All Forum Posts by: Helen Zhang

@Joe T

I feel very sorry for your situation. I was in your situation on my first purchase as well, and I absolutely hated how stupid f*** origination agents pre-approves with empty promises and then fail you on the last second when you need to close escrow. (Excuse my language, but seriously, the bank needs to fire these origination agents). This is the reason why my future purchases are always in cash and never finance from the bank ever again. 

I have a few options that you can try. They are not the smartest thing, but if you can get any one of them worked out, you will be able to make the purchase:

1. Take a loan. They didn't mention the 20K has to be in earnest money, so you can literally take a loan from prosper.com, lendingtree.com or avant.com. The rates however, is going to be higher than mortgage rate because these are personal loans. Prosper offers 5.99% which is very good if you have high credit score. 

2. Negotiate with seller's agent. It is your buyer's agent's responsibility to negotiate with seller's agent to file an extension. This is not abnormal. An extension of 20 days may just get you enough time to find another mortgage lender. Search within BP community and I'm sure there are good mortgage lenders out there. 

3. Find a mortgage broker. As much as will charge you couple thousand dollars to find you a mortgage, for whatever reason they are so good at getting loans. It is worth to give them a try. I used them and that's how I obtained my first house. I paid roughly $2700 for it and it was worth it. 

4. Ask the option to see if they have 40 years mortgage instead of the standard 15/30. 

Lastly, someone with good enough legal power please sue them. I can't wait for these irresponsible to sit behind the bars. 

(I'm just angry that I'm seeing so many people going through the same thing that I have went through). Please keep us posted on your progress.  

Hi @Wayne Brooks,

Thanks for the feedback. I think the part that I don't fully understand is that... if the foreclosure has not been completed yet, then how did my title agent produces me the preliminary report?

Helen Z

Hello BP community, 

I'm very confused with the situation that I am currently in with auction.com.

Last month I have won an auction on auction.com, and I have received seller's signed contract. So I thought I am ready to close this deal with escrow.

However, this morning when I reached out to escrow, they said they don't see my property on their files. So immediately I reached out to auction.com closing agent, and she informed me that the property might not have foreclosed yet. 

I am so confused. Prior to bidding, I have a title company provided me title insurance commitment stating that this property is owned by Wells Fargo Bank. Now I'm being informed that this property has not completed its foreclosure yet (as the deed has not been recorded). 

What is going on? Is this normal? Should I confront my title insurance commitment? or should I leave that hidden and purchase the insurance first before I confront them?

Suggestions/Advices/Experience-Sharings are highly appreciated. 

Thanks,

Helen Z

@Mark H. Thanks for the lecture. I think you are likely to be correct that this property is an REO.

@Daniel Ahern, did you end up finding a good contractor/PM?

Hi @Andrew Herrig, 

May I PM you to get the bids from Finishing Touches? I would love to see their example of quotes. 

Thanks,

Helen Z

Hello,

I'm vetting through a few of the companies that I'm interested for rehab project in Dallas, Texas. 

1. Finishing Touches

2. https://www.facebook.com/ibuyhousesin7days

Has anyone used the following companies for rehab before? Please generously provide your feedback via here or in private messages. 

Thank you!

Helen Z

@Perry L., I think the chance of getting a crappy tenants who will destroy your house is much higher than getting tornado/hurricane. There is always property insurance, but there is no such thing as tenant insurance. 

@Anthony Aguillard, Can I private message you to take a look at a few picture of what Finishing Touch did and the cost to do that? 

@Todd Plambeck, do you also happens to used Finishing Touch before?

@Rich Baer, thanks for the feedback. Auction.com is indeed in this "silent period". But this time they have notified me that they need 10 days from seller. 

@Mark Spidell, thanks for confirming that this isn't abnormal. =) 

south dallas, a small pocket area that does not look as bad as the rest of the neighborhood in south dallas. 

On cliff height circ, dallas.