All Forum Posts by: Sandy Reddy

Thanks for your inputs @Joe Norman.

Just curious, why a bank would approve less than offered price?  If they have a contract that has offered greater than approval price

Hello Everyone,

Can a bank approve a short sale LESS THAN offered price?

Is it mandatory, for the listing agent or seller negotiator to submit the purchase agreement to the lien holder bank? In other words, does bank need to have a fully executed contract (offer) on the property before they make a decision on the short sale?

Appreciate any inputs.

Hello,

I was looking forward to bid a property in sheriff sale in NJ. And the sale was postponed with defendant adjourn for 4 weeks ( In NJ defendants have this option to adjourn for 4 weeks) . And yesterday I saw 2 more weeks postponed and it states ADJOURNED SHERIFF.

Under what circumstances sheriff would adjourn a sale with "ADJOURNED SHERIFF" status.

Would greatly appreciate if someone can shed some light.

Regards,

@Boris Portnov thanks for your inputs.

Can someone shed some light....

Hello Everyone,

Questions regarding a sheriff sale property.  Current property deed has two names (X and Y), however the mortgage note has only one name (X).

And as per the title search report, 

Chain of Title1:

When the property was purchased the deed has both X and Y names as joint tenants with the Right of Survivorship.

Chain of Title2:

Later a quit calm deed was made with Grantor( prior owner)  Y and Grantee (deed owner ) X

Chain of Title3:

Again a bargain and sale deed was made the other way from above Grantor( prior owner) X and Grantee (deed owner ) Y

Current Title (vesting information):

And one more time a Deed was made with both names (X and Y) on the deed as joint tenants with the Right of Survivorship.

Now, as X is the only mortgage holder from the time of purchase, and bank is foreclosing the mortgage on X, will Y have any legal ownership to the property, if the property gets sold at sheriff sale. Would winning bidder have to deal with Y about the ownership of the property ?

Would appreciate your inputs.

Hello Folks,

I am a licensed real estate agent in NJ. I am planning to bid on a sheriff sale property (for personal use ) in the coming weeks. 

1. Is there any paperwork that i need to do with my sponsoring RE broker ?
2. Do i have a inform sheriff that i am a licensed RE agent ?
3. And anything specific that i need to keep in mind while participating in the bid ?

Appreciate your inputs.

Folks can someone throw some light on the my query.

@Ryan Goldfarb - the borrower bought this property from developer ( new construction). 

One other question, if the winning bidder pays the full bid amount in 30 days. Can he get a mortgage loan on sheriff deed. 

@Jairo Paredes   nice meeting you too.  I am talking about the initial mortgage amount borrowed, which is greater than the sold price.  In the title report (deed document), i see the grantor asking price was X but the mortgage amount borrowed from the bank was X+N. How could any one get a mortgage loan greater than the asking price ?.

 I understand the Judgement amount is always greater than mortgage amount as it includes legal fees, penalties etc.  I see X+M as the judgement amount. 

Little puzzled...