All Forum Posts by: Teddie Blue

Thanks Vanessa. Big thanks Molly (who is beautiful like the wife). That was a lot of great information. I'm going to try to find. Some of the guidelines of things spoken about!

To Susan

Ma'am,

Thank you! I definitely understand that. I just want to learn the in and outs of many things with real estate. The In and Out of a professional's shoes like yourself. I'm just mentally preparing myself for a future venture. Not all agents are savy, like I'm sure you are. Although I have met quite a few good ones! When the time comes, if I know quite bit more about the processes parties undergo, I can run a checks balance method of myself, agent, and etc... To ensure I'm making a smart decision. I'm just that guy that goes the extra mile in his thinking check out the link on the post that sparked the questions and thus the whole scenario. Thanks

http://www.biggerpockets.com/forums/103/topics/25795-buying-fsbo-short-sale-without-agents

Thank you Michael. Your very informative. Your a gentleman and a scholar. I was asking these question on the basis o finding a individual in preforeclosure that is. Also quite upside down on their house value. I'm sure preforeclosure process is tedious, but I was pondering a bigger wrench thrown in the mix. To other gentleman going the extra Mile and becoming a agent was beneficial I lil do with ease. I'm sure you read a book or to during the process and still do. Ill post a link to other blog that spoke of this situation somewhat that had me wondering. . After this reply I think just read all the other good ones without reply until I can get to my computer. Phone autocorrect and texting be frustrating. Lol

I think im better off reading a book. I'm aware of my limitations. Learning is the first step to implementation. I was hoping I wouldn't received regurgated information. I'm aware the banks agent can receive double commission. These answers have strayed into the simple solutions reused on every smoe. That's why I asked specific questions. Find someone shadow.... I'm brainstorming not looking for a mentor. I know the process can be done its just advised. As for laws. I have no problem learning the laws. A informative thing to say instead.of.you don't know anything is give a.reference.

I'm mainly addressing Dave P, but I welcome anyone to comment (I'm sure there are many good people) except for opinionated ideals on getting a agent. I do understand what is payed for and who pays its. I also understand that someone else would be working for you thats free on my end. Realtor commision and closing cost is a percentage of the BPO which shortens gaps of sensible offer that would be accepted. Oh and Yes I understand agents negotiate. There are realtors with experience and a great track record! Thank you for the one's that do your job well. The task at hand is below and is why I came to a forum of intelligent individuals.

Short Sale without agents

To my understanding I have to get the mortgage borrower to sign a release enclosing their personal/ financial information

I should make a offer after comprising data from similar homes in the immediate area that have sold and are for sale. I do understand process of finding market value and I also know agents can share info like this with you without enlisting their abilities for hire.

The bank will do a BPO

Will my offer have to be made before I know the results of the banks BPO?
Can the borrower find out and inform me or is that privileged information?

I have gather their is no real specific way of knowing how low a offer to go below a BPO
My research has said between 75- 85 percent of that BPO value. I do know negotiating is a 2 way street and whenever i sell a posession learn the value and the acceptable loss Im willing to take. Craigslist can be hell for selling a car. I wont be the guy that offered me $3000, ryobi chop saw, 47 in flat screen, and a sig 9mm handgun. For a car worth right under $10000 privately owned. LOL!!!

Im aware of how to find most pertinent information of past buyers via county recorders and accessors. I pick of that skill to find preforeclosures without paying a listing service. But will the bank do a Lien search on the title? Their lien being first in line would make seem not beneficial. Will the bank cover the liens (taxes, hoa, mechanics, & 2nd mortgage)? I digress they would, or like Hoa fees might be dismissed. If I'm to responsible for some of these I would like to just know before hand. I know at a trustee sale buyers can get their feeling and pockets hurt this way.

As for the paperwork for the sale, does it consist of the same of paperwork provided by a title company for a FSBO or is it different. Of course somethings will be specialized, but how?

I really appreciate everyone taking your time to help me out you seem very knowledgeable and forward.

I have been trying to learn all I can about real estate for future investment endeavors. Im not the average joe! What ever you tell me I'll retain and go on by myself to learn much more from your basis before investing.