All Forum Posts by: Jocelyn Canfield

Thanks all for your input. I did put an offer package together and send to him (no deposit). He was going to try to get a 3 way call with bank. at this point I am prepared that it probably won't happen.

The whole situation is very awkward. He has 5 properties he is losing and which are in arrears for many thousands on HOA fees. The HOA is who is forcing the sale. One the bank is outright taking. Several he says are short sales with another lender, but are listed online as Investor sale. I told him i would not do a formal offer until someone from the bank was clearly involved and would ask closing agent to hold escrow. He's trying to suggest to me to keep a tenant who is in arrears because he is hoping to get back $ from him in the summer. I could go on and on about all of the inappropriate things he has said and done. I have never done a short sale before, however. Doesn't he have to meet financial conditions for a lender to approve short sale? Like have virtually nothing in assets?

I am looking to purchase multiple units under 50K in a condo community and would like to have them on a single loan/blanket loan. Any suggestions on lenders who would do this (not looking for private money but a competitive-to-banks rate.) Thanks for your suggestions.

Trust me, this girl does her due diligence.

On his personal website it says short sale. On realtor.com, it says investor sale.  it sounds as if there is not someone assigned to this from the lender side yet. 

Also he doesn't disclose that the owner is a licensed agent.

I am looking at several investment properties owned by an agent who is overleveraged, upside down and divesting, but he is acting as agent for the properties... I believe ahead of getting the go ahead to do so from the lender. The conflicts of interest here made me want to get an agent to work with me on this deal, but he said to me he is not paying an agent. All this is a bit weird to me since it is a short sale. I believe this guy to be a bit shady. I tried calling the lender directly but was told to talk to the agent. Comments? Advice? Clearly I wouldn't give him a deposit check in his or his brokerage's name. But I also don't want to make an offer and have him use that to shop other higher offers. I would ask him for email confirmation that the lender has received the offer and a contact person with the lender.

are you talking about sheriff sale/auctions or sites like auction.com? I have been unwilling to buy online auctions because from what I can tell, you aren't getting any title guarantee. for every property I have seen on auction.com you are getting a special warranty deed but that doesn't protect you from anything that happened before the lender took possession, which would be EVERYTHING that can bite you. I am curious what others' experience is or what auction sites. So many properties are going to auction sites now. I am just suspicious that the ones that go to auction are the risky ones. Some don't even let you in the property.

Some communities actually do prohibit airbnb for various reasons (such as it competing with established hotels) so you have to check with your specific community, but I would assume it would be ok in Philly. 

Not trying to get away with anything. Just wondering if this is common. I understand with government loans, HUD properties, etc., but this is a bank owned prop. is this a common practice with bank REOs as well?

I have seen several bank owned listings in which there is a owner occupied priority period. How is a bank able to enforce this? Does anyone know if it is occupied by an adult child of the owner if that is acceptable?

Rich, this is exactly what I wanted!!!  I am happy to pay a transaction fee like this. the ability to get inside properties is my priority. I have lost several good deals due to agents moving like sloths. so you have your license and use this company as your broker? can I talk to you for 10 minutes sometime? thanks!!