All Forum Posts by: Wayne Brooks

Also Jeremy, if you're looking to wholesale-forget short sales. The bank won't allow assignable contracts, purchaser can not be a land trust(or corp. in some cases) and many will have a resale time restriction.

Mark is correct. However, as an agent representing sellers in a short sale, I woulodn't let the seller sign it this way. Two reasons: 1) After negotiating with the bank and getting short sale approval for 60 days, the buyer can then back out, for no reason, with the inspection clause. Representing the seller, I want the buyer committed. 2) Any defects found in the inspection, before bank approval, can be used as ammunition to justify the contract price. It is much harder to get a price reduction, after lender approval, for problems found in a post approval inspection.

Ned is correct, exactly.
Also, most. Standard purchase contracts do provide for an automatic extension of time if seller can not provide title, for the purpose of curing any title defects.

Mark, details. Has the new owner communicated with you? What do they want?
When was the auction? When did you pay the month of Oct.? You paid to the the old owner?
You're probably safe for the next 30 days, but no guarantee. I knoe Florida law, but not TX.

Mark,
A month-to-month lease is just that. One month's notice, and you're out. It sucks because you surely expected to be there longer. The owner is definitely a scumbag, but that's the pit fall of a month-to-month. Any deposits/last month's rent will be a civil matter between you and the previous owner. There may be some fraud implications being this was done just prior to auction, but I don't know.

Mark,
Was it a year lease, or month to month? When was it signed related to the actual auction date?

Okay, just my .02.
As a Florida agent, Drafting a Purchase Contract, between a buyer and a seller, would be considered practicing law. Drafting a Commission Agreement between a Broker and a Seller is not.

Ibraham,
You're a licensed agent, and you're thinking about listing it elsewhere? Really?

As for a 2% coop, you're fooling yourself if you think you're getting near the same action. Just like signs, 95% of buyers buy something other than what they call about off the internet. The chances of them calling specifically about your property, and then Buying your property are slim. So, you're more dependent on a Realtor exposing them to your property than you think. I personally, as a Realtor don't really care. If I work with a buyer, he signs an agreement regarding sellers/brokers offering reduced commissions, where he chooses one of the following:
1) The buyer will pay the difference in commission to equal 3%, or
2) Do not show me properties where I would have to pay this difference

Realtors who willingly work for reduced fees are generally just weak.

Elvis,
If you actually want an accurate opinion, supply some details.

Sam, Rob is right and Slim ain't coming back. Your local bank, if it's a loan that they actually own(0.0001%) they are not going sell one note to you. The guy on the internet has no clue/smoking crack/selling you something/all the above.
Dale, there is no "Agreement between the NAR and the banks". The banks know they get something resembling FMV if it's out on the entire, open market. They are trying to prevent investors/brother in laws from "stealing one".