All Forum Posts by: Matt Whiteside

Before the last couple of weeks I was getting about an 8% response to my yellow letter. Then it just went dead. I think it might have something to do with all the foreclosure moratorium talk. Has anyone else experienced this? If so what are you putting in your letters now to deal with it?

Maryann,
I was working a short sale and it went to auction. The judgment amount was 170k it was bought at auction for 207k. Now I would assume after the bank got it's 170k the remaining 37k would go to the homeowner after any fees or costs are paid.
Just as if the numbers were flipped then the bank could go after the homeowner for the deficiency.

I'm just trying to figure out if there is a way to help the homeowner get the surplus of funds.

So what happens when a house is sold for more at auction than what the judgment is for? Does that surplus go to the homeowner?

Had a guy call me tonight and tell me his mothers house is set for sheriff sale. She died last year and left no will. He's living in it now, I asked him if it's in probate he said he doesn't know, he has never gotten anything.
How do I find out about this? The loan is in mothers name I'm sure she is still only one on the deed.

Sam- Yes it is frustrating. This guy has had three agents in the span of 3 days. I'm sure he had the same agrrement with the first agent about the sister-in-law, so they had no offers. I come in and put a purchase agreement on it then they balk. No one else has offered to buy as of yet.
I know it's a confusing time for homeowners in this situation, but the sister-in-law is making it harder for him. I just don't know why if she was going to do the ss herself she hadn't started yet.

Bill- I will start asking about the shpere of influence from now on. I've been asking if they are working with a realtor.

Thanks for all the advice.

Well to follow up. I did cancel everything with the homeowner. My Agent/broker told him she wasn't going to fight him about her listing agreement, not worth the hassle and good luck.
I'm sure the sister-in-law promised this guy part of her commission, that's what bothers me.
I'll keep you all posted to see if the house goes to the sheriff sale on 9/9. I hope the sister-in-law dosen't screw this guy up.
Oh well another lesson learned.

So I sign a guy up last Thursday. He calls me and says he wants to short sale his house. He had it listed with an agent but the listing expired so I have my agent go with me to sign a new listing agreement, and for me to get all the paperwork for the ss package. So I go over everything with him a few times so does the agent, he signs everything. It looks good to go. I step outside to take a call, when I come back I hear the tale end of this guy talking to my agent about his sister-in-law being a realtor in Reno, and can she get 25% of the commission. Well my agent says sure I guess so.
Well the next day he calls me and says he now doesn't want to work with me or my agent. I find out today he has it listed with another realtor. My agent calls the new listing agent and she says the sister-in-law told him not to sign with me that she will do all the negotiating.
Doesn't this violate an arms length transaction?

Thanks everyone for the feedback. I kind of figured she would have to fill everything out, so that's what I'll do just to be on the safe side.

I have a couple looking to short sale their home. The mortgage is in husbands name only as well as the second. Wife waived her right's to the house. Now she is on the Lis Pendens. Do I have to have her fill out her info when submitting a ss package?

Eric,
I looked them up, it seems interesting. My only concern is it seems that they would do everything. The house is already listed with an agent. I think that might be a sticking point. Otherwise I would be up for giving it a go. 25% is better than nothing.