All Forum Posts by: Kathy Judd

I working on writing up an offer using Idaho RE-21 Purchase and Sale Agreement. I got the 2nd to take $5k for their loan, $2k going to the lender and $3k going to the listing agent.

Do I need to include $3k commission in the Purchase and Sale Agreement? Or at what point do I have to specify that I'll be paying for the listing agent's commission?

http://www.ascentboise.com/docs/purchase%20&%20sale%20agreement%20(re-21).pdf

0 Votes

@Lisa Troxel Thanks that's a good point. I'll contact my title company.

0 Votes

The payoff is 130k. So if Wells Fargo is listing the property on website for let's say 100k, does that mean Wells Fargo has already willing to take 100k for it? Or are they just using this trick to get more people to bid it up?

0 Votes

Originally posted by @Account Closed:

Oh boy. If the 2nd foreclosed and got it back at sale they are now the owner, not the borrower. The borrower is now out of the picture and is not needed to participate in a short sale (other than getting the authorization to release, which makes things a lot easier when working with Wells).

What is the payoff on the 1st and what is the FMV? It still might end up a short sale if the balance and fees owed are more than the property is worth and Wells is willing to take a discount.

Are there post sale redemption rights in ID?

FMV is around 140k. Idaho has no post-sale statutory right of redemption for foreclosures.

0 Votes

Originally posted by @Wayne Brooks:

Are you saying the 2nd mtg foreclosed, and got the property back at the auction (that's the only way they'd own it, unless the owner did a DIL)? If so, it's not a short sale, they own it subject to the first mtg. They will have to negotiate with the first. Is the first foreclosing?

Yes, the 2nd foreclosed awhile ago. The 1st is in the process for getting foreclosed right now.

0 Votes

Originally posted by @Account Closed:

I think it was a waste of time to start with negotiating with the 2nd. The senior lien holder essentially sets the terms of the deal. They decide what they are willing to let the 2nd have, how much they are willing to pay the agent and what other debts, if any, they will allow to be paid. Wells is on top of their game and will expect the property to be listed for a price that reflects the property's true current market value. Do you still want this property if you have to pay FMV or better? Is there some condition or issue that will deter other buyers?

In this case I have to talk to the 2nd because the own the property. The property needs some tlc so I figured I can use that to negotiate. Well Fargo is also trying to put it up on the one of the bidding sites to the close to the price that I'm willing to make an offer on.

0 Votes

Thanks for the response Wayne. I'm fine with losing this deal I'll just move on to the next. I'm still learning. So what would the next step? :-)

0 Votes

Hi everyone,

I'm super new to short sales and I'm just learning as I go. I'm not sure what to do next and would like some feedback.

I have a property picked out. The owner of the property is willing to go through the short sale. I've been able to negotiate on the 2nd mortgage and they are willing to take a reduced amount. The owner is going to submit a letter of authorization to Wells Fargo which is 1st position soon.

After that is where I'm not clear on what to do? Do I write up an offer and send it to the owner? Or Do I talk to Wells Fargo first and see if they will accept a lower amount?

Looking forward to reading your feedback.

Thanks

0 Votes

All Forum Posts by: Kathy Judd

Kathy Judd has started 7 posts and replied 19 times.

Post: Seller Realtor Commission

Post: What's the next step in short sale?

Post: What's the next step in short sale?

Post: What's the next step in short sale?

Post: What's the next step in short sale?

Post: What's the next step in short sale?

Post: What's the next step in short sale?

Post: What's the next step in short sale?

Post: What's the next step in short sale?