All Forum Posts by: Jorge Vega

@Dennis Davis What kind of sale was it? Foreclosure auction , short sale , REO ?

Auction.com use to be used a lot by Nationstar for their short sales, if this is a short sale there may already be an agreement in place with seller for them to vacate and also relocation funds to offer that could be used to make sure the tenant gets out.

Ive lately been seeing auction.com as a foreclosure trustee on some of the deals that I come across.

@Shari PoseyHow much are they receiving for relocation incentive? If they occupy the property were you advised why the sellers didn't qualify for HAFA?

@Shari Posey  If its a Short Sale, is the seller receiving any funds for relocation ? HAFA pays out $10,000 from the proceeds of the sale if the occupant qualifies.  If they are you can ask escrow to hold those until the seller vacates the property. If the transaction has already closed and the sellers still will not leave and you have tried everything else then I would say evicting them will be the most effective option.

I agree with everything @Jay Hinrichs is saying, listing to Jay!!

in regards to buying from them directly I wouldn't think that is a good idea if you are also trying to rehab one of these properties.

Most of these investors are buying and flipping, unless you are looking for a newly remodeled home at top dollar it doesn't sound like the best option, but it really depends on what you are looking for and what you would like to do with it.

It also depends on your margins, at the end of the day if the numbers work they work , if they don't then pass. If you can pick up a property from one of these investors prior to them rehabbing it and charging you top dollar and can still meet your profit margins then do it.

In regards to competing with the "big players" at the auction, listing to @Jay Hinrichs

@Tim Mcbee Everyone has different profit margins, if that works for you then do it just know there could be other opportunity's where you can make a bigger monthly profit.

You should get the complete details of the numbers to determine if you are in a short sale position. So far you have only mentioned the 30k in past due payment but what about the UPB ( unpaid principal balance ) ?

Bayview isn't always the easiest to deal with however I have dealt with them in plenty of cases. Bayview sounds like the mortgage servicer, not all cases do you get the investor of the loan/owner of the note servicing their own files.

Does the 2nd lien put it in a short sale position ? Do you know who the 2nd is and the payoff amount ? is the 2nd current ?

@Travis Washington I think I need more information. If this is a Short Sale then there are regulations for the agents commissions, and a 10k commissions for listing side on a 17k sales price is insane and wont fly per short sale guidelines. 6% is the max and depending on the servicer if your agent is double ending or if the listing and selling agent are in the same office they could cut the commissions to 5% or even 4%.

Do you think their fee is high for this purchase price ? If so have you asked why their service is worth 10k?

I agree with @Edward B. , if the current tenants are paying $450 then how do you plan to get $650-$675 , even with the time that has gone by there is no way the rates could have gone up that much.

Are the tenants on some sort of discounted rent ? Are they friends or family of the current owners? that could explain the low rent if the market is telling you $650-$675. I would listen to the Comps.

Also I don't believe you will be able to obtain 30 year financing on that low of a loan, sorry.

Who is the Mortgage servicer for the Short Sale?

@Amr Makki well if you have access to something like that then you should be golden. It sound like you would in a way have access to others credit reports ? or is it just for mortgage accounts?

in regards to the NOD and NOTS list, let me know if that ever interest you. Im part of a big loss mitigation firm and we wouldn't charge for the list however we would be interested in processing the transaction for any of the ones that are in a short sale postion that turn into listings.

Either way please let me know a little more about what you are referring to, it sounds interesting.

@Amr Makki I agree with @Dion DePaoli , there isn't anything that I know of where this type of info can be found. Its not public records until the NOD is filed.

Do you work a lot of Short Sales & distressed properties in Texas?

I provide NOD list, NOTS list, and canceled foreclosure list to big agents going after Short Sale.

Message me if you are interested.

@Tim McbeeI think I need more information.

Are you saying that the Unpaid principal balance of the loan is $30k? or there is $30k in past due payments and late fees and such ?

For it to be a short sale the property would have to be worth less than what is owed against the property, in other words the home must be underwater. if you don't have that then you don't have a short sale.

Most servicers will not allow you to assume a loan when the loan is in a delinquent status. You may likely have to bring the account current in order to be able to assume the Loan.

If you are thinking of assuming the Loan, how much are the current mortgage payments? How much could the property potentially rent for?

Also, who is the mortgage servicer on this? I may be able to get you some of their guidelines regarding assumptions.

@Erica Gerhart

I agree with @Al Mcbee , call the servicers REO dept and ask them to try and pull up the file with the property address. Once they pull it up they will let you know they cant speak with you as you are not authorized by you can try and find out who the REO agent is from any one in their REO Dept. depending on the servicer or you will have to try and make contact with the Asset manager.

Do you know who the mortgage servicer is on the property?