All Forum Posts by: Susan Smith

Two suggestions

1. I would tell the seller that while I really really Iike the property, the mortgage company doesn't allow me to give you money and  logically it doesn't make sense for me to break the law to obtain a piece of property.  That is a posturing technique. It communicates that you are not afraid to walk away from the deal.   Using the term "logically" taps into the borrowers fear that you may come to your senses and walk away from the deal. 

2. Its not uncommon for short sale investors to buy something from the borrower (after the closing).  We may purchase appliances such as the stove, lawn mower, washer/dryer ...anything not permanently  attached to the house.  By purchasing the borrowers non-attached items we are able to give the borrower a small amount of money AFTER the closing while acting with integrity and within in the law.   Be sure that you do obtain and take possession of the items that you are paying for.   

(And what Brett Goldsmith said)

Let us know what you find out, please.

I've heard of post closing advances and corp advances but post "com" has me and my peers here at the bank stumped.  Here at the bank we don't always know what our attorney or paralegal is attempting to convey when they throw an abbreviation like "com" on the table.  So, we just refer back to the attorney and ask: "what's post com advance mean?"  

The paralegals are usually friendly and willing to clarify.

I  don't recall Jazz stating this is a short sale nor that he plans to represent himself as something other than who he is @john thedford.   This is a wholesale deal on a foreclosure, not a short sale.  The question Jazz asked is a foreclosure-related question about whether one can Assign a pre-foreclosure.  As a subject matter expert for a major lending institution and over 20 years in the industry properly executed "assignments" are not a problem.  An assignment is not a "sale" but rather a transfer of equitable interest.     

Yes, you could lock this property under contract and assign it over to a cash buyer who would essentially take possession and take over past due payments. However, time is of the essence. Many judicial states require the courts approval to stop the foreclosure action. That means the foreclosing attorney can't just stop a foreclosure auction a day before the foreclosure sale.  The attorney has to wait for the courts and is subject to the courts calendar.   You will want to make sure your end buyer can close well before any foreclosure sale date. 

I used to think that if the borrower filed bankruptcy then the mortgage holder simply took the property back as an REO. Today, I manage a pipeline of homes through the foreclosure process for a large mortgage company and our properties DO NOT automatically become REO's. Once "Relief From Stay" is granted through the courts, the mortgage company can send the property through the normal foreclosure process. People will have an opportunity to bid at the foreclosure sale on the courthouse steps. The property will become an REO if the foreclosing lienholder purchases the property back as an reo at the foreclosure sale.

There are some instances in which a property may not go through the foreclosure process. But for all intents and purposes related to your specific question, I would direct mail.   I hope that helps.   

It depends on what stage of the foreclosure process the property is in. Are you making an offer to the homeowner because the property is in pre-foreclosure? Are you referring to bidding at a foreclosure auction on the courthouse steps? Can you provide more details about the situation such as who you are making an offer to and when you are making the offer: before the foreclosure sale, during the foreclosure sale, after the foreclosure ( as in bidding on an REO).

1. If he is the executor can't he sell both the house to you and the land without going through the foreclosure process?

2. If you enter into a contract to buy the land for $15k but wait until after the foreclosure sale to close, couldn't you purchase the land from the son "subject to" your winning the bid at the auction?   In other words, if someone out bids you at the foreclosure sale then you would not be obligated to buy the land.   But if you do win the bid at the foreclosure auction, then the son would be obligated to sell the land at the predetermined price of $15k.

3. Is the 1st upside down or just past due?       Would it make sense enter into an agreement with the son that allows you to buy his land and to take legal equitable title to the fathers house, bring the loan current, then fix and flip the house and land....paying the son his $7 to $15k after you completed and closed on the flip. The son's $7k-$15k is coming from the end buyer at the final closing of course.  

Welcome Jason. Yes: In the pre-foreclosure stage you are dealing with the owner. 

Is the property located in a judicial state where the foreclosing attorney has to go through the court before the foreclosure sale can be stopped?