Milan

We recently met with a banker for 45 minutes to discuss our desire to invest in the foreclosures market. We provided our credit score which is at 790, stated our initial down to work with ( 20-25,000 ), then proceeded to query the loan officer with numerous questions. Many of these questions I already knew the answers to, I simply wanted to hear the loan officer’s responses and to explain the current mind set of the banking industry.
She stated our credit score was outstanding and that currently, she is working with some investors who are purchasing foreclosures with cash ONLY. I met a contractor yesterday who claimed that he has flipped 14 foreclosures in the past 12 months, CASH only. He also stated that cash buyers have the inside edge of purchasing property because the banks are tight on cash and don’t wish to lend.
It’s been 2 weeks since we have met the loan officer, ZERO dialogue since. I have sent 3 emails, 3 voice mssgs, and have received 1 email claiming she will respond back shortly but to date, NOTHING.
My bother-in-law is opening his second restaurant in Alaska and has been fighting for financing for a year. His credit score is 810, his partner is a corporate lawyer, they have been told that they will get their loan, ALL lip service. I am tired of all the lying and misdirection, does ANYONE know whether the banks are giving out loans for foreclosures? Lets clear the smoke and mirrors and move forward.
Thank you for ANY response. Milan

We recently met with a banker for 45 minutes to discuss our desire to invest in the foreclosures market. We provided our credit score which is at 790, stated our initial down to work with ( 20-25,000 ), then proceeded to query the loan officer with numerous questions. Many of these questions I already knew the answers to, I simply wanted to hear the loan officer’s responses and to explain the current mind set of the banking industry.
She stated our credit score was outstanding and that currently, she is working with some investors who are purchasing foreclosures with cash ONLY. I met a contractor yesterday who claimed that he has flipped 14 foreclosures in the past 12 months, CASH only. He also stated that cash buyers have the inside edge of purchasing property because the banks are tight on cash and don’t wish to lend.
It’s been 2 weeks since we have met the loan officer, ZERO dialogue since. I have sent 3 emails, 3 voice mssgs, and have received 1 email claiming she will respond back shortly but to date, NOTHING.
My bother-in-law is opening his second restaurant in Alaska and has been fighting for financing for a year. His credit score is 810, his partner is a corporate lawyer, they have been told that they will get their loan, ALL lip service. I am tired of all the lying and misdirection, does ANYONE know whether the banks are giving out loans for foreclosures? Lets clear the smoke and mirrors and move forward.
Thank you for ANY response. Milan