Comment

Comment by Eric Mieles on December 6, 2011 at 2:30pm

Sherry I would say, based on what I have seen that the banks are not going to sell one offs. You can try and please let us know how it goes.

Comment by Michael Schneider on December 6, 2011 at 4:58am

I would try for it, Sherry.  Make calls, try to get to an asset manager.  It's going to depend on who actually owns the note.  If it's Fannie/Freddie, then no, I seriously doubt you can buy one note.  But, if it's a private investor and the value is pretty high, then you might be able to do this.

I do lots of stuff that "can't be done", and I get quite a bit of it to work, not all.

Comment by sherry on December 6, 2011 at 4:48am

Thank You Eric and Christy. This is good information and I certainly do appreciate it. Eric, I understand from what you said about the bundling of notes but do you know if it's possible to do the same process for a single note? If so, how? Thanks again for the feedback. 

Comment by Eric Mieles on December 5, 2011 at 10:31pm

Respectfully.......that is not true. The "paper" side of real estate is one of the most elite forms of investing there is. Notes are bought and sold all the time and the current market has created a perfect storm for note investors.

Bank will gather up and pool together hundreds of NPN non performing notes to sell off to asset managers. They will then sell off and wholesale out to investors and bulk buyers and brokers. The problem is you cant just call BOA and Cheryl pick one note. You would either have to wait and see if this note was part of a pol that was sold off and then track it down.

Once the note is owned by the new investor they have several options. They can foreclose and take control of the home to flip or rent out, they can modify and turn it into a performing loan, they can allow a short sale or give cash for keys.

If your investor is interested in notes let me know and ill see what I can send over in your county. I'm right next door in Orlando. Hope this helped!

Comment by Christy Brock on December 5, 2011 at 6:19pm

Hi Sherry - abandoned or not if the property has not been foreclosed then the bank can not sell it.  Check public records and find out who owns it then try to track the owner down.  Talk to the neighbors to see if anyone knows where the owner moved to.  The bank has no right to do anything until after a foreclosure has taken place.

Comment by sherry on December 5, 2011 at 6:13pm

Any suggestions for this scenario: I have someone who likes this house on the river in Hillsborough County in Florida and the house has been abondoned. The buyer would like to buy the note from the lender(BOA). Is there a way to buyt his note straight from the lender and if so any suggestions on how we go about doing this.  Can it be done.  Thanks for the input.

   

Comment by Louise Dela Cruz on December 5, 2011 at 6:30am

ElizabethWeintraub00697006LyonRE go in the library, scroll down to submit offers, click on the -/+ and it should be there, i hope it is there to make your Holidays bright!!

Comment by Michael Schneider on December 5, 2011 at 6:22am

BofA does, what, 8,000 SS approvals a month, services for 100+ investors, and is audited by 50+ entities, plus numerous internal audits?

I'm thinking it might take a Supreme Court ruling to suspend their SS process.
My sometimes unreliable source says unlikely. 

Comment by Kevin - Greenville, SC on December 5, 2011 at 6:07am

Short Sale Agent Update: License Checked With Each Initiation Bank of America routinely monitors each short sale initiation in Equator to determine if the user's licensing information is valid. Users who are found to have invalid license information will be prohibited from initiating short sale transactions with us. If we have specific questions regarding your license, we will contact you. Action required To avoid any disruptions to the short sale process, you should update your licensing information and profile in Equator whenever there are changes in your professional status. Please complete the following steps anytime you need to update your information: Log in to Equator.   Go to the Manage Information section and select Edit Account Information.   Update your License Information (license number, expiration date, state issued). In addition, update any other information that may have changed, such as your contact phone number, your address and your Errors & Omissions insurance. Click Save Your Changes to submit.   Please contact [email protected] if you have questions regarding the license verification process. Visit the Agent Resource Center at bankofamerica.com/realestateagentfor educational guides, news and resources to help agents complete a short sale at Bank of America.

Comment by ElizabethWeintraub00697006LyonRE on December 5, 2011 at 5:57am

No approval suspension here either. I've received about one a day last week. Although, this morning, Bank of America said I had an approval letter in the library, and I turned that library inside out looking for it. All I found was some Q-tips shoved under the rug by that darned library cat.

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