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  • April 3, 2008 at 1:12 PM #12344
    ucsf_med
    Participant

    I am looking to buy and made an offer on a short sale property but something strange happened and I’m not sure what it means. I’m hoping someone could help me figure it out.

    I made an offer of 780k about 3 weeks ago on a short sale property, the seller countered 790k, I re-countered at 780k, it was accepted and sent to lender. Listing taken off MLS (surprisingly, I thought it was going to stay listed for more offers)

    2 weeks later, lender says 790k with brokers commission 2% (lender tells sellers agent who tells my agent). My agent counters 780k with buyers agent commission of 1%.

    Yesterday, my agent was contacted by a “new owner.” My agent says the property has 3 lenders, one of which is a “private lender” who bought (?) the property. He contacted my agent saying that he is the new owner of the house and that I can purchase it from him for 785k with immediate closing. My agent said 780k and 30d closing, he said to write an offer (or he may decide to rent it out).

    So now I have to decide if I’m going to make a new offer and how much. I have a few concerns about this new change in ownership.

    1) Is this another buyer/investor who worked with the lender directly and snapped up this property before me? Now looking to make a buck with a quick flip?
    2) Is this new owner really a secondary private lender who decided to take on the house to avoid losing all his money?
    3) Is he going to be more desperate to get rid of this house than I am to buy it, thus I should lower my offer price?
    4) Is this a collusion between the previous owner and the new owner, in an attempt to bump up the purchase price? (the original owner is a partner in the realty company short selling, found on google. I can’t find any info on the new owner on google)

    My realtor thinks we should stay at the same price and go through the whole inspection and reduce the price after inspection for repairs.

    I’m just thinking to myself, “what just happened here?”

    PS I had just read this article: http://www.irvinehousingblog.com/2007/09/24/a-buyers-market/
    and I feel like lowering my offer to 770k and every time he calls my realtor without an acceptance of the offer, to lower the offer by 1k… and ask him to write me a thank you letter when he accepts the offer 🙂 (I’m just kidding about the letter, but that gave me a good laugh when I read that in the linked blog)

    April 3, 2008 at 1:32 PM #180275
    patientlywaiting
    Participant

    “and ask him to write me a thank you letter when he accepts the offer 🙂 (I’m just kidding about the letter, but that gave me a good laugh when I read that in the linked blog)”

    Not a bad idea. 🙂 During the boom, buyers were asked to write letters on why they should be given priority to buy.

    It’s all a game of “poker.” Take the emotions out and you’ll win.

    April 3, 2008 at 1:32 PM #180645
    patientlywaiting
    Participant

    “and ask him to write me a thank you letter when he accepts the offer 🙂 (I’m just kidding about the letter, but that gave me a good laugh when I read that in the linked blog)”

    Not a bad idea. 🙂 During the boom, buyers were asked to write letters on why they should be given priority to buy.

    It’s all a game of “poker.” Take the emotions out and you’ll win.

    April 3, 2008 at 1:32 PM #180648
    patientlywaiting
    Participant

    “and ask him to write me a thank you letter when he accepts the offer 🙂 (I’m just kidding about the letter, but that gave me a good laugh when I read that in the linked blog)”

    Not a bad idea. 🙂 During the boom, buyers were asked to write letters on why they should be given priority to buy.

    It’s all a game of “poker.” Take the emotions out and you’ll win.

    April 3, 2008 at 1:32 PM #180660
    patientlywaiting
    Participant

    “and ask him to write me a thank you letter when he accepts the offer 🙂 (I’m just kidding about the letter, but that gave me a good laugh when I read that in the linked blog)”

    Not a bad idea. 🙂 During the boom, buyers were asked to write letters on why they should be given priority to buy.

    It’s all a game of “poker.” Take the emotions out and you’ll win.

    April 3, 2008 at 1:32 PM #180738
    patientlywaiting
    Participant

    “and ask him to write me a thank you letter when he accepts the offer 🙂 (I’m just kidding about the letter, but that gave me a good laugh when I read that in the linked blog)”

    Not a bad idea. 🙂 During the boom, buyers were asked to write letters on why they should be given priority to buy.

    It’s all a game of “poker.” Take the emotions out and you’ll win.

