All Forum Posts by: John Slater

@Vic Oyedeji

Sorry don't come on here often. Yes you can use financing. Most REO's are going to be sold via a broker/agent, so handled like a regular purchase.

@Simon Ruiz

A trustee is appointed to handle the foreclosure, versus administrator for a probate. Could it be the foreclosure trustee you see?

@Simon Ruiz

Hi. Someone has to file probate. If no heirs file then it won’t go in to probate. Is there equity in the house? If so, strange they don’t want to file as being out of state doesn’t make it much different. Likely outcome is bank will foreclosure and sell at auction or take property.

Have you seen a probate record to suggest it has been filed?

@William Farnsworth

I’m in one right now in California. Before we get the appraisal, we are willing to pay the $400 for a quality full inspection to find everything wrong. Having that to give the appraiser is for us the only way to get the appraised value that can make sense.

@Vic Oyedeji

Hey Vic. I don't know how it works in your state, but in Cali, the foreclosure doesn't complicate things. Buying as REO is more difficult, banks want to spray paint them and sell for higher $$.

If it's in preforeclosure, it's still a regular sale, bank still gets paid off etc, time restraints can be a challenge is sale date is close, but most banks will extend if they get a fully executed contract and POF etc.

@Robert Diamond

Hey Robert.  Cali market is a tough market for rentals.  People talk about house hacking etc, of which its all possible, just not as easy as its one of the only options here.  For example, buying a rental somewhere out of state can make sense for a smaller purchase and return a small positive cash-flow.  In Cali, you don't really buy a rental for cash flow unless you happen to find a great deal.  More often than not, your buying in cali to see the appreciation of the property rather than to cash flow.  at $400k traditional financing, your rent will hopefully cover your mortgage payment.  Assuming you buy at the bottom of the market and take advantage of the appreciation over time that can make sense.  Buying a rental in this current market in cali is for me very dangerous.... We are at the top, not going to get higher, and the only other direction is for the market to drop... when it does, THEN will be the perfect time to pick up rentals.  Just my opinion, thats why for now I focus on flipping to put money in the bank for when the market turns.

@Adrian Ayub

Hi Adrian. Obviously I don’t know the exact details of this property, however I’ve had a lot of experience in foreclosure and short sales as both investor and realtor.

First and foremost, in order to apply for a short sale, the owner will need a realtors representation.

The agent will then apply to the lender for a short-sale.

If the NTS has already been filed, there’s a good chance the lender won’t accept a short sale application as most lenders want 30-40 days prior to the sale date to even look at it. Some lenders may, however it’s a question for his lender. If they refuse to give an extension on the sale date then the foreclosure will happen as planned.

The seller agreeing to sell the property can choose a buyer of their choice. However the lender has to approve that buyer. There isn’t a short sale purchase contract per se, everything has to be done through an agent.

Sounds like the seller needs a good agent who knows what they are doing as agents are NOT taught how to do them and some screw them up.

Has there been a convo about his actually doing the short sale and speaking with an agent?

@Mark Miles

Hey Mark. What a crazy bunch of different answers.

Not sure you need to be too specific here... bottom line:

You don't feel the inspection was sufficient. Either close based on what you have or pull out. When I say pull out, I mean let the agent know a full inspection is required on your part before submitting EMD.

If they refuse a full inspection then you’re back to square one and the question is “close or pull out”

Yeah some agents represent their sellers and buyers in the right way, while a lot of agents stink of commission breath. You never know until you hit a snag and then you find out.

@Account Closed Hey Mel, no its not.  I was just updating my profile, adding it to my list of deals and for some reason it wants to post it in a forum...  now i can't delete it.