All Forum Posts by: Jeff L.

Joe, the home has been vacant for over 3 years now and is in disrepair.It will take about 30k to rehab it. The windows are boarded up-thats what got my attention and prompted me to contact the owner.

Thanks everyone for your input. The seller told me that he had his attorney write a letter to Chase 3 years ago stating the he was no longer going to pay the mortgage and that all future correspondence would need to go thru his attorney. From what he tells me, they received a letter notifying them of the auction date for his home, the date was April 2012. The date came and went and he tells me he assumed the property sold. It wasnt until months later that he found out he was still the owner. He doesnt know anymore than that.

Why am I wasting my time?

Thanks for the input @MonicaBreckenridge but my primary question is can I negotiate a short sale by signing a sub to?

I have a seller that has spoken to me at length about selling his home but, on the advice of his attorney, told me he will not communicate with Chase(the lienholder) and will not sign a 3rd party authorization to allow me to negotiate a short sale.

However, if I were to get him to agree to a "sub to", would this allow me to negotiate a short sale with Chase?

The seller said he is "pulling for me" but on the advice of his attorney he cannot communitae with Chase. The house has been abandoned and no payments have been made in for 3 years. He has not filed bankruptcy and the home is not in foreclosure. It went to auction in April of 2012 but did not sell and Chase did not claim it as an REO it reverted to the sellers name.

Any advice would be helpful!

Thanks,

Jeff

Thats exactly what happened Joel.

Again John, while I appreciate your input, Ive put enough hours into this to know its not an REO. I know its odd but thats why the subject of this post includes the word 'Strange!" :)

Thanks John, that clears up that part!

Getting the 3rd party authorization is the tough part. I wish this guy wasnt so loyal to the advice of his friend/attorney.

He's going to have to understand its going to make things a lot easier if he does sign. If not, we will see.

Will keep everyone posted.

As always, thanks again for your valued input!

Thanks Wayne and John. This IS NOT an REO. I may be new but Ive done enough due diligence to know who owns the property. I just didn t think the banks would rekey and take over a home that is still owned by the this guy. I guess once they consider it abandoned then they have the right to protect it, so now that Ive learned this info, that part isnt as strange anymore. Chase cannot list a propoerty thats not theirs, this I know.

Thanks again for the input!

Thanks for the info Doug. From my research at the courthouse the taxes are being paid and are current. Although I am new, this seems like a strange situation based on the feedback from my local sources and folks on BP.

The foreclosure sale wasnt cancelled it went to auction but nobody bid on it.

The things I find most strange: There is a lock box on the door, placed there by an unknown entity. The lawn and property are being cared for by Mortgage Preservation Services out of Florida. So it LOOKS like an REO but Chase told me the owner still retains the home and only he can agree to a sale.

I will def do the title research suggested.

Thanks again for all the help. Will keep you posted!

Jeff

I was thinking that because the property is so distressed the bank didnt want to pursue once it didnt sell at auction. Based on my talks with the HO, his attorney is a friend and the HO doesnt want me calling his attorney and running up his time because the attorney is doing this as a favor for the HO. Its convoluted but I really think this could be a good deal if I slowly pull these layers off without pissing anyone off. This is my first deal so I have plenty of time, even some to waste.

Im gonna pursue til the end...whenever that may be. :)