Is it possible to deal directly with the end buyer of notes when selling a house? - Posted by Mike

Posted by Michael Morrongiello American Note on December 28, 1999 at 24:00:15:

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Michael Morrongiello
Operations Manager

Is it possible to deal directly with the end buyer of notes when selling a house? - Posted by Mike

Posted by Mike on December 27, 1999 at 14:59:05:

I am in the process of selling two rehabs that I’ve done and am getting more and more frustrated with dealing with mortgage brokers. I am working with a broker that has had a file on one of my houses that I’m selling for the last few weeks. He submitted it to a lender for approval and received a pre-approval back. The pre-approval came with a few conditions: VOR, VOD, '98 W-2, title. Nothing to get crazy about. We quickly got these items for the lender and a week later I’m still waiting to see if they will fund the deal. I’m told that it’s just taking a while to get through their underwriting department. It’s the holidays and people are out, etc. Now, I wasn’t born yesterday, and can tell that everybody is stalling here because it seems that the lender is probably trying to wholesale the note and work with the end buyer to make sure they will do the deal. Maybe it’s just me, but I when I say I’m going to do something given a certain set of conditions, I do it when those conditions are met. Why can’t lenders do the same? Anyhow, is it realistic for a rehabber to work directly with a lender that buys the notes from a wholesaler? It would be nice to just eliminate the middleman and go right to the source. I’m not talking about creating a note and selling it. I’m talking about the end buyer originating the loan.

Any comments would certainly be appreciated.


One frustrated rehabber.