subject to question - Posted by purcyc

Posted by purcyc(ny) on February 11, 2002 at 09:42:56:

thanks 4 the advice

subject to question - Posted by purcyc

Posted by purcyc on February 10, 2002 at 13:24:43:

question? I have and owner who is behind on her morgtage payments. She is pretty motivated and just wants out. I’ve been working with a real estate agent who has been talking with the bank to get a short sale done. She purshase the house for 219,000 I want to send in a offer for 150,000. the house could be sold for an easy 200,000 Now here is my question. I dont have the house under any contract, the agent is trying to steer me into conventional financing, Now my buyer has sign papers authorizing him to talk too the bank(not me) and all of this is going thru his office. should I have her sign the deed over and record it now and not tell the agent. Or continue with the agent and send the bank and offer, I feel like I’m losing control of this deal and the agent has gain the advantage. Do banks rewrite exsisting mortages on short sales, or am I stuck going to have to get a new mortage.any advice thanks in advance

control is lost - Posted by Lloyd Cook, Los Angeles

Posted by Lloyd Cook, Los Angeles on February 10, 2002 at 14:15:45:

You are finding out why a R. E. agent is almost always going to be in the way. The agent is working for the seller, not you. You have lost control of the deal. If you have the owner Deed the property to you, someone will need to pay the 6% commission to the realtor, don?t do this!! If you do eventually get an offer to buy the property, you will need to get a new loan or pay in full cash. I don?t see much that you can do with this deal but work with the realtor and see what you can do. Subject to deals can?t have a RE agent in the middle.

Re: control is lost - Posted by purcyc

Posted by purcyc on February 10, 2002 at 14:45:51:

thanks, had a feeling that was the case. but what if I continue and the bank accepts my offer can I still have her deed the property over and just pay the commission? And what about the bank rewriting the loan?

to continue… - Posted by Lloyd Cook, Los Angeles

Posted by Lloyd Cook, Los Angeles on February 11, 2002 at 05:38:39:

The bank can?t accept your offer unless it owns the property after foreclosure. At that time, a deed from the original owner is no good. You can ask the bank to do the new loan ( and you should, you never know until you ask) but most likely they will not want to have anything to do with it. Good luck and keep looking for other deals, don?t spend all your time in this one.