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All Forum Posts by: Kathy Judd

Kathy Judd has started 7 posts and replied 19 times.

Post: Trying to offer on US Bank Owned

Kathy JuddPosted
  • Boise, ID
  • Posts 19
  • Votes 0

I'm fine with if the bank decides they don't want to accept it but I don't want the listing agent to make that decision.

Post: Trying to offer on US Bank Owned

Kathy JuddPosted
  • Boise, ID
  • Posts 19
  • Votes 0

A property in a nicer community in town come on the MLS about 10 days ago. The property needs some TLC but it's backed to a river. Owned by US Bank and listed at $350k. There is an immaculate property on the same street that backs up to a big pond for $415 so my property must be over priced.

I want to make an offer of $260k as my primary residence. My agent talked to the listing agent which told him to not bother submitting the offer because the bank wouldn't even counter on an offer that low.

Read some where that the banks are obligated to community revitalization because of the bail out. Would that increase my chances because I want to move into the property.

I'm just wondering if I should keep pursing this. Anyone have any experience with US Bank?

Post: Short Sale Letters to defaulting owners

Kathy JuddPosted
  • Boise, ID
  • Posts 19
  • Votes 0

I was just wondering what you put in your letter to owners who are defaulting on their loans.

I just write a hand written letter like:

Hi John,

My name is Kathy and I noticed that you home was empty. I was just wondering if you would be willing to see it to me. I can be reached at xxxx.

How can I improve upon that?

Post: Investors negotiating on 2nd

Kathy JuddPosted
  • Boise, ID
  • Posts 19
  • Votes 0

I've had a lot of misunderstanding of how short sales work. It primarily came from talking to short sales investors, few years ago anyway, who always talked about negotiating the 2nd to take 2k - 3k.

I've always assumed that the investors are talking to the 2nd directly but I guess it doesn't work that way. 2nd has to negotiate with 3rd party usually the title company.

So are the investors working with the title company to negotiate on the price?

Post: 2nd holding up sale of short sale?

Kathy JuddPosted
  • Boise, ID
  • Posts 19
  • Votes 0
Originally posted by @Wayne Brooks:

It will be either the listing agent, the title co., or a third party negotiator working usually for the seller.....but usually the listing agent, usually never the buyer's agent.

Thanks Wayne. I've learned a lot just from your responses.

Post: 2nd holding up sale of short sale?

Kathy JuddPosted
  • Boise, ID
  • Posts 19
  • Votes 0
Originally posted by @Wayne Brooks:

This generally requires the buyer to kick in enough extra money, above the purchase price, to satisfy the second.  Do you know who the second is?  But the negotiation needs to be done by whoever is negotiating it, not you.

 The 2nd is Homecomings Financial Network in Delaware. Who would be the personal negotiating? The listing agent or the buyers agent? 

Post: 2nd holding up sale of short sale?

Kathy JuddPosted
  • Boise, ID
  • Posts 19
  • Votes 0

I'm looking at a property where a buyer pulled out after 9 months of waiting. The listing price will just cover the 1st position and 2nd doesn't get anything.

Is it possible for the 2nd to delay the short sale for that long? Just curious if I need to negotiate with the second to make the short sale go smoother.

@Wayne Brooks that's a good point. Do banks normally have verbiage in their listing agreement where they don't want to see certain offers?

Hi everyone,

This question is towards the realtors. I haven't experienced but I figured I ask for future reference.

As a buyer, if I'm making an offer below listing price and that the listing agent is not willing to submit to the bank, or owners in some cases, is it ok to offer to pay for the lost commission so the agent still gets the same commission as the listing price?

I read a post on BP where the agent had a clause in the buyer's rep agreement similar to this but I'm not sure on the seller's side.

What's your thought on this?

Post: Seller Realtor Commission

Kathy JuddPosted
  • Boise, ID
  • Posts 19
  • Votes 0
Originally posted by @Jonna Weber:

Hi @Kathy Judd - Commission should never be addressed in the RE-21 Purchase and Sale Agreement.  It can be addressed directly on a buyer comp agreement with the agent if you are the buyer.  I wasn't clear if you are an agent...or if the listing agent drew up the Purchase and Sale Agreement on your behalf.  

Hope to meet you at the next BP meet up if you are right here in Boise!  

Perfect. Thank you.