All Forum Posts by: Anand S.

Here's another good read: http://online.wsj.com/article/SB126022588878780861.html?ru=yahoo&mod=yahoo_hs

I have no concern if the second comes through, as I have an out with the first.

I spoke with my Realtor and he says there is an as-is clause that allows you to walk without any reason within 11 days (or something similar) after the SS is accepted. The 11 days allow you to do the inspections, etc. He says this effectively allows an exit.

The only caveat is I'd have to wait till the second accepts (or if the time frame expires first) before I can back out and get my deposit back.

Is this correct and does it make sense? I don't have an issue waiting to get my deposit back, as long as I'm able to get it in a reasonable time frame.

I've been waiting on a short sale for 6 months with no final answer. I'm getting concerned the short sale may never get approved.

I started my search again and found a second home that's also a short sale. I'd like to place a contract on this as well in case the first never goes through. If after I enter into a contract with this second home and the first is approved, is it possible to exit the second home's contract? Are there terms I should place in the contract to allow me an exit?

I can exit the first short sale with no problems, as I've waited longer than the agreed to period.

I would think with short sales, placing multiple contracts is common given the uncertainties and time frame.

I'm looking at this as an investment that I'll be occupying. Prices seem to be at a point where you can get really good deals.

I already have a home that I am renting, and am renting month-to-month now.

How does one find a REIA (what is this) or local wholesalers?

I’m not sure if this is the right forum for this post.

I am a buyer looking for a home. Given the current economic climate, I am only willing to purchase if I buy below market value (hopefully way below).

I recently joined RealtyTrac and am amazed at the amount of properties in the foreclosure process. However, very few are in the REO stage and actively listed for sale. Also, I believe once these homes hit this stage they usually aren’t very good deals anyway.

That takes me to my question. I assume most of the good deals are made prior to the home getting to the REO stage. I also assume a good amount of experience is required to negotiate an amicable deal with the banks and owners. How do I go about finding an experienced person to negotiate a deal for me, given my requirements? I can even provide the exact homes that interest me. Any suggestions? Is there a standard fee for this type of service, similar to a Realtor fee.

RealtyTrac provides a recommendation, but I fear this may just be some inexperienced Realtor.

I understand they are most likely using the short sale approval process to gather as much info to build their case, but after they have everything, I don't see how it is in their interest to not approve the sale, get the $5K from the first plus any incentives the Gov gives, and then sue later. Seems like at the end of the day they'd be $5K (plus Gov incentives) richer to approve vs. going to foreclosure and suing later in both cases.

Sorry, the logic here is a bit frustrating.

I thought you could only work through the first bank, unless their loan was 100% satisfied.

What happens if the first bank decides to foreclosure? Doesn't the second bank get wiped out? I suppose they can sue the owners after the fact.

Yes, I suspected this as well. I believe now they have pretty much every piece of data they could possibly collect, so hopefully they make their next move now.

This is in Florida. The owners are working with an attorney that specializes in short sales. I have had no opportunity to help with the negotiation.

I read the other thread and didn't know that banks sell their delinquent loans to collectors for 30% of value. This is interesting because this second loan is around $150K and the first bank is only offering $5K. Based on this, there would be no way the second bank would take any less than $50K, and there is no way the first would offer this amount. Is there any way this would play out in my favor? Is this an inevitable foreclosure scenario? Can the 2nd bank still approve the short sale and sell the delinquent loan?

I've been waiting on a short sale as a buyer for the last 5.5 months.

The home has two mortgages.

The first bank approved my offer, and is offering the second bank, Chase, $5K to buy them out. The second bank has not even countered the first - instead they continue to put the owners through the ringer. They have asked for every bit of financial information dating back 2 years including their 401K's. This has gone on for two months now.

Has anyone had any experience with Chase? What do you think their strategy is here? It looks to me like they are building a case to possibly sue these owners for the outstanding. My thoughts are this should be separate from the short sale approval, since they can sue anytime.

What benefit would Chase have to not approve this short sale? I would think if this goes to foreclosure, Chase would get nothing, since the house would sell for less than what is owed on the first. At least with this short sale they get the $5K payout from the first and any incentives the government provides. The only think I can think of is them not wanting to take the loss on thier books now.

Does anyone have any idea what's going on? Do you think I have a chance of this coming through? Should I continue to wait?