All Forum Posts by: Jeff Smith

What would I do?

If I was you and had the 200k cash to purchase a house outright and was in your situation, the FIRST thing I would do is pay the bank of my prior mortgage the difference between the short sale ammount and the balance on your loan when you sold it. I would do this for two reasons

1. So I could sleep at night knowing I am doing the right thing and have a clear conscience in keeping my word.
2. So I could actually then be considered an "Investor" by trade later in life rather then your current designation in my book, and probably that of many others, of "Criminal" or "Thief".

You basically robbed a bank and are asking publically how to use the money you stole to make yourself more profit.

I come from a place where things such as “Duty, Honor, Country" mean something to me, hard to imagine what you value after reading your first post.

After doing my research with the search function (which I should have done before posting) it appears I have two options. Pay a title company to do the check for me or head down to the courthouse and try to pull the title information and public records myself. I plan on going to the courthouse this afternoon and attempting to inquire about the records for this property. Can't keep standing by watching others do it wishing I had!

Hello All,

I recently put a bid in on a short sale just to find out that less then 2 weeks later the note was going up for auction on the courthouse steps. Consequently they did not accept the short sale offer and I am still highly interested in this property. After reading these forums I have heard horror stories of people buying second mortgages, properties with liens worth more then the property etc etc. I would like to do my best to not put myself in this situation, but how do people go about doing their due diligence/research and checking this things beforehand? This will be my first time partaking in something of this fashion and any advice/insight will be appreciated immensely.

Jeff

Thank you all for the sharing your wealth of knowledge and experience. Learning more and more each day, as this was only my second offer I will have to have a talk with my agent about our timeliness and that I want to jump immediately. Thankfully I am halfway through the class for my license so soon I will not be forced to depend on the reliability of others.

Thanks again!

Jeff

So i stumbled upon a short sale (that was supposedly bank approved) condo requiring minimal rehab (paint/sliding glass door/range) listed at 29900 which could easily rent for 650-675. The numbers seemed to work out great, I could do the work myself and still rent for over the 20% rule. Found this deal Friday evening had my agent contact the sellers agent saying we would be publishing an offer first thing Monday morning since nothing could happen on the week anyways. Sunday evening my realtor calls me saying they have upped the asking price to 35. Found that annoying but went through with my plan and offered 27000, a quick close, and playing my own closing costs Monday morning expecting to get a counter and settle somewhere around 31. Received a phone call last night from my realtor saying she received an email saying there was a verbal counter offer of 35000 (full list price) and they were looking for an answer tomorrow.

So is this a lesson to not give agents the courtesy of knowing you are submitting an offer after the weekend?

Also what are others opinions based on their experiences of the "verbal counter"? Is it common for a verbal counter of this nature with no paperwork or official correspondence of this nature? Maybe the bank/seller are just testing the waters trying to see if I will budge at all?

Thanks

Jeff

Thank you J Scott and Bill for your time and responses, it is greatly appreciated!

I have a question that maybe someone would have insight on. I support my disabled mother who has many health problems. I have been looking to buy her a place to stay close to me so she has the freedom of her own place but yet I am close enough to help. I found an incredible HUD first look property. Does anyone know if i could give her the funds to purchase it/live in it then eventually have her transfer the title to my name?

Thank you

Jeff