Scrach and Dent Pricing:
When talking about scratch and dent pricing, mortgage providers are always looking for the best price on the secondary market. This is true for investor fall-out loans, non-QM loans, jumbo loans, re-performing loans, sub-performing loans, non-performing loans and any type of unsaleable loan.
Well, Right House Capital is going to let you in on a little secret. That secret is most of the time a mortgage provider can improve their scratch and dent pricing or scratch and dent bid by simple giving Right House another chance to improve the original bid which is termed “Last Look”.
Now there is more to this than meets the eye. There definitely is a right way and a wrong way to execute last look for scratch and dent loans. First of all, you need to collect all your bids to see where everything stacks up. Then, contact Right House with the highest bid information. When Right House doesn’t have the best bid, we inform our buyer what it would take to secure the loan. Right House Capital will not only try to match the best bid but also try to improve upon it. This process normally takes around four to six hours. So it is definitely worth giving Right House Capital a “Last Look” for all your scratch and dent liquidation needs.
We have explained how to ask for last look on your scratch and dent loans, now we will address how not to cause damaging effects. First you cannot give last look to more than one scratch and dent broker or scratch and dent buyer. Secondly, you must commit the loan if the scratch and dent broker/buyer do improve on the original best bid. Last of all, the mortgage provider must never hide information or mislead Right House Capital as we are on the same team regarding the scratch and dent liquidation.
For more information on what options you may have on any problem loans you have, contact Andrew Zale at 502-365-5632.