[SD Realtor]

Actually I am not surprised that they have not changed the venue earlier. What happened is that as the trustee sales participation grew over the past few years it did start to be a pain in the butt for the courthouse. Bidders pretty much clogging up the main entry to the courthouse, standing in the planters, etc… Also this is not a municipal event in any way, shape, or form… This is a public auction but there is nothing that requires it to be anywhere special.

Funny that the NCTIMES said at times there could be up to 40 bidders. When we were going last year I am pretty sure there were some days when there would be twice that if not more.

***************

As for the trustees having to reissuees NOTs with the new location, that makes perfect sense. I am not crying for them though because they have a pretty sweet deal and I am sure they will figure out a way to pass the cost on to the loan servicer who will then pass it on to the defaulted homeowner and the cost will be sucked up by the investors as part of the write off.

***************

So it is an end to a tradition but as municipal budgets tighten up those days of freebies are over. I am sure ACE Parking would give a lot up for daily use for trustee sales at a nice little cost.

[SD Realtor]

Actually I am not surprised that they have not changed the venue earlier. What happened is that as the trustee sales participation grew over the past few years it did start to be a pain in the butt for the courthouse. Bidders pretty much clogging up the main entry to the courthouse, standing in the planters, etc… Also this is not a municipal event in any way, shape, or form… This is a public auction but there is nothing that requires it to be anywhere special.

Funny that the NCTIMES said at times there could be up to 40 bidders. When we were going last year I am pretty sure there were some days when there would be twice that if not more.

***************

As for the trustees having to reissuees NOTs with the new location, that makes perfect sense. I am not crying for them though because they have a pretty sweet deal and I am sure they will figure out a way to pass the cost on to the loan servicer who will then pass it on to the defaulted homeowner and the cost will be sucked up by the investors as part of the write off.

***************

So it is an end to a tradition but as municipal budgets tighten up those days of freebies are over. I am sure ACE Parking would give a lot up for daily use for trustee sales at a nice little cost.

[SD Realtor]

Actually I am not surprised that they have not changed the venue earlier. What happened is that as the trustee sales participation grew over the past few years it did start to be a pain in the butt for the courthouse. Bidders pretty much clogging up the main entry to the courthouse, standing in the planters, etc… Also this is not a municipal event in any way, shape, or form… This is a public auction but there is nothing that requires it to be anywhere special.

Funny that the NCTIMES said at times there could be up to 40 bidders. When we were going last year I am pretty sure there were some days when there would be twice that if not more.

***************

As for the trustees having to reissuees NOTs with the new location, that makes perfect sense. I am not crying for them though because they have a pretty sweet deal and I am sure they will figure out a way to pass the cost on to the loan servicer who will then pass it on to the defaulted homeowner and the cost will be sucked up by the investors as part of the write off.

***************

So it is an end to a tradition but as municipal budgets tighten up those days of freebies are over. I am sure ACE Parking would give a lot up for daily use for trustee sales at a nice little cost.

[SD Realtor]

Actually I am not surprised that they have not changed the venue earlier. What happened is that as the trustee sales participation grew over the past few years it did start to be a pain in the butt for the courthouse. Bidders pretty much clogging up the main entry to the courthouse, standing in the planters, etc… Also this is not a municipal event in any way, shape, or form… This is a public auction but there is nothing that requires it to be anywhere special.

Funny that the NCTIMES said at times there could be up to 40 bidders. When we were going last year I am pretty sure there were some days when there would be twice that if not more.

***************

As for the trustees having to reissuees NOTs with the new location, that makes perfect sense. I am not crying for them though because they have a pretty sweet deal and I am sure they will figure out a way to pass the cost on to the loan servicer who will then pass it on to the defaulted homeowner and the cost will be sucked up by the investors as part of the write off.

***************

So it is an end to a tradition but as municipal budgets tighten up those days of freebies are over. I am sure ACE Parking would give a lot up for daily use for trustee sales at a nice little cost.

[SD Realtor]

Yep I agree with you and I “think” the 10% ownership by a single entity may still apply!

It is definitely only getting harder.

I think that if the sellers agent does a background check on say the past 7 years worth of sales in the complex, if they are all cash then maybe a couple calls to the previous agents involved in the transactions will identify the root cause.

[SD Realtor]

Yep I agree with you and I “think” the 10% ownership by a single entity may still apply!

It is definitely only getting harder.

I think that if the sellers agent does a background check on say the past 7 years worth of sales in the complex, if they are all cash then maybe a couple calls to the previous agents involved in the transactions will identify the root cause.

[SD Realtor]

Yep I agree with you and I “think” the 10% ownership by a single entity may still apply!

It is definitely only getting harder.

I think that if the sellers agent does a background check on say the past 7 years worth of sales in the complex, if they are all cash then maybe a couple calls to the previous agents involved in the transactions will identify the root cause.

[SD Realtor]

Yep I agree with you and I “think” the 10% ownership by a single entity may still apply!

It is definitely only getting harder.

I think that if the sellers agent does a background check on say the past 7 years worth of sales in the complex, if they are all cash then maybe a couple calls to the previous agents involved in the transactions will identify the root cause.

[SD Realtor]

Yep I agree with you and I “think” the 10% ownership by a single entity may still apply!

It is definitely only getting harder.

