All Forum Posts by: Eric Foster

Easy question, easy answer...

Yes.

Yes and no to the “senior lien” idea… The senior lien is almost always the best position to buy… However, you need to be aware of what other liens there are that can still “stick” to the title after a foreclosure sale… (I will speak for my areas only here)… But liens from the IRS, the State, County property taxes, city assessments for street improvements, sewer and water connection fees, certain utility bills, are things like that can “stay” and “stick” with the property after the foreclosure sale. They each have their own oddities… A simple rule to remember what will probably “stick” is; The County, the City, the State and Governmental agencies always get their money!

As far as the owner redeeming, I agree, I don’t think that will happen… There seems to be no reason that they would, as it is over encumbered.

And maybe I am confused on this, as we don’t have redemption (in most cases) where I am at… But, I do not believe that the lender can EVER redeem… I believe that the redemption rights are only available to the (previous) owner. If DiTech wanted to protect their interest, the opportunity to do so was at the foreclosure sale. They could have been at the sale to bid on the property also.

Personally, once you get the deed, I would ask a title company to record it for you and ask them to open title and do a preliminary title report. That is a good way to verify 100% what the condition of the title is… (If you are getting ready to sell the property or refinance, they can do that for you either free or real cheap.)

Good luck!

Wow... 50% ouch! You are right, a change is needed!

I was born in Pomona and spent some time around that area but spent most of my time in Ventura County.

Hey Ray,

Sounds good!

I have been considering joining that group again. I was a member for a few years but I didn’t renew a couple years back…

It is ridiculous, to not ask the question!... I have learned the best information I know by simply asking the right people questions...

I am one of those people who call others asking “Do you know who I could ask this question to?... Many that I call will not know the answer to the question themselves, but many times they will know who I should call and ask.

Some of my calls have gone like this… “I spoke to Jim, who is the uncle of Bob, the guy you used to work with, and he told me that your neighbor’s best friend is a real estate attorney?...

Have you ever seen that piece on 7 decrees of separation?.... Kind of like that!

Good luck...

Time and Money seem to be in the lead…

Thanks to everyone for all of your comments and your votes… It is nice to see (in a weird kind of way) that I am not the only one struggling with these things…

The “cash” that is tied up for extended periods and “time” are the two largest things that I constantly struggle with… Glad to see it is not just me… :lol:

Now for a solution? Hummm…

Ok guys, we need to get this thread back on topic… You guys are hijacking this thread.

This thread is not about Josh and his user name, it is about recognizing my vast experience, greatness, and my fantastic humor… Also, it just dawned on me that I forgot to mention in my earlier post just how darn good looking I am too.

Maybe we can talk about that for a while. LOL

O yea…

I would go off of “closing” dates not “offer” dates. You care that it “funds” and “closes” by a certain dates, not just an “offer”. By doing it this way, you will also give motivation to your agent for it to close on time too.

I don’t see any reason why you cant do that… Simply put, you are just offering a higher commission (as a bonus) for a quicker sale.

And no, the selling agent would not be aware of this. The listing agreement is a document between the listing agent and the owner. The listing agent simply puts in the MLS what the selling agent commission is.

At least this is the way it is where I am.

The only time I have seen it happen is when the homeowner is in foreclosure (short sale) or when the values have came way down on a property (short pay)…

Other than that, I have seen lenders waive pre-payment penalties to get paid off. But I have not seen them take less just to get paid off.