All Forum Posts by: Brett Goldsmith

Typically a buyer shouldn't get an appraisal unless the transaction is approved. Sometimes it may be wise though to get one early if the property needs massive work and you need supporting documentation or if the banks value is too high and you need to do a value dispute. 

If a home is foreclosed on then you are out of options since it already sold at auction. You either need to approach a homeowner in foreclosure to see if they are willing to sell or attempt to purchase it at auction. I don't recommend the latter unless if you have experience in buying properties at auction and doing the proper due diligence before bidding.

Short sale. I don't personally invest money into properties that will be  upside down for the foreseeable future.

I use propertyradar

The standard is not a deferral, but recapitalization of the arrears into the loan. Interest rate varies based on investor guidelines, the programs available, and what is affordable to the borrower. Sometimes interest rates don't change nor maturity dates. It all depends on so many factors which many are outside of a borrowers control. 

It's unclear if there is going to be a new standard loan modification for many borrowers affected by covid to get back on their feet or not.

What's the AS-IS value of the home? As other's mentioned, that's not a deed in lieu. You're talking about a sub2. A sub2 is a conflicting strategy generally to a short sale. There is no reason typically to take an underwater home sub2. If it had equity this would make more sense. A short sale implies the as-is value is less than what is owed and the home has no equity. If the home has equity, you may be spinning your wheels trying to short it.

Why can't you get title insurance? Why are you having trouble getting lien payoffs as these are generally simple to get unless if you can't find a specific lien holder?

@Tina Williams Refinance out of it or purchase it. You need to pay the loan off. If the home has no equity, you can attempt to purchase it as a short sale. If it's a short sale and you have questions, you can PM me.

It's tough to do contingent sales on short sales if you are trying to sell and buy at the same time due to lining up time frames. Don't get attached to a short sale as it's not guaranteed it will get approved. Besides that there is nothing generally wrong with trying to purchase short sales. Whoever is your agent should be explaining the contract to you if you have concerns. Typically the contract isn't enforceable unless the short sale is fully approved...

You won't be able to close without a motion to sell or the case closed for the BK. That isn't a big deal. Not sure why you'd want to do a sub 2 if the home has no equity. The only way you buy into equity on an upside down home is attempting a short sale. What is the AS-IS value of the home?