All Forum Posts by: Dzmitry Zakharau

@Michael Quarles  Haha, too funny!

one more for MDF. They install it in 300k houses here in our market.

Well, think about it from another perspective: by allowing auction company bid on sellers' behalf, the process goes WAY faster. It could take days to get a response from the seller that's already overwhelmed with asset volume. This is the largely the reason they hire an auction company to begin with. So, like @Wayne Brooks said, bid to your number, then quit.

Great idea! Congrats on a fantastic purchase. Love that the bank called you, heh.

I don't thinks these folks have their stuff together at all. Homesearch.com doesn't do any research or provide any warranties, they are simply the marketers and facilitate paperwork exchange. 

I just recently won a Homesearch.com auction as well, also with Nationstar. This is a first one for me, so I'm learning as I go as well. I believe they use the same contract for all the of these, just adapt it a little based on the state. Right on the auction page it said I would get Special Warranty Deed. When I started filling out the "High Bid Confirmation Form", the wording referenced a Quit Claim Deed. Not exactly what's advertised. It was the weekend, so I called the 800 number and asked the person who picked up the phone about this. They said I will get a Special Warranty Deed or equivalent as promised. Hang up, go to refresh the form page, it now says Special Warranty Deed on it! If I didn't call and ask, I would have committed to a deed that's way less favorable.

The contract does say that they are not responsible for hardly anything, and it also has conflicting information.

Here's an example of double language pertaining to title (10 of my contract):

Seller shall be under no obligation to (A) remove any title exception, (B) bring any action or proceeding or bear any expense in order to enable Seller to convey title to the Property in accordance with this Agreement or (C) otherwise make the title to the Property insurable by the Title Company.

BUT, right after that it says:

IF, FOR ANY REASON, SELLER (A) IS UNABLE TO MAKE THE TITLE INSURABLE OR CORRECT TITLE PROBLEMS OR (B) IS UNABLE TO ASSIST THE BUYER IN PROCURING FROM THE TITLE COMPANY, OR ANOTHER REPUTABLE TITLE INSURANCE COMPANY, AN OWNER’S POLICY AND LOAN POLICY, IF APPLICABLE, AT REGULAR RATES (C) DETERMINES IN ITS SOLE DISCRETION THAT IT IS UNABLE, OR IT IS ECONOMICALLY NOT FEASIBLE, TO CONVEY GOOD AND MARKETABLE TITLE TO THE PROPERTY INSURABLE BY THE TITLE COMPANY, OR ANOTHER REPUTABLE TITLE INSURANCE COMPANY, AT REGULAR RATES, AT THE CLOSING DATE, AND THE CLOSING DATE IS NOT EXTENDED OR OTHERWISE AMENDED AS SET FORTH ELSEWHERE IN THIS AGREEMENT (OR BY SELLER IN ITS SOLE AND ABSOLUTE DISCRETION), OR (D) DETERMINES, IN ITS SOLE DISCRETION TO TERMINATE THE AGREEMENT AND DEEM THE AGREEMENT NULL AND VOID, IF REQUIRED BY APPLICABLE LAW, AND/OR IF REQUIRED BY ANY EXISTING CONTRACT OR AGREEMENT BINDING UPON SELLER AND/OR THE PROPERTY, INCLUDING, WITHOUT LIMITATION, ANY AGREEMENTS
WITH THE PRIOR OWNER OF THE PROPERTY, ANY MORTGAGE INSURER OR ANY MORTGAGE BROKER, THEN SELLER MAY TERMINATE THIS AGREEMENT BY WRITTEN NOTICE TO BUYER AND THE ESCROW/CLOSING AGENT.

This double language is exactly what I would use as an out if needed.

Can you check your contract and see if it contains something similar?