tag:blogger.com,1999:blog-4797432599663441966.post3484914088052985411..comments2008-03-31T19:33:36.705-04:00FRANK LL0SA Va Broker- BLOG.FranklyRealty.comhttp://www.blogger.com/profile/12647085935682292923noreply@blogger.comBlogger18125tag:blogger.com,1999:blog-4797432599663441966.post-65445353703520313192008-03-31T18:38:00.000-04:002008-03-31T18:38:00.000-04:00

This is probably not timely advice for Elizabeth, but as an REO agent who experiences this often, this may provide an answer to the the bank not being shown as title holder in the public record:A lot of foreclosure attorney's will execute the foreclosure but hold the actual deed until they are paid for their services. If for whatever reason they are not paid, the deed from the foreclosure is not

Jesse Barron, REO Listing Agenthttp://www.barronteam.comnoreply@blogger.comtag:blogger.com,1999:blog-4797432599663441966.post-37919550901692415712008-02-29T22:25:00.000-05:002008-02-29T22:25:00.000-05:00

Frank,As a Realtor of 16 years - your post is right on!Keep up the good work.

Tony Englishwww.hqhomesblog.comnoreply@blogger.comtag:blogger.com,1999:blog-4797432599663441966.post-74163583618938968472008-02-26T21:15:00.000-05:002008-02-26T21:15:00.000-05:00

FrankHere is another example of last minute screwing(s) thrown into the deal, my buyer signs a regular state accepted P&S (in New Hampshire) when the addendum arrives after a buyer flies in from Seattle for an inspection we find (not previously disclosed) deal is as is, and buyer is responsible for both sides of the state transfer tax on 200K is .75/1000 or 1,500 buyer side (expected) plus

steve loyndhttp://activerain.com/mountainwaternoreply@blogger.comtag:blogger.com,1999:blog-4797432599663441966.post-14117992466466035722008-02-25T14:19:00.001-05:002008-02-25T14:19:00.001-05:00

Hey Elizabeth,What a mess.Have you looked around to see if there are any other homes. Sure you have already paid $1,000 but what if you could get another place for a few thousand less? I know it hurts, but you would be better off.It is against the MLS rules to list a property that is not owned by the title holder (as far as I know). Who is the settlement company. If you tell me that you agreed to

FRANK LL0SA Va Broker- BLOG.FranklyRealty.comhttp://www.blogger.com/profile/12647085935682292923noreply@blogger.comtag:blogger.com,1999:blog-4797432599663441966.post-34755623393017131042008-02-25T14:19:00.000-05:002008-02-25T14:19:00.000-05:00

If anyone has insight into our issues.. that would greatHere is a little background: The house is listed as "Bank Owned" and has been on the market for over a year, but we believe that the bank did not get possession of it until about 3 months ago. We placed our first offer beginning of December and did not receive a counter offer for 3 plus weeks. We then countered with a verbal offer(per

Elizabethnoreply@blogger.comtag:blogger.com,1999:blog-4797432599663441966.post-8908456662835731192008-02-20T15:43:00.000-05:002008-02-20T15:43:00.000-05:00

You commented that 1 in 20 short sales are actually completed (which I agree with). I'd be curious to see what percentage of those that had offers never closed due to agent inexperience? Note to anyone attempting a short sale: If you don't submit every single piece of paperwork required you will not have an easy time getting the bank to accept the offer! The bank's processors deal with hundreds

Ashleyhttp://www.blogger.com/profile/17314129964910796356noreply@blogger.comtag:blogger.com,1999:blog-4797432599663441966.post-21806270023150374582008-02-13T10:17:00.000-05:002008-02-13T10:17:00.000-05:00

(Don't rely on the following ...)A real estate attorney should beinvolved by the closing, particularlywith foreclosed or auctioned homes."Bank Addendums" are minefields.A "REO" must be owned by thedefaulted lender, or it's not REO, anda "Bank Addendum" does not apply.(despite what you hear from "experts")With the "As-Is" provision, there isstill some burden on the REO seller.In Ohio the burden is

eddhttp://www.blogger.com/profile/08825894326281481673noreply@blogger.comtag:blogger.com,1999:blog-4797432599663441966.post-73341009677332646542008-02-11T22:51:00.002-05:002008-02-11T22:51:00.002-05:00

Frank - expert - not. Just a guy who tries hard - but thanks.I have not seen anything that addresses the Grantor Tax at all.

