InnoVest Resource Management's Foreclosure Forum

Home Discussion Board "Hands-On" Training Title Holding Trust Annual Reunion Speaking Schedule Store Foreclosure Fundamentals Code References 50 State Foreclosure Basics Foreclosure Glossary Foreclosure Statistics 70+ Yrs Interest Rates Fillable Forms Archived Articles Dingbat Retirement Plan Links Contact / Map About Us Home

[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Similar Story Posted by Skimmer on June 14, 2009 at 10:40 AM In Reply to: Success Story for Investor/Loss for FHLMC posted by Tricia_CA on June 13, 2009 at 9:58 AM Bought a trustee sale last month, the house was sale pending, but couldn't close due to short sale. When I put it on the market again, same buyers came back, and we are in contract with them, with a little bit higher offer, because we can close anytime they want without the need of approval from bank. The previous listing agent didn't get any payment in my case. Skimmer : Just had to post this, as I believe most of you will either relate to it from experience or get motivated. I'm an agent have been working on a short sale in the IE since February. The f/c had been postponed several times, the final time being the week of June 10th, here are the facts: : 1st-NTS $408,000 : 2nd-$20,000 (non-purchase money HELOC) : Fully qualified buyers waiting patiently for bank approval for an offer of $199k, some concessions. 2nd refuses 10% offer from 1st. We're at a stale mate, still trying to negotiate, make some headway (1st agrees to $3k)2nd still doesn't get it. 1st goes to sale for $132K. Investor bids just over and wins, he then contacts me. I hook them up with the buyers and they have a contract under the same terms, will open escrow as soon as the Trustees Deed is recorded. There's a lot more to the story and I won't bore you all with the details, but I am still shaking my head. So a win for the investors, a loss for the 2nd and FHLMC and the previous owners who were trying to get the collection agency off their back. CHEERS TO THOSE WHO TOOK A RISK! Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : Bought a trustee sale last month, the house was sale pending, but couldn't close due to short sale. When I put it on the market again, same buyers came back, and we are in contract with them, with a little bit higher offer, because we can close anytime they want without the need of approval from bank. The previous listing agent didn't get any payment in my case. : Skimmer : : Just had to post this, as I believe most of you will either relate to it from experience or get motivated. I'm an agent have been working on a short sale in the IE since February. The f/c had been postponed several times, the final time being the week of June 10th, here are the facts: : : 1st-NTS $408,000 : : 2nd-$20,000 (non-purchase money HELOC) : : Fully qualified buyers waiting patiently for bank approval for an offer of $199k, some concessions. 2nd refuses 10% offer from 1st. We're at a stale mate, still trying to negotiate, make some headway (1st agrees to $3k)2nd still doesn't get it. 1st goes to sale for $132K. Investor bids just over and wins, he then contacts me. I hook them up with the buyers and they have a contract under the same terms, will open escrow as soon as the Trustees Deed is recorded. There's a lot more to the story and I won't bore you all with the details, but I am still shaking my head. So a win for the investors, a loss for the 2nd and FHLMC and the previous owners who were trying to get the collection agency off their back. CHEERS TO THOSE WHO TOOK A RISK! [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

Information provided by this website is for informational purposes only and is not a substitute for professional advice. Please consult your investment advisor and/or attorney before entering into any transaction. Read our privacy policy.

Copyright © 1997-date("Y"), InnoVest Resource Management
http://www.foreclosureforum.com

InnoVest Resource Management, 4569-A Mission Gorge Place, San Diego CA 92120-4112
(619) 283-5444, Fax (619) 283-5455