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SD Realtor
Participanttg if there is an auction I’ll send over a cute asian hottie to distract you during the bidding.
SD Realtor
ParticipantLots of different ways to go. You can check a variety of different places…www.claireinstitute.com and lots of others… google san diego real estate school and you will find plenty of others like the anthony schools and such.
Recall that in order to effectively use your license you will need to hang it with a broker. The long pull for getting your license is not the class, it is the wait time to take the test. Although I would suspect it is alot easier now then it used to be!
You have to promise to keep your username once you get your license though.
ParticipantLots of different ways to go. You can check a variety of different places…www.claireinstitute.com and lots of others… google san diego real estate school and you will find plenty of others like the anthony schools and such.
Recall that in order to effectively use your license you will need to hang it with a broker. The long pull for getting your license is not the class, it is the wait time to take the test. Although I would suspect it is alot easier now then it used to be!
You have to promise to keep your username once you get your license though.
ParticipantLots of different ways to go. You can check a variety of different places…www.claireinstitute.com and lots of others… google san diego real estate school and you will find plenty of others like the anthony schools and such.
Recall that in order to effectively use your license you will need to hang it with a broker. The long pull for getting your license is not the class, it is the wait time to take the test. Although I would suspect it is alot easier now then it used to be!
You have to promise to keep your username once you get your license though.
ParticipantNo you do not have to pay cash. These auctions are different then trustee sales. Yes the buyer does have to pay 5% on top of the winning bid. So 327K is the winning bid so tack on another 16k give or take.
Remember the auction is held by representatives who basically represent the lenders. They do all they can to get the winners to finance with them. I do not believe it is a requirement for the buyers to finance with the lenders at the auction. I do not know how long the contingency periods are for any auction winners. However, I believe the contingency periods are ZERO!!! Thus if you win, you pay or you lose your deposit if you have remorse a few days later.
I know of someone who bid on a home at the June auction, and they had the winning bid. When they really inspected the home post auction they found there was water damage and to make a long story short wanted to pull out. They had a prolonged exchange for several weeks and after some very crafty negotiating by them, including some serious threats of legal action, they did indeed get the full deposit back. They really worked at it and I gave them some help.
SD Realtor
ParticipantNo you do not have to pay cash. These auctions are different then trustee sales. Yes the buyer does have to pay 5% on top of the winning bid. So 327K is the winning bid so tack on another 16k give or take.
Remember the auction is held by representatives who basically represent the lenders. They do all they can to get the winners to finance with them. I do not believe it is a requirement for the buyers to finance with the lenders at the auction. I do not know how long the contingency periods are for any auction winners. However, I believe the contingency periods are ZERO!!! Thus if you win, you pay or you lose your deposit if you have remorse a few days later.
I know of someone who bid on a home at the June auction, and they had the winning bid. When they really inspected the home post auction they found there was water damage and to make a long story short wanted to pull out. They had a prolonged exchange for several weeks and after some very crafty negotiating by them, including some serious threats of legal action, they did indeed get the full deposit back. They really worked at it and I gave them some help.
SD Realtor
ParticipantNo you do not have to pay cash. These auctions are different then trustee sales. Yes the buyer does have to pay 5% on top of the winning bid. So 327K is the winning bid so tack on another 16k give or take.
Remember the auction is held by representatives who basically represent the lenders. They do all they can to get the winners to finance with them. I do not believe it is a requirement for the buyers to finance with the lenders at the auction. I do not know how long the contingency periods are for any auction winners. However, I believe the contingency periods are ZERO!!! Thus if you win, you pay or you lose your deposit if you have remorse a few days later.
I know of someone who bid on a home at the June auction, and they had the winning bid. When they really inspected the home post auction they found there was water damage and to make a long story short wanted to pull out. They had a prolonged exchange for several weeks and after some very crafty negotiating by them, including some serious threats of legal action, they did indeed get the full deposit back. They really worked at it and I gave them some help.
SD Realtor
ParticipantBSR I very much disagree with that philosophy. This is well beyond the scope of a lender or bank. Being a landlord creates liability. Furthermore, once again, the mortgages, that then became securities, also have terms and conditions attached to them and it would be a violation for the lender to keep the property and become a landlord. Since the property doesn’t pencil out there is no way rent can cover the expected return on the security when it was created.
I believe that scenario has a much lower proabability then lenders just lowering the cost of the home and dumping them. Legally that is what they can do without creating additional liability. The investors are left holding a bag of poop.
SD Realtor
ParticipantBSR I very much disagree with that philosophy. This is well beyond the scope of a lender or bank. Being a landlord creates liability. Furthermore, once again, the mortgages, that then became securities, also have terms and conditions attached to them and it would be a violation for the lender to keep the property and become a landlord. Since the property doesn’t pencil out there is no way rent can cover the expected return on the security when it was created.
I believe that scenario has a much lower proabability then lenders just lowering the cost of the home and dumping them. Legally that is what they can do without creating additional liability. The investors are left holding a bag of poop.
SD Realtor
ParticipantBSR I very much disagree with that philosophy. This is well beyond the scope of a lender or bank. Being a landlord creates liability. Furthermore, once again, the mortgages, that then became securities, also have terms and conditions attached to them and it would be a violation for the lender to keep the property and become a landlord. Since the property doesn’t pencil out there is no way rent can cover the expected return on the security when it was created.
I believe that scenario has a much lower proabability then lenders just lowering the cost of the home and dumping them. Legally that is what they can do without creating additional liability. The investors are left holding a bag of poop.
SD Realtor
ParticipantRus just keep yourself in that home… don’t go out in the desert picking any pretty buttons attached to cactii…
SD Realtor
ParticipantRus just keep yourself in that home… don’t go out in the desert picking any pretty buttons attached to cactii…
SD Realtor
ParticipantRus just keep yourself in that home… don’t go out in the desert picking any pretty buttons attached to cactii…
SD Realtor
Participantsdr I don’t think it is… I tried to go back and look for that post and then I went through my notes on that transaction. That deal was for a listing I had on Coban in 92114. I forgot the specifics of the deal but the shady guy who wanted to get the deal done was definitely not a realtor and he worked for some shaky place that just sounded bad… I think I put the name of it in my post but I am to lazy to fish around for it…
SD Realtor
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