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

Question

I finally found a great property,and I am planning on putting a full price offer in tomorrow.

One in a Million chance,

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:

Rob Rey · Answer

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 .

..

Brandon Schlichter · Answer

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.

Matthew Gil · Answer

...and they lie.

Dave P. · Answer

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.

Dusty Contreras · Answer

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...

Rob Rey · Answer

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 ??
                                    .
                                    .

Timothy W. · Answer

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

Michael Shadow · Answer

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

-Michael

Timothy W. · Answer

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

Rob Rey · Answer

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.
.