More about Discounting Banks - Posted by karp
Posted by karp on May 24, 1999 at 13:14:34:
I had this come up last week and now that this board is cleaned and back on task, I am motivated to share:
When discounting a bank, I found another method that so far seems pretty good. Instead of playing the first off of the second and visa versa or having to be a mortagge broker, try this:
Find out who the DECISION MAKER within the Foreclosure Dept is and simply send them a GOOD FAITH ESTIMATE showing exactly what they will receive and what the people in the 2nd will recieve etc.
Who can do the Good Faith Estimate? Well your friendly local mortgage broker could do one for you. You can be the buyer if you want (your name will appear on the Good Faith Estimate.)
So now the decision maker gets this fax along with your cover letter stating this is the offer we have on the house and if that is acceptable they need to fax you a letter stating they will take ________ (whatever it says on the GFE)…
I tried this appraoch and got a phone call from the decision maker. After I explained he said okay and signed off on the discount.