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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Lenders - Thinking??? Now there is an oxymoron. Posted by Lughead on May 09, 2010 at 12:37 AM In Reply to: Lenders - Thinking??? Now there is an oxymoron. posted by JK (the other JK) on May 07, 2010 at 5:14 PM : : Two properties in LA that I made offers on 4 months ago are STILL unsold and now on the MLS at even HIGHER prices then they originally wanted. : : I submitted price reduction packages to both lenders (one a short sale, the other an REO) and I feel that my reasons for a lower price were quite legitimate (illegal additions, etc.), but they couldn't care less and wouldn't come down a whit. : : The propertie are still on the market. Bizarre times. : So you are surprised that the same guys that made $1.2M loans to people with no down payment, no proof of income, no assets and a history of not paying their bills are now making other nonsensical decisions? and ... that a friend trying to do a 75% LTV on a clean tri-plex ... with positive cashflow ... credit ratings in the 800's ... and verifiable income ... and property being sold for under the appraised value ... and they are having reservations about this guy ... while conversely we are able to flip a home to a first time homebuyer with only 3% down ... marginal credit ... almost 50% debt to income ... sure seems like the lenders learned their lessons and have their thinking hats on now ... NOT!!! Follow Ups: $100 down on REOs, what did they learn??? Swan 6:18 AM, 05/29/10 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : : Two properties in LA that I made offers on 4 months ago are STILL unsold and now on the MLS at even HIGHER prices then they originally wanted. : : : I submitted price reduction packages to both lenders (one a short sale, the other an REO) and I feel that my reasons for a lower price were quite legitimate (illegal additions, etc.), but they couldn't care less and wouldn't come down a whit. : : : The propertie are still on the market. Bizarre times. : : So you are surprised that the same guys that made $1.2M loans to people with no down payment, no proof of income, no assets and a history of not paying their bills are now making other nonsensical decisions? : and ... that a friend trying to do a 75% LTV on a clean tri-plex ... with positive cashflow ... credit ratings in the 800's ... and verifiable income ... and property being sold for under the appraised value ... and they are having reservations about this guy ... while conversely we are able to flip a home to a first time homebuyer with only 3% down ... marginal credit ... almost 50% debt to income ... sure seems like the lenders learned their lessons and have their thinking hats on now ... NOT!!! [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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