All Forum Posts by: Wayne Brooks

Corey,
That happens at midnight! HAHA!
Hey, I'm in WPB too. Send me a line.

Brett,
Exactly, but these are PreApproved short sales where, in addition to qualifying the seller, a sales price, or net to lender, is established Before the property is listed. We do BofA and HAFA preapproveds on a regular basis. Actually, for a Freddie Mac owned loan, a preapproved short sale is the only way to qualify for HAFA. If you bring them a purchase contract with your short sale package, HAFA is denied Forever.

Pelican Insurance, Bob Peppe-fort lauderdale. I insure my vacant properties with him. Builders risk policy, generally less than 1% for 3 mo.s

Eddie,
If you're looking at some of the same "first look" auctions I looked at, the reason they're occupied is that the foreclosure auction hasn't even occurred on some of them yet. I checked a couple, and the foreclosure auction date, was a week or two before the Auction.com auction.

Sorry, the listing agent is an idiot if he thinks both sides of the commission helps keep a buyer in the game.

Some Agent HAS to represent you(could be you) when you write the contract, that you will hopefully assign.

HOA's and other judgement liens are the biggest killers of short sales. As to the owner of the loan, you usually can't figure that out til after initiating the short sale unles it's FNMA/Freddie (ie. Chase only owns bout 40% of their loans, the other 60% are owned by 3,200 different investors)

Jeremy, Mark is right in his concerns. Read that rider again. I think you'll find that the inspection is the only item with a choice of when it's completed. Title, survey, etc. Shuold be after lender approval.
Also, inspection and EM before bank approval shows you are committed, and the seller would take your offer more seriously. It would be a better offer than a competing offer, with a slightly higher price that had the later inspection/escape clause. It's just like making an offer on a REO with No inspection clause, 20% EM.

If you're buying a property on the MLS, someone has to be the agent on the buyer side. If that's you, you collect a commission, and you'd pay the fee as the Agent on the buyer side. You can't write a purchase contract on a listed property without an agent on the buyer side, even though you could use the listing agent as the buyer's agent too. As a broker, I wouldn't be interested in any agents who weren't going to produce any agent commissions/fees.

I agree with Scott, and Scott. If it goes to auction, you have no choice but wait for it to hit MLS. As for a short sale, time/doability depend on how many mtg.s, who owns the mortgage, any HOA liens, other judgements, etc.