Forum Replies Created
-
AuthorPosts
-
SD Realtor
ParticipantHey now, nothing to see here NSR. Besides now we know why DHS needed all those hollow points. So they could make sure the tea party terrorists didn’t cause any harm at the IRS rallies.
I tell you man, better start watching what you say, and where you say it.
No holds barred these days.
ParticipantI would contact Jim Klinge. He is strictly residential but he may know a good commercial guy in NC.
Participant“It’s good to be king”
ParticipantThat is not a gun, that is a cannon.
ParticipantAgreed CDMA.
Like the last bubble nobody has a gun to their head to buy the home. No harm in sitting it out.
Once the supply normalizes, and it has been growing the past several weeks, prices will normalize.
People thinking there will be big price drops are incorrect. Price drops will be due to inaccurately priced homes that were listed to high to begin with. Once the supply normalizes compared to previous years the only major source for depreciation in San Diego will be due to the lending rates. You may see a small depreciation that will accompany the “normalizing” of the market but that is not a trend setter. The larger declines will be only tied to lending. That will be off in the future, but not in the short term.
Participant+1 for the capricorn 1 reference… that’s old school brother!
ParticipantIt can be sticky.
Why was this done outside escrow?
When the primary authorizes a short sale they will dictate the terms of authorization. Primaries are not very happy when those terms change. That is, if they take a 200k haircut, they would not be happy at all seeing a second receive 45k and thus would probably not authorize the sale. Thus if the payment to the second is on the HUD the primary would not be happy and could effectively kill the deal when they review the HUD.
NOTE that with short sales, even after your loan has funded the short sale lender reviews the final HUD.
I have seen cases in the past where buyers have made direct payments to second lien holders, outside escrow, in order to get them to release their lien. Again, it was done this way in order to skirt the first. It is not something I advocated but it was what the buyers were told they needed to do to get it done. In many cases the buyers did not do it, but I know of 2 cases where they did do it and it all worked out for them.
This was really dicey.
So here is what my speculation is for this case… note it is pure speculation and based only on what the op has given us.
I think this was an intended middleman flip that went sour. Blue Anchor may have been the original buyer or at least knew who the original buyer was. The original buyer probably had a cash deal for 371k for the primary lien holder. In order to secure that deal Blue Anchor probably stated that no monies would go to the second. In order to get the first deal done, on the day of closing Blue Anchor pays the 371 in cash to the first and then covers some amount to pay off the second. That same day the 450+ from the buyer is funded and pays Blue Anchor back.
Now somehow things went south somewhere. Perhaps the original investor couldn’t come up with the 371k or something like that. This actually could have been a great windfall for the buyer because he could have gotten the home for 371k plus the 45k. I would imagine that the second lien payoff arrangement (not payoff amount) was much less then 45k but of course Blue Anchor wanted a cut.
If you want to make demands about title companies to use and other contingencies then do not participate in a short sale.
ParticipantThe fact that your offer was never submitted to the lender is curious and indicates another offer was on the lenders desk to begin with. Most short sales are quite straightforward. The seller will accept the offer and that offer is then sent to the short sale lenfer for review. Do you have a copy of your original purchase agreement that was accepted by the seller? Additionally many agents include a short sale addendum so you should have that as well. I have never done a deal with Don but he is a seasoned guy. Many agents do employ short sale processors but NEVER do those processors charge more then 1% so ypu should demand answers. Better then what you have received
ParticipantTo the op this dors sound like it was a middleman effort.
ParticipantThere are several different forms of how this could have transpired. One of the more common ones is a middle man. That is, there already may have been an accepted offer on the home by an investor. Say that offer is already done and accepted for 371k. Now another buyer comes along and he purchases the home for say 450k and he thinks he is buying it direct from the short sale lender. The escrows would close at the same time. If it is done properly, the investor ownership of the home could be shielded in say some company name. It is doubtful that was what happened here. As hard money lenders we ran into an investor who was going to use our hard money to do this. He was working with a listing agent who had the short sale listing. The listing agent also had a buyer so they had it set up well.
This is a good example of a pitfall of working with the listing agent directly.
The original poster may want to file a complaint with the dre or at least contact the broker.
ParticipantSB931 and SB458 are most likely the legislation you are referring to however SB458 went into effect in 2011. I cannot comment on your situation without knowing more information. Interesting your agent is telling you about this now when they clearly knew this would be the case all along.
ParticipantI would be curious what kind of reaction to the IRS scandal the media would have had if the IRS was found to be targetting grassroots liberal groups as opposed to tea party .
ParticipantStop worrying about it nsr, obviously it is a non story.
ParticipantMy friends didn’t get killed. They just had over 10k in personal property stolen, their trucks stolen and were told to lay down on the hillside with guns pointed to their heads.
No media involved. They lived.
It was good enough for me not to go down anymore.
-
AuthorPosts
