questions on offering ona foreclosure

[The OC Scam]

Yeah it could work but you could go to jail if the bank already held a trustee sale….serious???…umm.. No!! ask SD Realtor

[SD Realtor]

Moovan here is an example of a current short sale I am involved in. The first is offering a lien release at about 100k less then the loan amount, the second is offering a lien release for 1000 bucks. The sellers have not paid taxes for about 2 years so there is about 20k in tax liens.

So when the offer came in it is incumbent on the listing agent to make darn sure that the HUD estimate covers any and all existing liens BEFORE you send the offer into the lender with the HUD. That way the net to the lender is calculated with all of the other liens (tax and any others) are paid off. Otherwise you get to close of escrow and the lender has given you a lien release and boom there is a big fat lien leftover and everyone wonders who is gonna pay that lien.

If you are on the buying end of the short sale then just make darn well sure that the listing agent had escrow get a preliminary title report and that the estimated HUD has any and all existing liens on it.

As far as the squatting goes… well like OC Scam said, I will look for the hardback cover in July!

SD Realtor

[SD Realtor]

Moovan here is an example of a current short sale I am involved in. The first is offering a lien release at about 100k less then the loan amount, the second is offering a lien release for 1000 bucks. The sellers have not paid taxes for about 2 years so there is about 20k in tax liens.

So when the offer came in it is incumbent on the listing agent to make darn sure that the HUD estimate covers any and all existing liens BEFORE you send the offer into the lender with the HUD. That way the net to the lender is calculated with all of the other liens (tax and any others) are paid off. Otherwise you get to close of escrow and the lender has given you a lien release and boom there is a big fat lien leftover and everyone wonders who is gonna pay that lien.

If you are on the buying end of the short sale then just make darn well sure that the listing agent had escrow get a preliminary title report and that the estimated HUD has any and all existing liens on it.

As far as the squatting goes… well like OC Scam said, I will look for the hardback cover in July!

SD Realtor

[SD Realtor]

Moovan here is an example of a current short sale I am involved in. The first is offering a lien release at about 100k less then the loan amount, the second is offering a lien release for 1000 bucks. The sellers have not paid taxes for about 2 years so there is about 20k in tax liens.

So when the offer came in it is incumbent on the listing agent to make darn sure that the HUD estimate covers any and all existing liens BEFORE you send the offer into the lender with the HUD. That way the net to the lender is calculated with all of the other liens (tax and any others) are paid off. Otherwise you get to close of escrow and the lender has given you a lien release and boom there is a big fat lien leftover and everyone wonders who is gonna pay that lien.

If you are on the buying end of the short sale then just make darn well sure that the listing agent had escrow get a preliminary title report and that the estimated HUD has any and all existing liens on it.

As far as the squatting goes… well like OC Scam said, I will look for the hardback cover in July!

SD Realtor

[SD Realtor]

Moovan here is an example of a current short sale I am involved in. The first is offering a lien release at about 100k less then the loan amount, the second is offering a lien release for 1000 bucks. The sellers have not paid taxes for about 2 years so there is about 20k in tax liens.

So when the offer came in it is incumbent on the listing agent to make darn sure that the HUD estimate covers any and all existing liens BEFORE you send the offer into the lender with the HUD. That way the net to the lender is calculated with all of the other liens (tax and any others) are paid off. Otherwise you get to close of escrow and the lender has given you a lien release and boom there is a big fat lien leftover and everyone wonders who is gonna pay that lien.

If you are on the buying end of the short sale then just make darn well sure that the listing agent had escrow get a preliminary title report and that the estimated HUD has any and all existing liens on it.

As far as the squatting goes… well like OC Scam said, I will look for the hardback cover in July!

SD Realtor

[SD Realtor]

Moovan here is an example of a current short sale I am involved in. The first is offering a lien release at about 100k less then the loan amount, the second is offering a lien release for 1000 bucks. The sellers have not paid taxes for about 2 years so there is about 20k in tax liens.

So when the offer came in it is incumbent on the listing agent to make darn sure that the HUD estimate covers any and all existing liens BEFORE you send the offer into the lender with the HUD. That way the net to the lender is calculated with all of the other liens (tax and any others) are paid off. Otherwise you get to close of escrow and the lender has given you a lien release and boom there is a big fat lien leftover and everyone wonders who is gonna pay that lien.

If you are on the buying end of the short sale then just make darn well sure that the listing agent had escrow get a preliminary title report and that the estimated HUD has any and all existing liens on it.

As far as the squatting goes… well like OC Scam said, I will look for the hardback cover in July!

SD Realtor

[Bane]

Is it normally the Bank’s responsibility to pay the tax liens before close of escrow, or the buyer’s?

