All Forum Posts by: Richard Chae

If you believe that incentivizes the listing agent to make their seller take your offer, then you are banking on the fact that you believe the listing agent will act in an unethical manner.

If you believe that they will act in an unethical manner, then why would you believe someone willing to screw their own client also wouldnt try to screw you over too?

@Richard Chae

I've contacted listing agents (even though I have my own agent) just to get as much info as possible about the deal and the seller.

Even if I didn't have an agent, I wouldn't mind letting the listing agent "represent" me as I really only need them to push the paperwork and present my offer. 

There is extra incentive with dual representation, but it's not for everyone. I'd recommend that strategy for more experienced investors.

I never let a listing agent represent me. They have a legal duty to the seller to protect their interests, not mine. Offer what would make sense to you and if it doesn't match what the seller will accept, that's how real estate works. They will contact you if they can't get it sold otherwise. There is no magic bullet. There just has to be a "meeting of the minds". 

 Pros. Might be able to get below market.

Cons: Do not expect a quick closing, they can drag on forever.

Foreclosures are lender dependent. Lenders have options as to whether to proceed with a foreclosure, delay a foreclosure or cancel a foreclosure. 

It varies by state, it varies by whether it's a deed of trust or a mortgage or a lien or federal, or whether the proper steps were followed. It varies by type of loan, FHA, VA, Conventional, HELOC, 2nd, Jumbo, Hard Money Lender, private lender and on it goes.
I've gotten them all delayed and purchased with various techniques.

It's like asking if dogs are white. Yes, and black, and grey and golden, and so on. It really requires a lot more knowledge than you’ll ever get in a few short posts. But, it very, very profitable.

@Richard Chae

Typically no. The borrower can file bankruptcy but then the property is tied up in bankruptcy and would need court approval for the sale - it will take several months to get the initial plan approved then several months to get it approved for sale

If it comes down to that you are better off buying it at auction.

The last option is to take a huge risk and reinstate the loan but as mentioned without a title you have no clue what else could be owed- to do that would be foolish

You need a purchase & sale agreement, a title report (can take several days to get), a reinstatement amount from the bank (can take a couple of weeks to get), lots of liquidity, a POA and it's possible to get it done in 48 hours if you skip the title report which would be very foolish. Not the kind of thing I'd take a risk on, unless I had a coach, but to each his own.