who actually make up as the real "bank" behind the bank.  Therefore, despite your hardship letters and multiple requests to "modify" your loan, the servicer is merely passing that information, if any, to the investors of your loan.
If you are not behind on your payments, there is no incentive for the servicer to do anything for you.  I've had to call on clients' behalf numerous times … (11 comments)

 
Susan_vanderburgh_headshot

Susan Vanderburgh

Murrieta, CA

More about me…

Utopia Management

Address: 39252 Winchester Road, Suite 107, Box 426, Murrieta, CA, 92563

Cell Phone: (760) 443-4143

Email Me

Post your real estate concerns here after a game of Tic Tac Toe


Links

Archives

RSS 2.0 Feed for this blog