All Forum Posts by: Joe Payton

I'm buying a property where seller/owner filed Ch 13 to protect against foreclosure after a loan mod was dishonored by B of A. I am the wiling buyer with funds at title, waiting for B of A to send payoff. They are not sending two weeks after multiple requests. I understand the Motion to Compel is one tool. How does this work, and what other options do we have?

Thanks,

Joe

Thank you @Andy Chu,

Answer #2 appears to be the hivemind understanding - we don't know. And I have negotiated the process to successful profit before. Patience and over-communication is required.

Below is the correspondence with gohoming this morning. They are a BPO auction house and are posting "Minimum Bids" which once met, are somewhat less than "Reserve" which they will not disclose. So you have any experience in bidding with GoHoming? What percentage of the Reserve is the Minimum Bid, in your experience? Any resources of other online discussions?

Thanks, Joe

[REMOVED] Please wait for a site operator to respond.
You are now chatting with 'Nishant'
Nishant: Thank you for contacting GoHoming.com and Altisource Live Chat. Please note that I am not a licensed real estate agent or broker.
Nishant: My name is Nishant. How may I help you today?
Joseph Payton: HI, I believe I just won the bid for property (xxxxxxxxx). Is this correct?
Nishant: Please give me a moment while I look that up for you.
Joseph Payton: Thanks Nishant
Nishant: As the reserve was not met the bidding went unsuccessful.
Joseph Payton: I believe I bid above the reserve amount. Can you please confirm the reserve amount?
Nishant: We do not disclose the reserve amount if the reserve is met it says reserve met on the property page.
Joseph Payton: That makes it difficult to make a deal happen. How can we make a deal on this property?
Nishant: We only take offers through our website.
Joseph Payton: How much do you want for it?
Nishant: We will not be able to comment on it, request you to please wait for the property to come on the website once again to place an offer.
Joseph Payton: So your process is to withdraw the property and re-enter it for auction?
Nishant: The property will be once again there on the website to place an offer.
Joseph Payton: 1) How can I set up an e-mail alert to be advised when a new property is added to your website?
Joseph Payton: 2) How can I see this property? it is occupied.
Nishant: You will not be able to get any emails from us if new property is added to your website.
Nishant: You can not view occupied properties.
Joseph Payton: You are all bad news today Nishant. Can you please pass this conversation on to a supervisor and ask that they may e-mail me about these issues? I have a ready cash buyer and you have a property to sell but your system does not facilitate a sale, it is making a sale more difficult.
Joseph Payton: [REMOVED]
Joseph Payton: [REMOVED] if you prefer a phone conversation.
Nishant: I request you to please wait for the property to come on the website to place an offer, as we only take offers through our website.
Joseph Payton: Yes, you said that Nishant. Can I please initiate a conversation with your supervisor? See above.
Nishant: If you want to speak to any of our supervisor you can call us at our toll free number ([REMOVED]) and select option 9 to talk .
Joseph Payton: To be clear, your "Starting Bid" is not your "Reserve", is that correct?
Nishant: Yes, you are correct.
Joseph Payton: What percent of the reserve is the starting bid, typically?
Nishant: We will not be able to comment on it.
Joseph Payton: Can you tell me who in your organization CAN comment?
Nishant: The seller does not disclose the reserve percentage or reserve amount.
Nishant: Are you still there?
Nishant: If you have any other questions, please feel free to contact us. Thank you for using [REMOVED] and Altisource Live Chat. Have a great day!

Depends on your state. In Colorado I have used a Quit Claim Deed. Texas does not recognize the Quit Claim Deed, so call your real estate attorney. I have also (years ago) deeded to a family living trust.