All Forum Posts by: Donna Drake

Thanks Joe for the congrats!

I would love to know how to take control in real estate!

At one point with two offers I had about 20 fingers in this pie! So many people for two little house's but, 20 People!!! Anyone of them could blow this sale. I have never felt so out of control in my life!

I did spend most of my time telling my Realtor how to do her job. I have been in sales all my life and I could not believe the things that happened.

My first buyers Realtor told my Realtor that he didn't know I could accept a second offer!! Not kidding!

I have done everything in my power to not be controlled, but I'm not always there when negotiations are going on and my Realtor told the buyers Realtor I would be willing to come down a little in price, without talking to me first! Once again, not kidding!

I am getting ready to negotiate buying a house that is not on the market by doing a short sale with the owners and their lawyer. It is in probate and the holding mortgage company says this is the way to go.

How do I find a GOOD Realtor? A strong negotiator is needed?

I don't know where to start to look. Word of mouth isn't the answer here.

Any ideas would be appreciated!

Thanks.

Donna

Hi Joe, and everyone who took the time to help me!

I ended up taking offer #2. My first buyers couldn't get the help they needed from Chase or the VA.

The VA ended up being the worst. They told them no firm date at all, but that they did qualify.

They just love to help our men and women that give their time and energy to the country......

I am due to close on the 23rd of Sept with buyer #2, although she has until the 18th of Oct now due to the 30 day wait period.

Real estate is a very unorganized business. I've never experienced anything so out of control.

There are no problems with #2 so I just wait to close.

If something happens, I'll let you all know!

Thanks again,

Donna

P NW, I agree with you! My first buyer is the safest bet, even with the extension.

What happened to the good ol days when people pulled out their check books and said,"I want it!"

If I were a billionaire I would completely revamp the real estate business.

As someone "green" I think this business has more holes than swiss cheese!

Way too many fingers in the pie, and oh so secretive!

Both buyers put down a good amount of escrow money, that's not the problem.

Both buyers have dated deadlines.

The problem is CHASE BANK, and in my mind they are simply evil!

Thanks for the advice, I will find out today if the appraisal is good for #2's sale, and if Chase will work with #1. Yeah, right.

Seriously, thank you all so much. You guys are hardcore realist's, and that is good as this is what it's all about.

Does anyone want to be a lender for my #1 buyer for about 6 weeks?.....Ok, just thought I'd ask.

I'll let you all know what happens.

Donna

I need some advice from you guy. A problem has come up and this feels like the place to turn.

I have two offers on my house after nine months on the market!

The first one is, (was,) due to close Sept 15th. These buyers waved all inspections except for the appraisal. We are ready to go.

The second offer would be due to close Sept 24. She is selling her house, all inspections are done. She is approved for 130K and will have the rest of the money when her house closes. She calls my house her dream home! She really wants it! Here buyers are also approved for their funds.

My first buyer found out the CHASE will not give the loan till Oct 30th. The buyer has a new job, with the same company in my town. CHASE wants him full time at the new location for 30 days before they will process his loan. even though it is the same company the buyer has worked at for five years!

Aside: This is not the first time CHASE has caused me pain!

I have already rented another place, and I cannot afford to wait till the end of Oct! This rental was a great deal and I will not give it up!

My first buyer is a safer deal. All the money is there. He also own's another house, but doesn't want to use it for funds. I say why not? but I don't understand these things.

The second offer is waiting to close the sale of her house. It looks good, but anything can happen.

Both parties have put down escrow money.

My second offer is for 1000K more, Not much.

Any thoughts on how to proceed would be appreciated.

I am soo stressed and afraid to let the first buyer go. I just can't lose them both!

Help!

Yeah, Jon, I thought that was quick for a short sale. The lender told me since this will be a cash sale, I could probably have the house within 30 to 45 days.

I cannot afford to pay off what is owed on the house, I have to go this route and hope that I get it for a comparable price. Even though it is my dream cottage, I can't afford to make my dream come any quicker.

I asked the REO agent if he could keep my name and notify me when the house went into foreclosure, and he said they couldn't do that. You say they can. Interesting, but this guy stayed on the phone with me for a half hour, so fun and nice, I trust him......

P NW... you are right on. this is what I am going to do. I know of a total dump that I could rent month to month right now, but it's just really awful! I can't do it. I will look for a cheap place to rent, and continue to look at other houses, but in the last 6 months, no houses have held the charm this one does, but ya never know.

The house I want is small. 942 sq ft. It's not for everyone.

