All Forum Posts by: David Smith

Thank you.

I'm not paying for title, this is some "misc fee" they decided to toss in. And this is not my title company, it's the seller's agent. Lesson learned on that...

I'm very new to this game and recently got a great price approved for purchasing a short sale. The bank approved $500 in payments to the title company but the title company has added a $2000 "service fee" that they say I have to pay.

Now, $2000 isn't worth losing this house over, but $2000 is still a lot of money. Does this smell fishy to all of you? I never signed anything saying I would pay $2000. This is an all cash deal FYI.

Thanks for any insights.

Hi Guys, thanks for providing such amazing information here! A few questions about buying foreclosures on the courthouse steps:

1. Are 3rd party buyers getting in on these still or are the banks continually getting the houses back?

2. What would cause a bank to not bid on a house the lent on?

3. If a house had $300,000 in loans but is only worth $250,000, how much would you bid on it if you wanted it? I'm not sure how that works. Is the $300,000 wiped out at foreclosure or do you have to pay the $300,000 in addition to whatever you bid on the courthouse steps?

Thank you!

Thank you for your reply. So something like this would suffice?

====
I [Lender Name] agree to loan David Smith $xxx,xxx for the purchase of a home in [location]. This agreement is valid through 12/31/11 or until the acquisition of said house, whichever is sooner, and can be extended by the agreement of all parties.

Signature

I am going to make an offer on a house where I am putting 50% down and my friend is going to loan me the remaining money in a private financing deal. What sort of letter do I need from him to present when I make the offer? And does anyone have an example of that?

Thank you!

Thank you so much for the detailed response! I'm planning to look at a shortsale tomorrow with my realtor and asked her to ask the selling agent what the BPO was. Her response was:

"Hi, a bpo comes in when they have an offer and they do not reveal what it is, I have a short sale working on the beach, neither chase nor b of america will share with me, the listing agent, what the bpo is"

Is that correct?

Let's say I find a great traditional shortsale where the asking price is $250,000. Can I go below that asking price and still get the deal accepted by the bank? If so, what research can I do that might help me determine what price to offer that will have a reasonable chance of being accepted?

Thank you kindly!

Any thoughts on me sending out the following email to the brokers in this area who seem to get good foreclosures? And is it legal for me to do this?

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Hello [Broker],

My name is David Smith and I've been looking to purchase a home in Naples for awhile now. I have cash ready to go. I've noticed that you seem to get some great foreclosures. If you get a foreclosure in Naples with the following specs that is going to be listed:

3+ bedroom
2+ baths
1/4+ acres
1998 or newer
$240,000 or less
2100+ sq ft

Can I get a first look? I will pay a $2,000 bonus upon closing.

Regards,
David Smith
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Thoughts?

Hi Chris,

Thank you for your reply, I appreciate it.

I have a realtor already, but she's your standard, "Let's see what's new in MLS today". She's not connected into THIS world and I've missed out on a couple amazing foreclosures that people have obviously gotten first look at as there were accepted deals before I ever got to them.

If your realtor is connected in a manner that can get me into a foreclosure before it ever hits MLS, then I'm very interested. But if they're a normal realtor, I already have one, but thank you!

I am looking to purchase a primary residence located in Naples, FL. What I notice is that it would appear the brokers in this area have deals with folks like yourselves and are giving first looks and backroom deals on prime foreclosures so I never get a chance at them. It's business and I understand that, I'm not complaining. I'm saying I want in, in some manner.

I'm ok with someone making a profit off of me, I just want a beautiful house for my family at a good price. I'm more than happy to have someone flip me a courthouse steps purchase that I fix up as well as I'm not comfortable enough with that process to take part in the auction.

So with all of that said, how would all of you suggest I proceed? Should I go to auctions and try to make connections with the obvious big players? Should I educate myself so I AM comfortable enough to take part in an auction? Or some other strategy?

Thank you kindly!