All Forum Posts by: Dan Ross

my favorite Daschle quote:

Sunday, February 01, 2009

re: Daschle on Taxes [John J. Pitney]

“Make no mistake, tax cheaters cheat us all, and the IRS should enforce our laws to the letter. †Sen. Tom Daschle, Congressional Record, May 7, 1998, p. S4507.

http://corner.nationalreview.com/post/?q=MDdjZjFkYmIwZjRhNmM2MjIzYzAzYTNmNWRmMjg0MmI=

My wife and I are in the process of buying a reo from countrywide. We originally wrote in our offer to close the end of january, countrywide pushed it back to February 19th with their counter.

We have completed everything for financing etc, now we are just waiting on countrywide to send the deed. They have had about 3 weeks since their first notice from the title office and a couple days ago they sent a second notice.

My questions are:

1. How long should it take for them to get the deed together and sent over to the title clerk.

2. If we sign the mortgage docs before the deed is in, does the mortgage begin immediately or does it have to wait until the deed is recorded? (I don't want the mortage to begin until we are ready to move in).

thanks

dan

the house is 3 years old, completely finished and in perfect shape. FHA will not have a problem with the house.

I wish the bank would see my offer, but the realtor told my agent the other offer, below full price, is stronger because it is conventional.

with the other shorts I have tried to buy, everything gets sent to the bank and they decide which they want to choose.

my wife and I are trying to buy a short sale. We made the highest offer (full price), we were the 1st offer in and have an escalation adendum to bring it up another 12k. The realtor convinced the selling family to choose another offer, for a lesser amount! We are going fha and they are conventional so they went with them (I bet it is a friend to friend deal). I NEED HELP...Does anybody have a number to the loss mitigation department at AMERICAN HOME MORTGAGE SERVICING INC? I cant get through to them to tell them I will pay more than the pending offer because the realtor wont give me any info.

If you have a mortgage with them or deal with them please get me a phone number, email, or fax. Please

thank you

We are getting closer to possibly closing our deal on our short sale purchase. The bank wants to net 161,000 (the value of the 1st and $1,000 to the second).

Can anyone explain what costs are involved to create the gross amount of the deal? We were told it is normally around 9% to close the deal but the realtors are only taking 4% so it is closer to 7%.

I'm guessing:

-The principal + realtor fees (4%total) + excise tax (washington state) + ?mortgage closing costs???

I guess I'm not certain if the mortgage closing costs are included or if its something else??

Thanks

The bank seems motivated to sell the house, I guess it just depends on how motivated they really are.

My only complaint about the bank is it seems like it takes a long time for them to do anything...I guess that is just par for the course.

Does anybody think that my offering to secure a loan through them might interest them?

A few things have happened on our deal since last time I posted. The bank didn't like our offer and countered/dropped the price to 185,000. We made a counter offer to their counter offer. We came up a bit, 167,000, but more importantly put together a list of professional estimates for the roof, paint-in & out, carpet, appliances, etc. We also have several good comps that show we are offering close to market value. When you add in all the things that need to be done to get it back to normal selling conditions, we may be offering a bit too much. They have dropped their selling price by 15,000 (185,000) and still aren't getting any interested prospects.

The bank ordered a CMA to see where they are at. Hopefully that will show we aren't trying to screw them, just get a fair deal. We are supposedly going to get an answer back today from the bank today (they told us the same thing last week about last friday!).

I think if they reject our offer, we will probably let them drop the price, sit on it for another week or two then re-submit the same offer we submitted a few weeks ago. I just don't see how they have a chance of getting over 170,000 for the house here, considering the current market and the overall condition of the house and property. Worst case, we wait too long, it forcloses, screws the homeowner who has serious health problems, loses the bank money, and keeps us out of a house that would work well for our family. We then continue looking and find a better deal later this summer or fall when things are worse than they are now. I guess that is a risk we are willing to take!

Any suggestions? Do you think it would help if we offered to obtain a loan through them instead of our broker?

congratulations, hopefully things procede positively.

Thanks for responding. I was told it is the family who is dropping the price not Ocwen. If it is Ocwen, great, they havent accepted anything I have offered but it is the homeowners. Probably not as big a deal as I think!

I made an offer to Ocwen to buy a piece of property. It was listed at 200,000 when we made the offer of 160,000. The homeowners signed off on the offer and then the offer was sent to Ocwen. Ocwen said they will have an answer in the next week (ya right!).

After the offer was accepted by the homeowners then forwarded to Ocwen, the sellers and their agent decided to drop their listing price. Can they drop the price even though they accepted our offer, pending the banks approval?
Thanks