Now, I just have to find out if the family attorney will work with me. I don't want to hear "NO" at this point.

When things were in probate he told me he couldn't work with me, but I hope he gets that he can now.

He already told me no once. Just one last thing I have to push through, and I'm not the aggressive type. I'm learning to be more assertive. Makes my tummy turn!

Thanks, you guys!

Thank you all!

I got the loan number from the family's attorney and called the mortgage company.

Jon, your 1# response nailed it. I spoke to a great guy at the mortgage co, and the family still owns it. It's sort of in limbo, but no title is transferred yet.

The only way to get the house soon is to do a short sale with the family's attorney serving as Realtor. Otherwise it will be another 6 to 8 months before it is on the market.

I will call the attorney on Monday and see if he will help me. He stands to make a good commission, which of course is good motivation!

Things are moving alone. Finally!

Thank you all! The information you gave me will be studied well!

I'll let you know how it all turns out. This could have a very happy ending!

Thanks guys! The phone number for "Safe Guard" is ALWAYS busy. I've tried so many times.

At this point the family no longer owns the house. Probate is complete. It is now owned by the lender. NJ maybe.

I am now on hold (phone) with the NJ mortgage company. They say it is a 167 minute wait, I've waited 20! I think this is government, fanny mae, etc.

I'm going to see if this gets me anywhere.

I tried to hire two different lawyers. Both experiences were so bad, ya really don't want the details.

There is a reason for their rep's.

If this is Fannie Mae or something do you know if they will sell to me before foreclosure? Will they rent with rent applied to purchase?

When I told the NJ operator that the neighbors were upset that the property was abandoned is when I started to get some action.

What do you all think of squatting? Not kidding.

Someone is paying the taxes on this property, and it is not the previous owners family.

Thanks again,

Donna

Here I am at BiggerPockets again looking for answers. You guys are great and maybe you can help.

I finally sold my house. I have had my eye on a empty home for over six months. It has be empty since April 2009.

The owner of the house passed away, and the children didn't want the house as it is not worth what was owed on it.

National Bank of AZ sold the house in 2007 to a mortgage company in NJ. I called them, and all they did was ship me to a web-site for pre forclosure and foreclosure homes. It wasn't there.

They didn't have the house under the National bank loan number and that is the loan number I have.

Now I'm not even sure NJ has it. I called the family attorney of the deceased owner, hoping he will call me back with current loan information, but I have not heard back yet.

I also was told by this lawyer that it should be no problem to buy the house right away, even if I have to rent it from them while paperwork is completed.

I have to be out of my house by Sept 16, and I need this information now! I have hit a brick wall!

This is my question. The mortgage company in NJ deals with Mortgage-backed securities! this company seems so big! I don't understand what that means, and why the previous owner would choose them.

They offer things like Private label Solutions and I think all properties are pooled. HELP! What is all this? I think they have the house I want, and I need to buy it. They just don't seem to want to help me at all.

Right now I am homeless!

this would also be a cash sale. Nothing difficult.

Do any of you know how I should proceed? This little house is my dream home. I want it so badly, and there was recently a sign on the door from a company called safe guard saying the property has been abandoned and the lender would be notified they have to clean up the yard and the locks would be changed. Nothing ever happened with this either.

All information any of you have will be very much appreciated! I am so stressed and just need to know what to do, and what kind of mortgage company I am dealing with!

Thank you all so much,

Donna

Thank you all so much! I will keep you posted on how this turns out. And if I need help I know I can turn to you guys. This is a very helpful, caring forum!

I have an insulting offer on my current home right now, but we are going to work her! I know, it doesn't hurt to try, so I'm not really as insulted as some might be.

Thank you all again!

Hi all! Thank you all so much,

Vikram, I check the listings daily for the trustee sale, and it is not scheduled yet. Right now this is a good thing as my possible buyer for my house is still thinking. Timing has a lot to do with all of this. I have to have the cash to buy. Since it has been sitting empty for over a year, I'm hoping things stay this way.

The house is located in Yavapai County.

Thanks for all your info. When the time comes I may PM for help. I really love this house and if I get it I would hope to die there. (Just like the last guy.)

Steve: Thank you so much. I kinda figured it would be a up in the air for price. But you took the time to answer and knowing this is important.

Bill: I like this idea! Sounds short and sweet. Thank you! It's on my look into list.

So, one last question. I think it is a yes or no.

When the time comes, and I try all of the above, if I use a lawyer, do I need a Realtor for this? I haven't signed with one, and won't go that route if I don't have to. Thanks again! Donna