All Forum Posts by: Paul Cordero

So you can be under contract, and already have another contract with the end buyer? How do you keep the end buyer from finding out what you are paying for it?

Where are you located?

I left you a voicemail yesterday regarding your post from June.

Are you still looking for a good AZ Mortgage Broker?

I also manage a portfolio of REOs if you are looking for first dibs on REO properties before they get listed.

Let me know how I can help,

Thanks,
Paul Cordero
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Banks need to do due dillegence on their properties after fcl sale in order to know how to mkt them, especially if they are clear across the country. Agents are our eyes and ears for the local mkts. The bank doesn't know if they are getting a good offer from you until they have done their valuations. If for some reason you find an in to purchase directly, expect to pay more because all the bank will have to go by is the fcl sale bid, or unpaid balance.

Condemned is not necessarily a bad sign for an REO owner. The owner most likely filed an insurance claim, and was paid for the damages. Now they could care less what happens to the property, as long as they get rid of it. We have sold burn houses that we have already been paid out ins. claims on for $500.

I would leave a sign on the doors of both houses, this way, the agent who is assigned to premarketing tasks on the property will hopefully contact you to negotiate a sale, or let you know what is holding up the marketing. The institutions who own these REOs are most likely doing their due dillegence to get these ready to mkt. God Bless.

It will depend on the code enforcement office and their policy. Some offices will allow the liens to transfer with the property and assumed by the new buyer. Some will make the seller pay the liens before clear title can be conveyed. Call the code enforcement office to find out. If you have to take on the liens then you may have some bargaining power.

The solution is rather simple...Put your offer in with the new agent they assign.

This is usually what you get in a bulk package...a lot of crap. If the bank is conveying the property as-is with all taxes, liens, title issues, etc. in place? you need to lower your offer price then.

The bank will either need to get permission from the trustee handling the BK, or they will deed over to another entitiy that can do business outside of the BK.

The first option may take some time. We service for Lehman who is in the same situation, and they just deed over to another holding company to get REOs closed.

Hope that helps.

I just closed one in FL today, all cash deal for $88K. Looking at the HUD, all the buyer paid for was a $27 recording fee, and everything else we paid for. It would depend on the seller, but I would think that your closing costs should be similar.