All Forum Posts by: Andy Chu

I'm looking to vote for a site. Possibly Vegas?

We're getting close to when this thing needs to be organized. Josh are you up to it again?

Your best friend at this point is going to be the listing agent. They will be ones making a recommendation to the asset manager with an "AS IS" strategy, or "AS REPAIRED". This conversation can be something to the effect of the following.

"Mr/Ms. Asset Manager, the current area is in a high crime area with high potentional of vandalism." Those words would immediately be placed in favor of as is strategy.

Remember though, the agent's responsibility is to their client (the bank). So they must represent their interests. With that said, the bank will only look at 95% of list price the first two weeks (Typically). So it is up to the listing agent to have a realistic listing price.

The second thing is that the listing usually must be on the market for at least a week to have ample marketing time. If the agent is at all ethical, they will present all offers to the bank.

Hope this helps.

Fannie Mae typically will not convey the title over without a free and clear title. More than likely, the escrow will be extended for a while. In the meantime, request a copy of the Lis pendens from the title company. See who the parties are what are they claiming.

The title company doesn't want to take on the liability of the Lis pendens and will oftentimes try to wrap around it. If this is the case, then do not close because you are not getting free and clear title.

Technically, once the issue has been disclosed, it is up to the buyer to figure out how much the damage costs. A contractor could say its an easy fix and only charge $2,000. In my opinion, I don't think there is much recourse.

Its called tough love. If they know they have a soft landlord, your bills will be the last to be paid.

Unfortunately, its a trade that's less touted about. If you connect with a hard money and they need to find qualified people, then you could potentially bird dog the loan. Or if you have enough greenbacks, one learns the quickest with their own money .

Trying to keep the topic on course here. I would say that with the recent success of RedFin, Zillow, eppraisal, the industry is becoming more efficient. I'm starting to feel that margins will shrink as more and more people can get closer to perfect information. As a real estate professional working with some of the biggest lenders, I've noticed that there are less conversations and everyone is just a step in the process. In essence, homes will be traded like commodities and the spreads will thin out.

Michael Pilarski , if you want to get into this game of trading and servicing notes, I would start with learning the trades of a hard money lender. If you want the real estate instead, servicing companies are a great source of knowledge.

SUBMIT HIGH/BEST OFFER BY 3PM MONDAY 08-06/2012. Property is being sold ?as is? and is subject to HUD Guidelines 24 CFR 206.125

HUD often mis-prices their homes. Zillow may be high and HUDs BPO came in way low. Either way, you won't know the full extend of the work needed until you get in there.