I think that if the sellers agent does a background check on say the past 7 years worth of sales in the complex, if they are all cash then maybe a couple calls to the previous agents involved in the transactions will identify the root cause.

[SD Realtor]

Sk clearly your case was an exception. Also if the condo you were talking about was going to be purchased as an owner occupied unit but all of the sudden someone makes a bulk purchase to throw the ratios completely out of whack then of course a lender will not loan on it for owner occupants. No lender would. Was the property for owner occupancy or for an investment?

To the OP… The HOA will not have any opinion on whether you can finance the home or not and frankly it would be a liability for them to make any statement as such. All you can get from them is whether there is any on going or past litigation and whether there have been any builders defects. Have your realtor look at all of the sales in the conplex for the past several years to see if any of those deals were financed. Try to get the hoa to give you the property managers number to get the owner occupancy although it should not matter since you are purchasing the home as a rental.

Don’t expect help from the hoa, you are on your own so make sure ytou have a good lender who will not make promises up front that they cannot keep. Since it is a short sale then things are not going to happen for awhile anyways. If you are gonna use cash then hopefully you can get a better deal.

[SD Realtor]

Sk clearly your case was an exception. Also if the condo you were talking about was going to be purchased as an owner occupied unit but all of the sudden someone makes a bulk purchase to throw the ratios completely out of whack then of course a lender will not loan on it for owner occupants. No lender would. Was the property for owner occupancy or for an investment?

To the OP… The HOA will not have any opinion on whether you can finance the home or not and frankly it would be a liability for them to make any statement as such. All you can get from them is whether there is any on going or past litigation and whether there have been any builders defects. Have your realtor look at all of the sales in the conplex for the past several years to see if any of those deals were financed. Try to get the hoa to give you the property managers number to get the owner occupancy although it should not matter since you are purchasing the home as a rental.

Don’t expect help from the hoa, you are on your own so make sure ytou have a good lender who will not make promises up front that they cannot keep. Since it is a short sale then things are not going to happen for awhile anyways. If you are gonna use cash then hopefully you can get a better deal.

[SD Realtor]

Sk clearly your case was an exception. Also if the condo you were talking about was going to be purchased as an owner occupied unit but all of the sudden someone makes a bulk purchase to throw the ratios completely out of whack then of course a lender will not loan on it for owner occupants. No lender would. Was the property for owner occupancy or for an investment?

To the OP… The HOA will not have any opinion on whether you can finance the home or not and frankly it would be a liability for them to make any statement as such. All you can get from them is whether there is any on going or past litigation and whether there have been any builders defects. Have your realtor look at all of the sales in the conplex for the past several years to see if any of those deals were financed. Try to get the hoa to give you the property managers number to get the owner occupancy although it should not matter since you are purchasing the home as a rental.

Don’t expect help from the hoa, you are on your own so make sure ytou have a good lender who will not make promises up front that they cannot keep. Since it is a short sale then things are not going to happen for awhile anyways. If you are gonna use cash then hopefully you can get a better deal.

[SD Realtor]

Sk clearly your case was an exception. Also if the condo you were talking about was going to be purchased as an owner occupied unit but all of the sudden someone makes a bulk purchase to throw the ratios completely out of whack then of course a lender will not loan on it for owner occupants. No lender would. Was the property for owner occupancy or for an investment?

To the OP… The HOA will not have any opinion on whether you can finance the home or not and frankly it would be a liability for them to make any statement as such. All you can get from them is whether there is any on going or past litigation and whether there have been any builders defects. Have your realtor look at all of the sales in the conplex for the past several years to see if any of those deals were financed. Try to get the hoa to give you the property managers number to get the owner occupancy although it should not matter since you are purchasing the home as a rental.

Don’t expect help from the hoa, you are on your own so make sure ytou have a good lender who will not make promises up front that they cannot keep. Since it is a short sale then things are not going to happen for awhile anyways. If you are gonna use cash then hopefully you can get a better deal.

[SD Realtor]

Sk clearly your case was an exception. Also if the condo you were talking about was going to be purchased as an owner occupied unit but all of the sudden someone makes a bulk purchase to throw the ratios completely out of whack then of course a lender will not loan on it for owner occupants. No lender would. Was the property for owner occupancy or for an investment?

To the OP… The HOA will not have any opinion on whether you can finance the home or not and frankly it would be a liability for them to make any statement as such. All you can get from them is whether there is any on going or past litigation and whether there have been any builders defects. Have your realtor look at all of the sales in the conplex for the past several years to see if any of those deals were financed. Try to get the hoa to give you the property managers number to get the owner occupancy although it should not matter since you are purchasing the home as a rental.

Don’t expect help from the hoa, you are on your own so make sure ytou have a good lender who will not make promises up front that they cannot keep. Since it is a short sale then things are not going to happen for awhile anyways. If you are gonna use cash then hopefully you can get a better deal.

[SD Realtor]

You have not given any reason why the complex is cash only. Generally in situations like this the market conditions have nothing to do with the ability to finance. There is or has been some sort of building defect and/or litigation. Chances are that all deals in this complex in this complex have been and will continue to be cash only deal. I personally don’t understand why anyone would want to tie up a large chunk of cash when financing is so cheap but to each his own. If you can cash flow with a nice cash on cash return then go for it if it works for you. However understand that the liquidity of that cash tied up in the condo is very limited.

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