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SD Realtor.
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May 1, 2008 at 7:32 AM #197211May 1, 2008 at 8:17 AM #197120
raptorduck
ParticipantAs some folks may recall, I went after a foreclosure in RSF. I tried to get an offer in during the period where title was transferring to the bank. First, I went through the original listing agent. Then I tried the bank directly and, after much searching, found the guy at the bank who was responsible for the house and put in an offer through my agent. But then the bank signed a contract with a listing agent for the REO. That agent found out about my offer and then threatened a law suit against the original listing agent and the bank itself if it processed my offer. He insisted I go through him. So I had to wait a few weeks and then put in an offer through him and after a lot of waiting, my offer was rejected. I don’t really know if the bank ever saw it. This new listing agent was a real &#*#. Two months later this REO is still on the market and I am going nowhere near it. REO’s are huge bargains on paper, but too risky for my novice taste.
I note that I saw a foreclosure here that sold, fell out of escrow, and resold, only to see the buyer find out that the bank was happy to release its own lien on the property, but any other liens on a REO, like HOA leans, for example, are the buyer’s problem. This could add up to thousands, if not tens of thousands of dollars. I speculate that a second mortgage from another bank would also mean you have to negotiate with the second lender as well, even if it is a subordinated lien holder.
May 1, 2008 at 8:17 AM #197153raptorduck
ParticipantAs some folks may recall, I went after a foreclosure in RSF. I tried to get an offer in during the period where title was transferring to the bank. First, I went through the original listing agent. Then I tried the bank directly and, after much searching, found the guy at the bank who was responsible for the house and put in an offer through my agent. But then the bank signed a contract with a listing agent for the REO. That agent found out about my offer and then threatened a law suit against the original listing agent and the bank itself if it processed my offer. He insisted I go through him. So I had to wait a few weeks and then put in an offer through him and after a lot of waiting, my offer was rejected. I don’t really know if the bank ever saw it. This new listing agent was a real &#*#. Two months later this REO is still on the market and I am going nowhere near it. REO’s are huge bargains on paper, but too risky for my novice taste.
I note that I saw a foreclosure here that sold, fell out of escrow, and resold, only to see the buyer find out that the bank was happy to release its own lien on the property, but any other liens on a REO, like HOA leans, for example, are the buyer’s problem. This could add up to thousands, if not tens of thousands of dollars. I speculate that a second mortgage from another bank would also mean you have to negotiate with the second lender as well, even if it is a subordinated lien holder.
May 1, 2008 at 8:17 AM #197241raptorduck
ParticipantAs some folks may recall, I went after a foreclosure in RSF. I tried to get an offer in during the period where title was transferring to the bank. First, I went through the original listing agent. Then I tried the bank directly and, after much searching, found the guy at the bank who was responsible for the house and put in an offer through my agent. But then the bank signed a contract with a listing agent for the REO. That agent found out about my offer and then threatened a law suit against the original listing agent and the bank itself if it processed my offer. He insisted I go through him. So I had to wait a few weeks and then put in an offer through him and after a lot of waiting, my offer was rejected. I don’t really know if the bank ever saw it. This new listing agent was a real &#*#. Two months later this REO is still on the market and I am going nowhere near it. REO’s are huge bargains on paper, but too risky for my novice taste.
I note that I saw a foreclosure here that sold, fell out of escrow, and resold, only to see the buyer find out that the bank was happy to release its own lien on the property, but any other liens on a REO, like HOA leans, for example, are the buyer’s problem. This could add up to thousands, if not tens of thousands of dollars. I speculate that a second mortgage from another bank would also mean you have to negotiate with the second lender as well, even if it is a subordinated lien holder.
May 1, 2008 at 8:17 AM #197180raptorduck
ParticipantAs some folks may recall, I went after a foreclosure in RSF. I tried to get an offer in during the period where title was transferring to the bank. First, I went through the original listing agent. Then I tried the bank directly and, after much searching, found the guy at the bank who was responsible for the house and put in an offer through my agent. But then the bank signed a contract with a listing agent for the REO. That agent found out about my offer and then threatened a law suit against the original listing agent and the bank itself if it processed my offer. He insisted I go through him. So I had to wait a few weeks and then put in an offer through him and after a lot of waiting, my offer was rejected. I don’t really know if the bank ever saw it. This new listing agent was a real &#*#. Two months later this REO is still on the market and I am going nowhere near it. REO’s are huge bargains on paper, but too risky for my novice taste.
I note that I saw a foreclosure here that sold, fell out of escrow, and resold, only to see the buyer find out that the bank was happy to release its own lien on the property, but any other liens on a REO, like HOA leans, for example, are the buyer’s problem. This could add up to thousands, if not tens of thousands of dollars. I speculate that a second mortgage from another bank would also mean you have to negotiate with the second lender as well, even if it is a subordinated lien holder.
