All Forum Posts by: Brett Goldsmith

A borrower or an owner with interest in the property can not short sale a property to themselves. He can look into a 1st MTG settlement, but just know, they are a rare work out option. 

They are in foreclosure because they are not paying their mortgage. If he has equity, he has the choice of selling and avoiding foreclosure. He may not agree to an investor offer because he wants to keep his home or he wants to get top dollar. If the account is a full pay, you don't need mortgage lenders approval. Yes a home can be sold in foreclosure and no the bank won't always postpone to allow a standard sale to take place. If the bank is aware of a full pay, they may postpone, this will take reaching the right people with the right items at the mortgage servicer. If the home is in foreclosure and the deal is structured to be a normal sale then it would just be business as usual.

@Raphaela Todd Def a short sale, would need to be reviewed by mortgage servicer!

I always get an inspection. A good inspector is worth their weight in gold.

@Nathan G. Welcome to BP! What areas are you interested in investing into? Are you looking into SFR or multi family? I find myself coming across quite a few short sales all around the nation.

I've seen people list short sales and buy it, but they won't pay out commission. I feel that it is risky though as some banks or investors have an issue with this. If you represent yourself as the buyer, they won't pay out commission to that side either. 

Who declined the offer? Was it the bank? Depending on the bank, what review stage it is in already, will effect the time frames for review of the new offer. 

Just because a property is in foreclosure does not mean it is a short sale. If the property is worth less than what is owed, a short sale review likely can be initiated with the mortgage servicer. The property will need to be listed, offer obtained, and the sellers financial package will need to be reviewed by the mortgage servicers to see if a settlement is possible.

@Joe Splitrock 6% commission is standard with most big banks and I see it paid out daily. Depending on the investor and servicer, if the agent is double ending it, and purchase price, commissions could be reduced. Some programs guarantee commission won't be cut.

@Shima B. This sounds like a short sale. Checking title and doing research with the mortgage servicer is always a great start. Are you in a position or interested in trying to purchase it?