Banks, They cheese me off. - Posted by Trapper

Posted by Kristine-CA on October 22, 2003 at 10:21:03:

RM: well, it depends. I’ve made some mondo errors by getting deeds first. For example, quit claims deeds here do not convey “after acquired title.” Meaning, if the grantor didn’t own at the time of quitting the claim, it’s virtually worthless. But getting deeds isn’t really the way to go. Depending on the type of probate needed, assignments are better.

But none of this is cut and dried and don’t try this yourself at home. You need a probate attorney…and good title people. Most often, I’ve needed the cooperation of the heirs for the probate actions so it’s not like I pay them and then the property is mine. But the short answer is, yes. Arrange to buy the property and then solve the probate issue.

But again, an attorney who knows the ins and outs of probate in your area is a must. Sincerely, Kristine

Banks, They cheese me off. - Posted by Trapper

Posted by Trapper on October 21, 2003 at 14:19:08:

Just thought I’d share something that should give you a chuckle, for those who have dealt with REO properties.
I offered 130k on a house that was listed by a bank at 139k. My offer was as-is, no inspections, had preapproval for that property, was putting 55k down.
Close as fast as possible. Quess what there counter offer was…daaaaaaa full asking price. Sometimes I just don’t get it! Oh well I’ll keep on looking.

Re: Banks, They cheese me off. - Posted by Eric - GA

Posted by Eric - GA on October 22, 2003 at 07:43:07:

I’m with the crowd that would say for you to offer $1000 lower every week. I’ve talked to people who have done this who’ve ended up buying the house for $10k less than they originally offered, all because of the bank’s ignorance/arrogance. ALSO, are you working directly with the listing agent, or with a buyer’s agent? If the former, then I’ve found that a strong word in either direction from that listing agent to their contact at the bank makes a BIG difference. If the listing agent told their contact “Hey, I really think this is the best you’ll get for this house. Everyone that calls up is talking about offering less. If you could see the property up close, and the area its it, I think you’d agree that this is a good offer to take.”, I think you’d get your offer accepted ASAP.

Eric - GA

Re: Banks, REally good deals. - Posted by tom

Posted by tom on October 22, 2003 at 06:36:36:

Well, i have had it all with banks (good and bad). my last SF deal was owned by chase, listed with an out of town agent in a moderate area. list was 80 some, and i think ARV would be around 130 or so. probably more now as our market is moving really fast.

we settled at 65k. i started at 63.5k. i went up in increments of 500, three times. they came down to 79, 72 and then 65.

this was all cash tho. i think that helps as some had tried at full price but due to condition they could not get the loan.


Re: Banks, They cheese me off. - Posted by Rob FL

Posted by Rob FL on October 21, 2003 at 19:53:38:

I agree with Randy bump the price a few hundred dollars and see what happens. If still response is no good, move on but resubmit the offer in 30 days.

Re: Banks, They cheese me off. - Posted by kelly

Posted by kelly on October 21, 2003 at 19:37:33:

Heres an idea if you want to pursue it. Remember banks are often about arrogance, not business. The people you have to deal with have NO interest in properties themselves and are often people in positions of authority who are not qualified to be there. Here are some things that can work. Find out who the board members are and write each of them. Include the details of the offer, the disadvantages of the bank holding property (and they often don’t know), your potential business as a customer (even if you don’t use them, and the fact that you are well established in the real estate community and everyone you know is going to hear about this deal (including this site). Obviously, no-one who is aware of how poorly they handled this will think real highly of them nor should they. You might even send a copy to the president of the bank but make sure the board gets it.
You are also in a position to recommend mortgages and their decision will certainly be mentioned in any conversation you have with someone whos looking for a mortgage. After all if a bank has no problem rejecting a legitimate offer on an REO no less, how many other bad decisions are they making that can hurt people.

You get the idea.

I have found that this can do more than just give you an avenue to vent. When people in our business are in positions they aren’t qualified for, it effects everyone-buyers, renters, lease-option folks, etc. And this kind of response can really change things, even if you never do business with them again.
Don’t make it personal/just think of every way in which this decision effects them negatively. You know the obvoius (they could have cash and/or payments now instead of a property they don’t want) Also REO’s do NOT look good to bank examiners-it’s an indication of a bad loan.
You may think (like I did) that its a waste of time. But whenever you put heat on anyone in our business (even a bank reo pencil head)its always benficial. And you never know. I’ve seen things like this turn into some incredibly beneficial relationships later on.
Oh and make sure you tell everyone who they are and what they did.
Good Luck!

Solution, quit dealing with banks. n/t - Posted by js-Indianapolis

Posted by js-Indianapolis on October 21, 2003 at 18:16:03:


Re: Banks, They cheese me off. - Posted by Kristine-CA

Posted by Kristine-CA on October 21, 2003 at 15:57:52:

My favorite many months ago) was when the bank was asking 22K and I offered 18K and their counter was 26K. Seriously. I do not have what it takes to deal with large banks. I can do the probate stuff, the title challenges, the Medi-Cal liens, the bail bonds. I cannot handle banks. More power to those of you who have the patience (or a good agent) for REOs.

Sincerely, Kristine

Re: Banks, They cheese me off. - Posted by Randy (SD)

Posted by Randy (SD) on October 21, 2003 at 14:24:21:

Counter with $130.5k close in 10 day?s. They may just be testing the water to see what they can get?

Re: Banks, They cheese me off. - Posted by Bryan-SactoCA

Posted by Bryan-SactoCA on October 21, 2003 at 22:19:49:

I’d like some info on what you do in the situations you mentioned (probate, Medi-Cal liens-never heard of it, bail bonds).

Or… - Posted by Tom-FL

Posted by Tom-FL on October 21, 2003 at 19:17:49:

Wait six months and offer 0, if it’s still listed.


Re: Banks, They cheese me off. - Posted by Kristine-CA

Posted by Kristine-CA on October 21, 2003 at 23:49:38:

Bryan: when various title problems exist, especially probate problems, most owners/heirs know that they have nothing to sell. What I do in those situations is tie the property up (or actually buy it) and solve those problems so I can re-sell. It’s mostly legal and sometimes very tedious. Probates have to done in order to transfer title from the deceased. Liens and judgements have to be paid or negotiated down and/or reconveyed or released in order for me to be able to buy title insurance (I typically pay for the policy when selling). No magic. Just a lot of time on the phone with lawyers and title people. Oh, and those bills from the attorneys.

But I have found that many of the investor-buyers I sell to wouldn’t touch a title challenge with a ten-foot pole–too much time, too much risk. So, it’s the thing that I do and they are happy to buy for my prices when I’m ready to sell.

But the trick, of course, is to have a steady stream of deals going. So the marketing goes on…Sincerely, Kristine

Ummmmmmmm … make that 60 - Posted by Tom-FL

Posted by Tom-FL on October 21, 2003 at 19:19:23:


Re: Banks, They cheese me off. - Posted by rm

Posted by rm on October 22, 2003 at 08:06:53:

Probates have to done in order to transfer title from the deceased. >>

Are you saying that you can get the deed on a property and then take the property through probate yourself?