May 1, 2008 at 8:17 AM #197204raptorduck
ParticipantAs some folks may recall, I went after a foreclosure in RSF. I tried to get an offer in during the period where title was transferring to the bank. First, I went through the original listing agent. Then I tried the bank directly and, after much searching, found the guy at the bank who was responsible for the house and put in an offer through my agent. But then the bank signed a contract with a listing agent for the REO. That agent found out about my offer and then threatened a law suit against the original listing agent and the bank itself if it processed my offer. He insisted I go through him. So I had to wait a few weeks and then put in an offer through him and after a lot of waiting, my offer was rejected. I don’t really know if the bank ever saw it. This new listing agent was a real &#*#. Two months later this REO is still on the market and I am going nowhere near it. REO’s are huge bargains on paper, but too risky for my novice taste.
I note that I saw a foreclosure here that sold, fell out of escrow, and resold, only to see the buyer find out that the bank was happy to release its own lien on the property, but any other liens on a REO, like HOA leans, for example, are the buyer’s problem. This could add up to thousands, if not tens of thousands of dollars. I speculate that a second mortgage from another bank would also mean you have to negotiate with the second lender as well, even if it is a subordinated lien holder.
May 1, 2008 at 8:49 AM #197141MoovanOnUp
ParticipantI think second lenders have the option to buy the property at the Trustee Sale. After the trustee sale their rights are gone. That is why short sales need the seconds to forgive the debt. However, taxes are always going to stay and should get paid by escrow for a clean title. SD Realtor, can you give some clarity?
May 1, 2008 at 8:49 AM #197263MoovanOnUp
ParticipantI think second lenders have the option to buy the property at the Trustee Sale. After the trustee sale their rights are gone. That is why short sales need the seconds to forgive the debt. However, taxes are always going to stay and should get paid by escrow for a clean title. SD Realtor, can you give some clarity?
May 1, 2008 at 8:49 AM #197225MoovanOnUp
ParticipantI think second lenders have the option to buy the property at the Trustee Sale. After the trustee sale their rights are gone. That is why short sales need the seconds to forgive the debt. However, taxes are always going to stay and should get paid by escrow for a clean title. SD Realtor, can you give some clarity?
May 1, 2008 at 8:49 AM #197201MoovanOnUp
ParticipantI think second lenders have the option to buy the property at the Trustee Sale. After the trustee sale their rights are gone. That is why short sales need the seconds to forgive the debt. However, taxes are always going to stay and should get paid by escrow for a clean title. SD Realtor, can you give some clarity?
May 1, 2008 at 8:49 AM #197176MoovanOnUp
ParticipantI think second lenders have the option to buy the property at the Trustee Sale. After the trustee sale their rights are gone. That is why short sales need the seconds to forgive the debt. However, taxes are always going to stay and should get paid by escrow for a clean title. SD Realtor, can you give some clarity?
May 1, 2008 at 9:12 AM #197197The OC Scam
ParticipantBane,
First of all it is awesome you found a home you like!!
Here is what you need to do to get that beautiful house….Move in already …squat…demand the house…put your flag in the lawn with your name on it…like in the old wild west…just call up the water, electric, gas companies and put their service in your name …then tell the bank to want to make a offer as a tenant …that is how you get a REO in today’s market //Don’t let those Realtors tell you what to do!
If you want more insightful information then look out for my book “How to Squat then Buy America” is coming July 2008 to a book store near you….Good Day,
The OC Scam
May 1, 2008 at 9:12 AM #197223The OC Scam
ParticipantBane,
First of all it is awesome you found a home you like!!
Here is what you need to do to get that beautiful house….Move in already …squat…demand the house…put your flag in the lawn with your name on it…like in the old wild west…just call up the water, electric, gas companies and put their service in your name …then tell the bank to want to make a offer as a tenant …that is how you get a REO in today’s market //Don’t let those Realtors tell you what to do!
If you want more insightful information then look out for my book “How to Squat then Buy America” is coming July 2008 to a book store near you….Good Day,
The OC Scam
May 1, 2008 at 9:12 AM #197246The OC Scam
ParticipantBane,
First of all it is awesome you found a home you like!!
Here is what you need to do to get that beautiful house….Move in already …squat…demand the house…put your flag in the lawn with your name on it…like in the old wild west…just call up the water, electric, gas companies and put their service in your name …then tell the bank to want to make a offer as a tenant …that is how you get a REO in today’s market //Don’t let those Realtors tell you what to do!
If you want more insightful information then look out for my book “How to Squat then Buy America” is coming July 2008 to a book store near you….Good Day,
The OC Scam
May 1, 2008 at 9:12 AM #197162The OC Scam
ParticipantBane,
First of all it is awesome you found a home you like!!
Here is what you need to do to get that beautiful house….Move in already …squat…demand the house…put your flag in the lawn with your name on it…like in the old wild west…just call up the water, electric, gas companies and put their service in your name …then tell the bank to want to make a offer as a tenant …that is how you get a REO in today’s market //Don’t let those Realtors tell you what to do!
If you want more insightful information then look out for my book “How to Squat then Buy America” is coming July 2008 to a book store near you….Good Day,
The OC Scam
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