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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Go for individual benes countywide. Posted by Ward-CA- on October 03, 2001 at 8:07 PM In Reply to: JDS (JBB Deficiency Syndrome) posted by Alfred CA on October 03, 2001 at 1:14 PM : Ward, : I've been working very diligently at junior bene buyouts on a full time basis over the last two months. What I seem to be running into is that 80- 90% of the benes are major institutions that will not sell their notes to an individual such as myself. They either don't sell them at all or they bundle them up and sell them solely to other large companies. : I also suspect that some of these big companies might not be divulging the fact that they are acting as service agents for smaller companies -- which of course prevents me from getting to the true bene. : Many times after I've done my title research, and thought that I had a small finance company as the bene on the 2nd, I'd find out upon contacting them that they had either gone out of business or had merged with or been bought out by a big guy. (I also notice that neither party ever seems to record an "Assignment of TD" when this happens or when one buys a big bundle from the other.) It is not unusual in my research to find 3-4 assignments of a TD only to find out later, through attempting to locate them by phone, that there were 3 other assignments of the same TD that were never recorded. : I am working the south and west portions of LA County. 90% of the benes on all of my prospects wind up being Wells Fargo and Household Finance, or some service agent of theirs. They always say their policy is to not sell notes and they are not interested in talking about it. : I've reached the conclusion that many small finance companies must have gone by the way side over the last few decades or been sucked up, and that the big corps are just moving in and taking over. Eventually, all notes will be held by "the big five" or some such. : It seems that my only hope here is to develop a system in which I process MANY MANY prospective properties, in the hope of finding that rare private note holder or that rare small finance company that is still in business and is willing to deal with me. I may have to process 20 to get 1. : That is my conclusion. Do you think it is accurate? What about my solution. Does it seem workable? Can you shed any more light on the situation? Any suggestions on how to zero in on more deals and make some money? =•=•=•=•=•=•=•=•=•=•=•= Alfred, foreclosure wins have always been a numbers game. Lots of trials for every one win. My advice is to drop the company approach and go for the individual beneficiaries all across your entire county. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : Ward, : : I've been working very diligently at junior bene buyouts on a full time basis over the last two months. What I seem to be running into is that 80- 90% of the benes are major institutions that will not sell their notes to an individual such as myself. They either don't sell them at all or they bundle them up and sell them solely to other large companies. : : I also suspect that some of these big companies might not be divulging the fact that they are acting as service agents for smaller companies -- which of course prevents me from getting to the true bene. : : Many times after I've done my title research, and thought that I had a small finance company as the bene on the 2nd, I'd find out upon contacting them that they had either gone out of business or had merged with or been bought out by a big guy. (I also notice that neither party ever seems to record an "Assignment of TD" when this happens or when one buys a big bundle from the other.) It is not unusual in my research to find 3-4 assignments of a TD only to find out later, through attempting to locate them by phone, that there were 3 other assignments of the same TD that were never recorded. : : I am working the south and west portions of LA County. 90% of the benes on all of my prospects wind up being Wells Fargo and Household Finance, or some service agent of theirs. They always say their policy is to not sell notes and they are not interested in talking about it. : : I've reached the conclusion that many small finance companies must have gone by the way side over the last few decades or been sucked up, and that the big corps are just moving in and taking over. Eventually, all notes will be held by "the big five" or some such. : : It seems that my only hope here is to develop a system in which I process MANY MANY prospective properties, in the hope of finding that rare private note holder or that rare small finance company that is still in business and is willing to deal with me. I may have to process 20 to get 1. : : That is my conclusion. Do you think it is accurate? What about my solution. Does it seem workable? Can you shed any more light on the situation? Any suggestions on how to zero in on more deals and make some money? : =•=•=•=•=•=•=•=•=•=•=•= : Alfred, foreclosure wins have always been a numbers game. Lots of trials for every one win. My advice is to drop the company approach and go for the individual beneficiaries all across your entire county. 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