All Forum Posts by: Curtis H.

@Ray Ellen

In my contract I put that I will pay 3% of purchase price for the listing agent on behalf of the seller. I just saw the sellers for a second time in two days and not only did the realtor not show up AGAIN, but the seller asked "have you heard from him, because I haven't". I get where you are going, but this guy is not what you are describing. 

I thought about the auction route, but there is one huge problem. ALL CASH. We are talking $460K CASH. No thanks. 

@Jay Hinrichs

That is sound advice, and I did print out the right of rescission and brought it with me. So thank you for that. The idea about the cashier's check is a very good one and I think I will use it. The first thing I will do is ask for the highest ranking person that would handle this situation, as @Hattie Dizmond suggested. I will do it in the nicest way imaginable and make it all about the homeowner being able to reinstate the loan but we need to move as quickly as possible. 

See I don't need them to postpone the sale, I already doubt they will. What I need for them is to agree in writing that if they were to get a cashier's check hand delivered to them on Friday morning, that would be enough to stop the sale and bring the loan current. The sale isn't until the following Tuesday. By law they can say no. I just don't see why they would. All I need them to say is "yes that will take care of it". And of course give that to me in writing. That will give me 3 extra days to do everything right (or at least better), have a RE attorney look over my paperwork, call a title company, and have a proper closing. 

I have faith Jay! They will take the money and run!

@Rick H.

Yeah well the difference here is that this will not result in a deadly outcome. If it doesn't work, you live and you learn. 

All I really need is time, and the bank will let me know tomorrow if they are willing to give me that. Without time to do this transaction right (attorney review the contract, proper closing, legal POA paperwork, maybe put the prop in LLC to protect my personal assets), I don't want to do it. All these thing can be done in a week, but not a day.

@Rick H. 

I have no clue. I was planning to find that out tonight when I visit the seller. 

Now on the contract I have, which is @Michael Quarles version from his site, I'm trying ot figure out what I put for the purchase price. Total payoff for loan is $459K and some change, but I am paying the realtor commission (I put 3% in the contract), the $8K lien, and about $6K for sellers to walk. The agent commission is in as a separate line item, but do I make the purchase price $459K + the lien and cash amount?

Also, what if I talk to the bank tomorrow and they say they will give me a $10K discount to reinstate the loan at $30K instead of $40K? I want to make sure I'm not passing that to the sellers.

@Jay Hinrichs

Even if they say, "You can have a check to us anytime before the sale, and we will stop it" then there is likely to be a sale. I'm not even sure how aware they may be of the CA 5 days rule, as they are in Oklahoma. So I will ask them point blank, when is the last day you will except payment for reinstatement and see what they say. If they say anything other than "today" I will ask them to quickly put it on paper and email or fax to me. Then we are in the game. If they insist on "today", they can have the house. That simple.

@Rick H.

Yes I totally understand that, that's why I'm apprehensive to have them sign one unless i know it's correct. I don't have the luxury of an attorney right now on a Sunday and I'm heading over there to the seller's in an hour. 

I'm ok with just having them sign the release of information for the foreclosure attorney and bank, so I can call the bank in the morning to see if this is even gonna happen. If the bank is willing to play ball and postpone the sale, then I know this deal is gonna happen and I'll have a day to get that form together and not be in any legal doo doo. 

And does anybody have a POA form? I can't find one on the site in the files section.

@Darrell Shepherd

I agree not to pay anything other than earnest money deposit until I have the deed and clear title. I have the title report, and of course it's not clear with the unemployment lien, but I would pay that off at closing. So the question is...can I get the deed without a formal closing? And then close later? 

I have thought it over, and my main goal is to get them to postpone the sale without sending any more than about $10K out of pocket tomorrow. And I need it in writing. If they say they need all the money tomorrow I walk. I'm too new and it seems like a recipe for disaster. I need AT LEAST a week to feel comfortable with parting with $40K, as it will allow me time to do my due diligence properly. 

Tricky part is I want to negotiate the amount to reinstate the loan to limit my out of pocket exposure, yet I need them to have incentive to stop the sale. Even if they agree to let me pay half and tack the other half on the back end of the loan, I'll do that. But I'm not sure how motivated the bank is to foreclose. You think if I tell them I have $25K to send them to reinstate the loan, they will go for it? Or is that rare that they discount it?

@Greg H.@Darrell Shepherd @Hattie Dizmond @Jay Hinrichs 

Ok everybody I'll be heading to the owner in a couple hours to get the paperwork signed. And since I have never bought a home that didn't involve a loan, I need to be certain I'm bringing the right things and don't have to double back and ask for more signatures. Here is what is what I think I need...

Purchase Agreement/Contract (2 copies)

Seller Acknowledgment letter (2 copies)

Release of Information Form (1 copy)

Earnest Money ($20? or should I do $100?)

What I am confused about is the deed...Since this is not a closing, but just getting him to sign the contract, do I need a notary? Am I getting the deed now? This is the part that confuses me. If I have a signed purchase contract do I have "control of the property" at this point? My thinking is get the contract signed and do due diligence with the bank with FIRST order being to get them to postpone the date to give us breathing room. If they say we want our money now, then do I need to get the deed (assuming I don't have it by signing contracts tonight) and then make payment?