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Has anyone dug into this program at all? I got an email from PAM yesterday about this program.
I am very familiar with the concept, as my office is working on a special project for SF rental homes being sold to large REIT's.
It seems to be valid, with the only requirement being membership in RES/NET.
With investment-class single family rental housing, the investment group/REIT is always looking for a target price range and/or target cap rate.
I received 2 cash offers from them. One the property already went under contract the other was a short sale and the offer was to low for the bank. It seems legitimate.
I think it is a waste coming from Precision. I used to sell REO properties for them, but I have not sold anything from them in more than 2 years. They were horrible to deal with, very nasty demanding people. They made me pull a listing because it exceeded distance even though I had a buyer and then made me search for an agent in that area to list that property. The buyer ended up working with that brokerage. Nothing but a bunch of abusers. In my opinion they are one of these companies that is on the outs and grasping for straws. They are trying to get in business but getting very little in.
I hate the "distance" requirement that so many asset mgmt co's use. I usually adjust my "office" depending on where I'm going -- home office or real office, as they are 20 miles apart.
I uploaded 3 they required interior photos and a CMA sheet showing comparable sales. I have the premium Res-Net membership so I'm not sure if that is required. I asked them if it is OK to submit other REO listings from agents in my office and they said OK they just require you to be familiar with the property.
Yes it's rather easy. Although the recent email they sent out has a bpo form attached. That was not there when I submitted the properties back in August - September. They may now require a BPO. It usually takes about 5-7 days for them to get back to you. I think they keep the properties submitted in a database because I submitted one and it got turned down originally. About 2-3 weeks later they sent me an offer.
I've worked with them for several years, up until a few months ago when they lost Chase REO. They seem to try various streams in an attempt to generate income: at one time they were behind Brillion, an attempt to enter the commercial market. Now they;ve jumped on the bandwagon along with (defunct IAS) and every Tom, Dick & Harry. They problem as I see it it that this is just another unpaid time-waster for us agents. Keep us posted...
I'm waiting for my invite! Enjoyed working for them on the Chase account.
Hello dear professional,
This month of December is full of Happiness, Celebrations, Holidays, Christmas, etc. and I’m going to take a minute of your valuable time having the opportunity to provide you the tools, opening the horizon in have more closings this coming year 2014.
Our Niche is “STATED INCOME & STATED ASSETS” from $125K to $3MM on Commercial Properties.
Up to $1,250,000 in SFR-4Plex “For Investors” (Not for Owner Occupied).
We have to close under a Corporation NOT under an Individual.
The last time people got information from us it was “No Condos and No HOA” but guess what…
We Have New Good News Regarding SFR-4Plex;
We can lend now doing blankets loan for a SFR where there are involved 2-4Plex in the transaction.
We are going to accept Condos where the building does not exceed six floors.
We are going to accept properties where an HOA is in place but we will review the rules and regulations and bylaws of the complex before Final Approval.
Our goal is to help you closed more transactions.
Please reply letting us know you got the information and/or with any question you may have and I’m including this time the General Guidelines and Forms you will need in any transaction.
Save time and increase your closings sending what you may have and I provide a Conditional Approval from 24 to 48 working hours or let you know immediately if it’s not in our guideline.
If your borrower is an “A” paper please send it to the Bank but if The Bank did reject it, give your borrower the opportunity to close the transaction with a good rate because “We Are Not Hard Money Lender”.
Have a great day full of happiness and success!
Commercial Loan Specialist
ph: 954-404-4976 (Leave Name, Ph # and Short Message)
“For faster response email me”
"STATED INCOME STATED ASSETS"
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