A contractor at the meeting last night got the fever. It is so fun to see someone "get it" when you put on a seminar. You local realtors get ready he is going to bring your counterparts...ha. Next session is at Key Source Bank in Durham on 9/29 get your tickets soon.
He'll also be a great teammate. I think he was most impressed with the idea that realtors asking him to make repairs on homes prior to close of escrow can actually have the escrow closed and then complete the work along with other work the buyer may want done. He was also surprised to learn that a smaller community DE lender can likely close loans faster than some of the major lenders in the area at this time because they are able to control the underwriting in house without a large machine in place. In any case the next meeting is coming up and I'd like to see more of you there.
We are doing a 203k consultation on a home this morning that was only purchased two months ago... under the 203k program the borrower can use the money they put down to purchase the home two months ago and while there is no cash back or cash out on this loan program they will not have to bring more money to close the loan... no money down on the new loan. What a deal. This can happen any time the refinance into a 203k is within six months of the last purchase.
Lenders with properties that require work that want to unload them fast... carry the financing and get the foreclosed property off your books while the borrower gets the refinance under the 203k loan program. You can unload a lot more properties this month using this technique than waiting for something to close in 30-120 days. You clear your books NOW and in 30-120 days it is refinanced out of your portfolio.
