Posted by Voc on February 27, 2001 at 24:34:03:
I agree it may be time to move on from this discussion. But the one thing I do not appreciate is your constant efforts to shade the real facts & make it seem as though things were different than what they really were.
In your first response you said there was no way that the buyer’s credit scores were 700+. I proved that statement wrong by giving you his exact credit scores. You can check your files.
Then you said I conveniently left off the fact that I was doing a flip/simul. close in my post. Yet it was right there in my original post. Besides, what exactly is the difference between a simultaneous close & a flip anyway? Isn’t it basically the same thing? A simultaneous close is a flip. I can’t think of how it can be anything different.
Now you try to make it seem as though you never knew that I didn’t own the property. Michael, you knew from the first 5 minutes of our very first conversation that I did not own this property & only had in under contract. I can tell you for a fact that that was one of the first 3 or 4 questions out of my mouth. How do I know this? Because I remembmer that this was one of the questions that I was trying to get quickly answered over the weekend, along with how to set up the contract. You’ll recall I was trying to get in touch with you on the weekend & you told me that you tried not to work on weeekends. During this very first conversation is when I laid out everything about the deal to you, except for specific buyer info. which I didn’t have at the time. During this same conversation, I asked you what would be the best way to structure everything. I also asked other questions as well. I knew from reading the boards what the hot points would be & I tried to address each & every one of those with you. I’m not a novice at real estate. I’ve been a broker for 8 yrs, so I know the real estate business & I know what the potential problems are & thus tried to address them all.
Anyone who knows me knows that I am very thorough with my questions & knows that I ask lots & lots of them. Example: How many times did I call you about this deal? Do you recall? It was pretty often, right? Didn’t you get tired of me asking so many questions? Probably!
So Michael do not make it seem as though I was hiding anything from you, because you know better than that. You also knew everything that I knew about the buyers as soon as I found it out. How do I know this? Because everytime I learned something new I was uncertain how it would effect things. So I’d call you & ask you. You know that! Unless you want to deny that as well.
Finally, you’re right about the buyer’s income. Although he did take a regular salary from the corp. he did not take enough to qualify for a regular Fannie Mae mtg. Even though he took a decent income, it still would not have been enough to satisfy the ratios. We agree on that. But still it was a decent income. Besides, don’t you stress that one of the major advantages of what you do is to buy notes that Fannie Mae doesn’t want, usually because the buyers can’t meet their strict guidelines? It seems as if you base your decisions on much of the same criteria as Fannie Mae does. If that’s the case, why would a person pay a discount of any amount, if their buyer meets the Fannie Mae guidelines.
I can however understand some of you concerns about there being no title seasoning. I don’t agree with your views or the B/C lender’s views on this, but that’s a subject for a different day. Evidently there can’t be that much wrong with doing a simultaneous close though because the FHA, VA & Fannie Mae will do them all day long (at least in this region & I imagine the rest of the country as well). I don’t want to get on this track though cuz that’s a whole long thread by itself. Suffice it to say though, I do see your point & can respect it.
Michael, one thing that I have absolutely no problem with, at all, is the free enterprise system. I submitted a deal to you & you gave me a quote. You quoted me what you thought was in your best interest & it was up to me to either take it or leave it. You could have said you wanted a 50% discount & it would not have mattered because there was no one forcing me to accept it. That’s how the free enterprise system works. A buyer & seller get together & if they have a meeting of the minds, a deal gets done. If not, they go their seperate ways, each a little richer for the experience. Perhaps somewhere down the road they’ll get together again & have a different result.
That’s kind of the way I’d like to end this. We probably each learned something from the experience (I know I did) & that’s a good thing. Hopefully you did as well.
Best of Luck,