Posted by life-is-great on September 17, 2003 at 22:04:38:
I can’t agree with Mr. Bronchick more. I spoke to many mortgage brokers and they all tell me this can’t be done, and that’s not how it works. Well, that’s because they don’t know better. Some couldn’t answer questions faster than I asked and didn’t know, for lack of a better phrase, squat. Some never even heard of kinds of loans I asked for that are available for us investors, and worse they come up with their own theory to cover up ignorance, or scared you off by saying those loans would cost 6 or 7 points…many phone calls later I luckily found one that knows exactly what I was talking about. People don’t know what it is that they don’t know, professionals included. Most those costs you mentioned are all negotiable with seller, especially in seller financing case, although different state might have rules regarding what’s the max seller can pay.
Look forward to Mr. Bronchick’s radio session tomorrow.