I Wish We Could Do This Question
Anonymous said...
If a seller has a current appraisal for $200k and is willing to take a buyers offer for 180k. Can the buyer finance 200K (or what the lenders appraisal reveals)and receive cash back at closing?
Hi,
Nope.
Fannie Mae won't allow it. A private lender might - if they were out of their minds.
If it's an 80% loan, it's 80% of the price or the appraised value. Whichever is lower.
posted by Ameen Kamadia @ 12:34 PM
2 comments
2 Comments:
Legally, a buyer cannot receive cash at closing. Now, if the seller wants to give the buyer cash outside of closing, thats up to the seller. have seen this time and time again.
Ameen, You are definitely the man when it comes to Mortgages.
But I have a question. I am a seasoned veteran that has been in the business over 6 years.
I have owned my own firm with an Attorney but I have also been the Branch Manager of two firms, one in Boca Raton, Fl and the other in Coral Springs Fl.
I have recently relocated to Maine and have to start all over again. I am not a scumbag and don't want to poach on my previous customer database for fear my reputation will get tarnished.
I have purchased your Marketing to Realtors course and think that it is a tremendous course that one can glean some great information.
I have decided to market to Realtors only (aside from my contact after closing with my client base).
In your course, you say to advertise in the Real Estate publications to gain access to Realtors.
I have spent 10's of thousands of dollars moving and fixing up the new home to our specs and so forth.
Money is very tight for me right now and I have come up with a good solution to my problem.
There isn't a Real Estate office in the United States that won't allow you to place your marketing brochures in each Realtors mailbox FREE of charge. (This is how many bank reps have gotten their start).
So I have done just that. I just started placing my marketing info into the inboxes of my target Realtors today (Nov 2, 2005).
I plan on placing successive marketing documents in each mailbox once a week for a minimum of 7 or 8 weeks since most people need between 6 and 8 impressions before they respond (essentially the same as direct mail, but with instant exposure).
My question is, do you think that I will experience the same (or similar) results one would expect from direct mail, or do you think that my marketing approach is too cheasy (although I have a couple of nice graphics as well as some color on the 3 page brochure) and will not be looked at as a tremendous value by my target market?
Question #2: I also have a business card marketing system where my cards are handed out (wherever possible) conveying what I do best, "take the stress out of the mortgage process." I started handing the cards out at Home Depot and was thrown out of the parking lot within 15 to 20 minutes. I already consider my one day (15 minutes) handing out cards a success because one of the prospects I handed a card to (and spoke to personally), called me for a million dollar construction project. I believe that this low cost form of advertising is a tremendous way to promote yourself in any market. The results can't be overlooked.
In that 15 minute span, I handed out 40 cards and received, possibly 2 transactions. And I understand that timing is more important than most people would like to admit. I could possibly do the same thing and get zilch.
But I think this method of marketing puts you in front of people and I also have a program that enables them to make money with me if they are not in the market to purchase or refi.
In fact, the gentleman that called me from my cards wants me to refinance one of his other properties as well as the million dollar project.
Do you know of an alternative to handing out cards and interacting with prospects? I know I can do the same thing but leave the cards or marketing piece on the cars instead of handing them to prospects but I know that you upset a lot of people by leaving stuff on their car. It is much, much different if you hand them the info and chat with them for a minute or so as they are moving towards their vehicle.
I'm thinking a grocery store parking lot will be better but I am open for suggestions. Please give me your feedback.
P.S. - FYI: My entire marketing program is built around growing my Realtor Partners business with cutting edge ideas and products.
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