All Forum Posts by: Peter Thomas

I'm looking for someone to bounce some numbers/concerns off for a potential gas station purchase.  Please send me a message if you can spare a few minutes.

Station is in AZ and does about $5m a year in gas/c-store sales.

thanks!

Thanks Brett - By "counter stage", do you mean they are insuring the file is complete and getting ready to send the package to management - at which point a counter or approval will be generated?  
Will a negotiator already be assigned at this point?

Also, will Chase pay a buyer commission if the buyer is also the buyer's agent?

We are buying a short sale just north of LA - there are 2 loans: 1st will get paid in full even though late, 2nd is HELOC with Chase and won't get paid in full.

BPO done early January.  Package entered on Equator.  Trying to figure out if we're close to getting a response on price. 

Chase recently asked for:

1. remove certain doc/misc. fees from HUD and remove "cash for keys" payment to seller.

2.  buyer to sign buying "as is" document (is this normal?)

3.  remove price range from listing.

Any ideas on where I might stand given these requests?

Thanks, Peter

I think there are a lot of Hubzu bidders who bid first and view the property second....which contributes to the immense amount of wasted time trying to win a Hubzu property.

@Matt Lefebvre  @Jesse Tsai

okay so another auction just got more crazy...winning bid was $490K and reserve met.  I bid $450K and a bunch of others bid higher than me.  Listing was just cancelled and relisted with a starting bid of $350K!!!  I wasn't contacted about submitting a better bid....so it seems that not all auctions result in 2nd offers being sent out to unsuccessful bidders.

@Matt Lefebvre  @Jesse Tsai

the other thing that was interesting in bidding on that property was that I couldn't select my own escrow company (even at my expense) UNLESS I opted to purchase with a mortgage.  Is there a way to select my own escrow company if paying cash?  I know it costs me more money but I didn't understand not at least having that option.

@Matt Lefebvre

thanks for the name tip!'

I just bid on a house (to see the process work).  Incredibly, people bid the price to 85% of market value (reserve not met) on a house that is occupied with no inspection or financing contingencies permitted!  I didn't receive an email offer to give my highest amount even though i was the second highest bidder.  

The house was relisted within 5 minutes at the last highest bid price.

Now that's just a bit nuts!

Please see my reply to Matt above...i can't figure out how to paste user names into a reply without quoting their text.

Thank you very much for the information exactly what I'm looking for. The 4 prices makes sense.

Lets say $140K is starting Hubzu bid, $170K is reserve, and $200K is MLS. Auction ends with 3 bidders but reserve not met. A fourth price ($160K) is then offered to the 3 bidders on the expired auction. How quickly does this occur? I ask because I've seen some auctions with one bidder go back to auction within 20 minutes.

Is the fourth $160K price a take it or leave it price? Or can you counter with something above the highest auction bid (but reserve not met). Is it first come first served on the fourth price or is there a 48 hour window for all bidders to respond?

You guys have some good feedback...i'd appreciate it if you would look at my questions in post 1.

thanks.