    April 3, 2008 at 6:34 PM #180838
    SD Realtor
    Participant

    ucsf_med have your agent get a preliminary title report to find out all the liens on the home and who is actually on title at the moment. I would not do anything until I found out who is on title and what order the liens are in. If the private lender somehow got title to the home then he is on the hook to pay off the first and second. Chances are that he doesn’t want to go through the hassle of making payments.

    I don’t have time to explain right now but there are middlemen operating out there who insert themselves into the foreclosure process to get money out of the deal. I have heard of this but have not run into it yet. You may indeed be running into that right now but I am not sure.

    So first and foremost get the pr done. If this person is indeed the new owner then it should be recorded. I wouldn’t do anything until that is completed.

    SD Realtor

    April 3, 2008 at 6:34 PM #180871
    SD Realtor
    Participant

    ucsf_med have your agent get a preliminary title report to find out all the liens on the home and who is actually on title at the moment. I would not do anything until I found out who is on title and what order the liens are in. If the private lender somehow got title to the home then he is on the hook to pay off the first and second. Chances are that he doesn’t want to go through the hassle of making payments.

    I don’t have time to explain right now but there are middlemen operating out there who insert themselves into the foreclosure process to get money out of the deal. I have heard of this but have not run into it yet. You may indeed be running into that right now but I am not sure.

    So first and foremost get the pr done. If this person is indeed the new owner then it should be recorded. I wouldn’t do anything until that is completed.

    SD Realtor

    April 3, 2008 at 6:34 PM #180869
    SD Realtor
    Participant

    ucsf_med have your agent get a preliminary title report to find out all the liens on the home and who is actually on title at the moment. I would not do anything until I found out who is on title and what order the liens are in. If the private lender somehow got title to the home then he is on the hook to pay off the first and second. Chances are that he doesn’t want to go through the hassle of making payments.

    I don’t have time to explain right now but there are middlemen operating out there who insert themselves into the foreclosure process to get money out of the deal. I have heard of this but have not run into it yet. You may indeed be running into that right now but I am not sure.

    So first and foremost get the pr done. If this person is indeed the new owner then it should be recorded. I wouldn’t do anything until that is completed.

    SD Realtor

    April 3, 2008 at 6:34 PM #180836
    SD Realtor
    Participant

    ucsf_med have your agent get a preliminary title report to find out all the liens on the home and who is actually on title at the moment. I would not do anything until I found out who is on title and what order the liens are in. If the private lender somehow got title to the home then he is on the hook to pay off the first and second. Chances are that he doesn’t want to go through the hassle of making payments.

    I don’t have time to explain right now but there are middlemen operating out there who insert themselves into the foreclosure process to get money out of the deal. I have heard of this but have not run into it yet. You may indeed be running into that right now but I am not sure.

    So first and foremost get the pr done. If this person is indeed the new owner then it should be recorded. I wouldn’t do anything until that is completed.

    SD Realtor

    April 3, 2008 at 6:34 PM #180510
    SD Realtor
    Participant

    ucsf_med have your agent get a preliminary title report to find out all the liens on the home and who is actually on title at the moment. I would not do anything until I found out who is on title and what order the liens are in. If the private lender somehow got title to the home then he is on the hook to pay off the first and second. Chances are that he doesn’t want to go through the hassle of making payments.

    I don’t have time to explain right now but there are middlemen operating out there who insert themselves into the foreclosure process to get money out of the deal. I have heard of this but have not run into it yet. You may indeed be running into that right now but I am not sure.

    So first and foremost get the pr done. If this person is indeed the new owner then it should be recorded. I wouldn’t do anything until that is completed.

    SD Realtor

    April 3, 2008 at 7:29 PM #180864
    jpinpb
    Participant

    uscf – I read the pointers on making an offer. It was very entertaining, even the comments. Thanks for the link.

    April 3, 2008 at 7:29 PM #180866
    jpinpb
    Participant

    uscf – I read the pointers on making an offer. It was very entertaining, even the comments. Thanks for the link.

    April 3, 2008 at 7:29 PM #180547
    jpinpb
    Participant

    uscf – I read the pointers on making an offer. It was very entertaining, even the comments. Thanks for the link.

    April 3, 2008 at 7:29 PM #180897
    jpinpb
    Participant

    uscf – I read the pointers on making an offer. It was very entertaining, even the comments. Thanks for the link.

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