Thanks

[Bane]

Is it normally the Bank’s responsibility to pay the tax liens before close of escrow, or the buyer’s?

Thanks

[Bane]

Is it normally the Bank’s responsibility to pay the tax liens before close of escrow, or the buyer’s?

Thanks

[Bane]

Is it normally the Bank’s responsibility to pay the tax liens before close of escrow, or the buyer’s?

Thanks

[Bane]

Is it normally the Bank’s responsibility to pay the tax liens before close of escrow, or the buyer’s?

Thanks

[SD Realtor]

It depends…

If the property is an REO then the bank does need to clear all liens. One thing to note, when you do purchase an REO and you sign the multipage liability release from the lender, there is verbage in there that actually releases the lender from making sure title clears. However it is common sense that if title doesn’t clear then you as a buyer will not get financing. So those liability releases also say in the same breathe, well if you don’t get financing because we couldn’t give you clear title, then you do get your deposit back. Now not all of the REOs I have seen state that but most of them have. It is kind of a chicken/egg deal right? Generally though, I have not seen an REO go down where title didn’t pass cleanly.

The biggest issue one may have is a situation that happened to OC Scam where there was some funky stuff going down with the lenders.

As far as a short sale goes then there is no responsibility at all for the lenders that have liens to check on other liens. In a short sale all you care about is that the lenders holding the liens agree to release those same liens at whatever discounted price is negotiated. Then it is up to the title report/search to identify all other liens and then it is up to escrow to make sure there are sufficient funds to pay them all off and distribute those payments.

SD Realtor

[SD Realtor]

It depends…

If the property is an REO then the bank does need to clear all liens. One thing to note, when you do purchase an REO and you sign the multipage liability release from the lender, there is verbage in there that actually releases the lender from making sure title clears. However it is common sense that if title doesn’t clear then you as a buyer will not get financing. So those liability releases also say in the same breathe, well if you don’t get financing because we couldn’t give you clear title, then you do get your deposit back. Now not all of the REOs I have seen state that but most of them have. It is kind of a chicken/egg deal right? Generally though, I have not seen an REO go down where title didn’t pass cleanly.

The biggest issue one may have is a situation that happened to OC Scam where there was some funky stuff going down with the lenders.

As far as a short sale goes then there is no responsibility at all for the lenders that have liens to check on other liens. In a short sale all you care about is that the lenders holding the liens agree to release those same liens at whatever discounted price is negotiated. Then it is up to the title report/search to identify all other liens and then it is up to escrow to make sure there are sufficient funds to pay them all off and distribute those payments.

SD Realtor

[SD Realtor]

It depends…

If the property is an REO then the bank does need to clear all liens. One thing to note, when you do purchase an REO and you sign the multipage liability release from the lender, there is verbage in there that actually releases the lender from making sure title clears. However it is common sense that if title doesn’t clear then you as a buyer will not get financing. So those liability releases also say in the same breathe, well if you don’t get financing because we couldn’t give you clear title, then you do get your deposit back. Now not all of the REOs I have seen state that but most of them have. It is kind of a chicken/egg deal right? Generally though, I have not seen an REO go down where title didn’t pass cleanly.

The biggest issue one may have is a situation that happened to OC Scam where there was some funky stuff going down with the lenders.

As far as a short sale goes then there is no responsibility at all for the lenders that have liens to check on other liens. In a short sale all you care about is that the lenders holding the liens agree to release those same liens at whatever discounted price is negotiated. Then it is up to the title report/search to identify all other liens and then it is up to escrow to make sure there are sufficient funds to pay them all off and distribute those payments.

SD Realtor

[SD Realtor]

It depends…

If the property is an REO then the bank does need to clear all liens. One thing to note, when you do purchase an REO and you sign the multipage liability release from the lender, there is verbage in there that actually releases the lender from making sure title clears. However it is common sense that if title doesn’t clear then you as a buyer will not get financing. So those liability releases also say in the same breathe, well if you don’t get financing because we couldn’t give you clear title, then you do get your deposit back. Now not all of the REOs I have seen state that but most of them have. It is kind of a chicken/egg deal right? Generally though, I have not seen an REO go down where title didn’t pass cleanly.

The biggest issue one may have is a situation that happened to OC Scam where there was some funky stuff going down with the lenders.

As far as a short sale goes then there is no responsibility at all for the lenders that have liens to check on other liens. In a short sale all you care about is that the lenders holding the liens agree to release those same liens at whatever discounted price is negotiated. Then it is up to the title report/search to identify all other liens and then it is up to escrow to make sure there are sufficient funds to pay them all off and distribute those payments.

SD Realtor

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