All Forum Posts by: Lisa Goodwin

The seller's agent has requested the sale be postponed and my agent thinks it will be postponed with a less than 5% chance it will be sold tomorrow. It is scheduled for sale tomorrow, but apparently 70% of homes listed for trustee sale get postponed the day of sale, so investors show up to bid on them just to find out that they are waiting shortsale approval and the sale gets postponed.

I have decided not to bid on it in acution and just hope the sale get's postponed and if it doesn't and gets sold tomorrow, I'll just have to continue searching.

OK,

The original loan amount in May 2010 was $114K. The seller is paid 2010 and 2011 mortgage payments, but fell behid in 2012.

By my calculations, the seller owes the bank about $110K and the short sale contract is for $115K.

I guess they decided to do a shortsale because of agent fees.
or maybe my calculations are off!

Mark H.

This is not the same property. We couldn't negotiate a deal on that property, so I backed out before the inspection period was over.

This is one is closer in and much nicer.

The house was foreclosed in 2010 and then financed a few months later. The seller has been in the house for a little over two years now.

The shortsale contract $$ is slightly more that what the seller owes on the property which I think makes a great shortsale, the lender's loss is zero if they postpone the Turstee sale.

They may be able to get more than what's owed on the property at the auction.

One more question. Which agent has more power and influence in making sure the trustee sale gets postponed? the buyer or the seller's agent?

Today I talked to the agent which made me mad.

inspection was done earlier this summer, needs new carpet, paint and termite treatment. The house was built in 2003, treated for termites in 2010, the inspector noted new termite activity and said he didn't see any damage, but would recommend termite treatment and contract for annual checks and necessary treatment.

Both the agent and I know I got a great deal on this house, similar floor plan and square footage house in the community was just sold for 25% more of what i got this house under contract for. Surprise address, Peoria school district, gated community, close to 101, doesn't need much work.

Here is what made me mad. The agent wanted to know if the trustee sale is not postponed, would i bid on it in auction and if not he is interested in this house and wants to bid on it himself. But if i bid on it he won't compete against me.

As my agent, I expect him to do his best to make sure i get it under my current contract not to be interested in bidding on a property i've already got under contract. This is a total conflict of interest!!!! Why would he work hard to make sure it doesn't get auctioned off if he himself wants to bid on it????

And one more thing, no liens, 2011 taxes all paid.

I'm beyond mad!!!!!

Earlier this summer I made an offer on a property in Surprise Az and have been waiting on lender's approval. My agent emailed me this weekend telling me the house is scheduled for trustee sale on Friday and he has a friend that works at trustee sales who could place a bid for me and his fee is $1500. The agent also says that I will still owe him his 3% broker fee. He thinks I could potentially get the house for less than i offered on the short sale.

I'm new at this and though I should post here and see what is the norm with out of states bidders and whether the agent is still entitled to his 3%.

I talked to my agent yesterday and requested a $3K in price reduction, not that it makes a big difference in the deal.

After the inspection, we made a list of minor things that need to be rapaired and serviced and asked for the price reduction!

Thanks everyone,

I'm going for it. and here is why:

Similar homes were sold for $70K a year ago, a model match conventional sale is listed for $130K .... Not considering the rental income and taking into consideration how fast the market is recovering, I have no doubt this house is going to appreciate rapidly.

Thanks everyone. I'm learning so much on here.

But how do you guys find properties with that kind of return?
Most properties that are listed below the markt value are hard to get.
My agent told me that sometimes with those properties, the agents have their investor lined up before it's even listed. So the property is listed in the morning and by early afternoon they change the status to multiple offers accepted and boom by that evening it's gone!

It make is hard for people like me to compete and get a property at way below the market value. You almost have to be a full time real estate investor to do that. I have another business that takes about 40 hours per week to run and manage.

I wish I could find a better deal, but I doubt I can!