Same last name as foreclosed party, will bank nix my offer automatically ?

the foreclosed party has the same last name as mine, and it looks like they stuck it to the bank for around ~$190K , so Bank will be taking around ~$100K loss .

Is the Bank going to look at my offer and last name, realize its the same last name as the foreclosed , and think I'm a relative, or brother of the foreclosed, and toss my offer right into the barrel ?

A Bank would never sell a foreclosure to a relative, would they ?

I am not a relative, but I do have the same last name.
And the name isnt overly common.

Is the Bank going to think the foreclosed party is pulling a fast one on them ?

I dont have a wife's name to put my offer in on, nor do I have a business name to use on my offer.

Is my offer going right into the barrell because my name is the same as the foreclosed party .

The Bank is taking a $100K beating on this house.

Can my offer be put in with no last name attached ?

I really want this property, bad.

Anyone thoughts appreciated.

Thank you:

Edited: 06/26/2010 at 05:53AM

Tim W.

Real Estate Investor · Indiana, Indiana

4333 posts
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Icon_minipost Sep 10 '08, 12:11 AM

"The bank" is an asset manager who is an actual person who talks to the listing agent. Explain to the listing agent that the last name is a coincidence and have her inform the asset manager when you make the offer.

Tim

Edited: 06/26/2010 at 05:53AM

Rob Rey

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Icon_minipost Sep 10 '08, 01:46 AM

I hope your right.
I just finished touring the property (2nd time), and gave the realtor representing me the necessary paperwork.
My Realtor didnt come right out and say it, but he thinks my offer might get tossed, especially if multiple offers are involved. He thought I should put an offer in 3% over list, but I declined to do that. My offer is in for Full List, proof of funds etc etc .If anyone has any suggestions, I am most appreciative.
This is a great property for the price, and will be bumming if I miss out.
.

Edited: 06/26/2010 at 05:53AM

Tim W.

Real Estate Investor · Indiana, Indiana

4333 posts
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Icon_minipost Sep 10 '08, 11:52 AM

Originally posted by Rob Rey

He thought I should put an offer in 3% over list, but I declined to do that.

Yeah, funny thing about that. My realor always think I should be offering higher. I've had to remind him a few times who he's reperesenting..... :roll:

Don't fall in love. It's a piece of property, not Eva Longoria. There are more in the world (properties I mean).

Tim

Edited: 06/26/2010 at 05:53AM

Michael Shadow

Multi-family Investor · Bellefonte, Pennsylvania

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Icon_minipost Sep 10 '08, 07:32 PM

That's why I love the agent I have. He'll write up any offer for me.

-Michael

Edited: 06/26/2010 at 05:53AM

Rob Rey

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Icon_minipost Sep 26 '08, 09:49 PM

Hello:

Well, to wrap up this story, I didnt get the property.

I am not sure why yet , but when the Deed is posted on the Registry of Deeds website,, I will probably know.

I put in a full list price offer, plus a letter stating I was not related to the previous owner .

So it's posible I was outbid, or it's possible my offer was tossed in the barrell.

I will post what the sale price was when I see it on the Registry of Deeds website.

The Realtor I submitted my offer thru said I was ouitbid,
but it has gotten to the point where I dont believe a word he says.

Question, do Realtors tell lies, or are they sworn to honesty like Lawyers ??
.
.

Edited: 06/26/2010 at 06:00AM by Rob Rey

Tim W.

Real Estate Investor · Indiana, Indiana

4333 posts
23859 Influence
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Icon_minipost Sep 26 '08, 10:03 PM

Originally posted by Rob Rey

Question, do Realtors tell lies, or are they sworn to honesty like Lawyers ??

Sorry I just sprayed milk all over my keyboard laughing (not at you, just some divorce attorney memories). Both realtors and lawyers have ethics regulations that do not officialy allow them to lie. That being said, I've had to tell a realtor, "You're full of sh*#" at the closing table about a fee he tried to sneak into the HUD. I know of another realtor who runs a wholesaling business and blatantly lies in his online marketing, claiming his business has no affiliation with any realtor. You're got to watch yourself in this business. There's a lot of scam artists out there.

If you're doing REOs, you really should have more than 1 offer out at a time anyway so you don't have to worry about "this one deal".

Tim

Edited: 06/26/2010 at 06:00AM by Tim W.

Dusty Contreras

Real Estate Agent · In Illinois, Illinois

7 posts
4 Influence

Icon_minipost Sep 27 '08, 02:42 AM

REALTORS LIE!!!! WHAT!!!!! I don't want to hear such things! NOOOOO!!

Seriously though, the Asset Manager more then likely is a secondary purchaser of the mortgage in a warehouse situation, and will never even know the primary owners name of the original mortgage. So even if you do have the same last name (how did you know this anyhow?) they probably didn't even know this, and it wouldn't even matter anyhow, as long as they are recouping some of thier loss. The only time it would pose a problem would be if you were the actual previous owner, and they probably wouldn't even know this until the title search. So none of this would have any effect until after an accepted contract.

Lets not say that Realtors LIE, lets say they use tactics, or strategy, manuvers of the mind! lol... and we don't use them as much on our clients, we use them more on each other...

Edited: 06/26/2010 at 06:00AM

Matthew Gil

Real Estate Investor

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Icon_minipost Sep 27 '08, 02:51 AM

...and they lie.

Edited: 06/26/2010 at 06:00AM

Dave P.

Real Estate Consultant

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Icon_minipost Sep 27 '08, 03:26 AM

Question, do Realtors tell lies, or are they sworn to honesty like Lawyers ??

I didn't know that lawyers were sworn to honesty.

I do know that in Florida it requires more education to become a hair-dresser than it does to become a real estate agent.

Edited: 06/26/2010 at 06:00AM

Rob Rey

36 posts
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Icon_minipost Sep 27 '08, 05:12 PM

Originally posted by Dusty Contreras

and will never even know the primary owners name of the original mortgage. So even if you do have the same last name (how did you know this anyhow?)

when I first went to see the property, my last name was on the Mailbox .

Talk about a spooky feeling ,

I thought for a moment I was in a Twilight Zone episode . I then went home and looked up the owners name on the City Tax Site and the States Registry of Deeds site .

same last name, different first name .

Spooky,

Oh well didnt get it , will no soon enuff why or how much i was beat out by .

Edited: 06/26/2010 at 06:01AM

Brandon Schlichter

Residential Real Estate Agent · Circleville, Ohio

206 posts
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Icon_minipost Sep 27 '08, 07:01 PM

I deal primarily with REOs working with clients on the purchase of them (About 75% of my business).

Banks and AMs have a process they use to look at offers, some pay attention to the names coming in on the contracts, some do not.

If you included a letter stating you were not associated with the other party, you should be good.

During a multiple offer situation, this is USUALLY how banks view offers, in order of importance, and these do have a great effect with who they do choose to be the one to buy the property.

Purchase price
Closing costs
Finance type
Earnest Money Deposit

I've had buyers to win contracts over other bidders not by purchase price, but by the fact they had cash to close, or were willing to put down $10k as compared to another buyer's $1k.

Edited: 06/26/2010 at 06:01AM