Kevin McGrath - Fredericksburg VA Real Estatehttp://activerain.com/tbird1995noreply@blogger.comtag:blogger.com,1999:blog-4797432599663441966.post-86550385626169487432008-02-11T22:51:00.001-05:002008-02-11T22:51:00.001-05:00

Hey Kevin,I'm glad that we have an expert on board.As for the termites, I wasn't talking about who pays for the $35 inspection, I was talking about how the main contract by default has the seller pay for any damages found (oftentimes $1,000 to $2,000), but the addendum transfers that risk to the buyer. Which is fine, but the listing agent shouldn't say "the bank agrees to your contract, but sign

FRANK LL0SA Va Broker- BLOG.FranklyRealty.comhttp://www.blogger.com/profile/12647085935682292923noreply@blogger.comtag:blogger.com,1999:blog-4797432599663441966.post-21291744279588022522008-02-11T22:51:00.000-05:002008-02-11T22:51:00.000-05:00

I gotta tell you - I hear what everyone is saying - but I do a lot of REO work. I have 35+ REO listings, and have at least 8 in Escrow right now. I use these numbers not to brag, but to show that I am at least a little experienced in this area.I have never had an Asset Manager back out of a deal.I have never seen a Bank Addendum with a hidden fee of $3,000. I do see them where the Bank retains

Kevin McGrath - Fredericksburg VA Real Estatehttp://activerain.com/tbird1995noreply@blogger.comtag:blogger.com,1999:blog-4797432599663441966.post-5752034014659122732008-02-11T22:50:00.003-05:002008-02-11T22:50:00.003-05:00

Frank, Sometimes I and the listing agent,if it's not my listing,have had to explain state law to the asset manager as they may be on the other side of the country and things are different in their state but as with everything the approach with them is critical.I have received addendums that changed or left out things from the contract and always have gotten the AM to correct them. The addendums

CAMERON WILSON MURRIETA/TEMECULA/MENIFEE CA. -REAL ESTATEhttp://activerain.com/cameronsbestbuyhomesnoreply@blogger.comtag:blogger.com,1999:blog-4797432599663441966.post-21976340791077033372008-02-11T22:50:00.002-05:002008-02-11T22:50:00.002-05:00

Thanks Jason.Another trick, that is more for Short Sales, is the banks will tell the seller "Yes we will consider a Short Sale, IF you keep making your payments." And then 2 months go by and the bank refuses to return phone calls. Why? Because they know it will go into foreclosure, and they get 3 or 4 months more of payment! $10,000 pure profit by stringing them along. Sometimes with mortgage

FRANK LL0SA Va Broker- BLOG.FranklyRealty.comhttp://www.blogger.com/profile/12647085935682292923noreply@blogger.comtag:blogger.com,1999:blog-4797432599663441966.post-2385998709206183202008-02-11T22:50:00.001-05:002008-02-11T22:50:00.001-05:00

My experience has shown me several things:The banks do not want to do things that are not required by law. If the law requires something (HOA docs) -- then the bank will (typically) pay for it. So far as the termite-- they sometimes pay for an inspection-- But it is IMPORTANT to negotiate this issue upfront. If the REO agent is a decent one-- they will work with you and tell you what you need

Jason Bhattacharyahttp://activerain.com/freemason101noreply@blogger.comtag:blogger.com,1999:blog-4797432599663441966.post-2217384624878042602008-02-11T22:50:00.000-05:002008-02-11T22:50:00.000-05:00

A lot of those hidden or not the norm items can be changed if the buyers counsel asks with grace and does not just take a pen to the contract. If that happens usually the deal is dead.

E Jeffrey Dolfingerhttp://activerain.com/jeffdolfingernoreply@blogger.comtag:blogger.com,1999:blog-4797432599663441966.post-40857081625512701052008-02-11T22:49:00.001-05:002008-02-11T22:49:00.001-05:00

Hey Stella,True, they might not allow changes to the contract, but we were able to get that $3,000 hidden tax removed

FRANK LL0SA Va Broker- BLOG.FranklyRealty.comhttp://www.blogger.com/profile/12647085935682292923noreply@blogger.comtag:blogger.com,1999:blog-4797432599663441966.post-21603921404653626802008-02-11T22:49:00.000-05:002008-02-11T22:49:00.000-05:00

Frank - I know where you are coming from. The ones I have done so far have been protecting the banks not my buyers. I do have the Attorney I am working for review the bank's addendum and it is very one sided but if your buyer doesn't sign it and agree with it the bank will not accept it. I also was in a bidding war on one and it boiled down to whether or not we used their title company and

Stella Barbour - Real Estate Agent - Serving Northern Virginiahttp://activerain.com/stethebarnoreply@blogger.comtag:blogger.com,1999:blog-4797432599663441966.post-25447084032153327262008-02-11T22:48:00.001-05:002008-02-11T22:48:00.001-05:00

You are 100% right. I am doing a couple of REOs now and each "addendum" has its pros and cons. You must read them over carefully and know you state laws. One agent tried to tell me that the bank would not pay the HOA fee to obtain the HOA docs. This agent asked me if I was new to the business and I replied no. He told me the bank never pays. I then pointed out the state law for HOA and the

Joel & Teresa Bennetthttp://activerain.com/bgretnoreply@blogger.comtag:blogger.com,1999:blog-4797432599663441966.post-73442150696427348732008-02-11T22:48:00.000-05:002008-02-11T22:48:00.000-05:00

Frank: Beware also of the asset manager changing the deal. Literally, changing things like closing dates etc. I just went through one with Countrywide in November when this was done. If an agent did this, it would be fraud and jail time.

Jim Little, Your Sun City Arizona Realtorhttp://activerain.com/jlittlenoreply@blogger.com