All Forum Posts by: Wayne Brooks

Yep, and the old list it with an immediate sales contract makes them look twice at it. They'll still require a BPO for valuation, whether it's a pre-approved or traditional.

Brian is right. You are required to disclose what you Know of. The requirement has nothing to do with a Realtor being involved, it's a requirement of a seller.

Bienes,
I hear you, but research helps. I do short sale negotiations and work as a Realtor. I pass on some. If the property has multiple mortgages, HOA liens, personal judgements, etc. the deal just won't happen. 2 mortgages, depending on who holds them, is usually okay. I just closed one with 2 mortgages and $70k in code violations on a $55k purchase.

First, my guess is they get extended. Second, if you have basically negative net worth outside of the short sale transaction, you're still exempt under IRS insolvency rules (form 982).

As far as which banks to focus on, it can be hit or miss. Although, the larger banks-chase and B of A, have gotten efficent in their processes and the only two offering the bulk of the larger pay outs-even though it's hard to predict which loans qualify. Generally the riskier, crazier loans originated by WAMU and Countrywide seem to get the most incentives.

David, you're dreamin.
Ditto to Jon & Shanequa.
Richard, one question is Why subject to? There are different legitimate, and not legitimate, reasons.

Derek,
I'm Sure you misunderstood that the fee would be charged on accepted, as opposed to closed contracts. Yes, the extra fee is pretty typical, even if you call the listing agent. I do not waive the fee("waiving it means I pay it). Above a certain price point, for a repeat customer, yes-otherwise no. A weak agent will waive/eat the fee just to get the commission. Do you want a weak/inexperienced agent working/researching for you who is supposed to be negotiating, looking out for implications to you, figuring out how to get the deal done? AND throw it the fact the agent KNOWS you made them take a reduced fee, and you think you're going to get their best efforts? If you think that's smart, go ahead and "save" $350.

What's the goal? Are these properties with equity? Not nearly enough time to try a short sale, unless you try to get an emergency hearing to delay auction-which is iffy. If there's equity, I'd think they would have already done something.

Okay, I've never seen auction.com be involved in a trustee/courthouse foreclosure process. Are you sure it is THE "auction.com", or some similar site? Also you're right, it makes no sense if the owner has $200k equity-something is amiss.

I'm confused, or someone is. Auction.com is NOT a foreclosure/trustee sale. Auction.com auctions off house for banks, after they have gotten them back at foreclosure. Some auction.com auctions give you clear title, some offer QC deeds only. I'm a realtor and fairly adept at searching title, since I personally bid at foreclosure auctions-but a title search needs to come from a title search co., not your realtor. There may or may not be an opportunity to obtain financing after the auction, 30-45 days. In my area auction.com is usually a waste of time. The "starting bid" has no relation to the reserve, which is not disclosed. Sometimes on their "first look" auctions you will see properties that are still in foreclosure, and have a scheduled foreclosure sale/auction date. If the property goes to a third party, the auction.com sale is off. If the bank takes it back, then the auction.com auction proceeds.