All Forum Posts by: Daniel Coleman

The house has a clear title. That was the first thing I checked when I found out it was in foreclosure. I didn't want to waste my time if there was a second mtg or tax lien etc. I've been through the file and I know what the balance is and what the bank is trying to recoup from the additional costs.
The contract I was referring to was my contract with the REagent that is currently listing the house for the homeowner. Red flags started waving when the agent said the owner would only give me 30 days to close it. I ended up with 45 days.Previously when asked about it he said he had no knowlege about it being in foreclosure. One mo. later he tells me on Fri. it is scheduled for auction Mon. exactly 31 days from when I put in contract. Obviously he knew all along and thought it could be pushed through before sale. I would rather deal straight with the lender and get around this guy completely. Only problem is the owner still has his contract with the agent. I know this may sound strange but it's like the agent is the only person who has contact with this guy. They tried to serve this guy 4 times at diff addresses with no luck. I don't know if there is a way to get around the agent (unless I can track down the owner) until after the sale...or at sale. I am not a very patient person and I don't really want to wait to see if/when they relist the house. It could be months down the road. I'm sure they would be more flexible then, but I cant understand why they wouldn't deal now. Doesn't a non-performing loan hurt the bank's ability to borrow money? I really appreciate all the feedback I've gotten but I feel like I'm running in circles.

The house has a clear title. That was the first thing I checked when I found out it was in foreclosure. I didn't want to waste my time if there was a second mtg or tax lien etc. I've been through the file and I know what the balance is and what the bank is trying to recoup from the additional costs.
The contract I was referring to was my contract with the REagent that is currently listing the house for the homeowner. Red flags started waving when the agent said the owner would only give me 30 days to close it. I ended up with 45 days.Previously when asked about it he said he had no knowlege about it being in foreclosure. One mo. later he tells me on Fri. it is scheduled for auction Mon. exactly 31 days from when I put in contract. Obviously he knew all along and thought it could be pushed through before sale. I would rather deal straight with the lender and get around this guy completely. Only problem is the owner still has his contract with the agent. I know this may sound strange but it's like the agent is the only person who has contact with this guy. They tried to serve this guy 4 times at diff addresses with no luck. I don't know if there is a way to get around the agent (unless I can track down the owner) until after the sale...or at sale. I am not a very patient person and I don't really want to wait to see if/when they relist the house. It could be months down the road. I'm sure they would be more flexible then, but I cant understand why they wouldn't deal now. Doesn't a non-performing loan hurt the bank's ability to borrow money? I really appreciate all the feedback I've gotten but I feel like I'm running in circles.

I have been looking at a certain property for my pri. residence. It has been on the market almost a year and the price just keeps dropping lower. It was listed through an agent so we put it under contract and were set to close last week. Three days before closing the agent calls to tell me "oops" the prop is going to foreclosure sale Mon. morning. I told him to call the bank and hold off the auction. There is additional fees around $11,000 on top of what the outstanding mtg is. The sale was postponed but he is trying to neg. a short sale. Would it be possible for me to neg. with the bank even though the property is still listed through this agent? I know short sales are always a crap shoot, but I'm not trying to steal the property. I just want the best price and I don't want to finance someone's bad debt. My only other option is to wait till Dec. for the next sale. I have no experience at auctions. If anyone can advise me I would appreciate it much.