Jim Bellville

Since posting my answer, I have exchanged a few emails with Oscar.

Helene is absolutely correct. The avoiding foreclosure type of scam has been rampant the last few years and is continuing to rise.

As I said before, he may be sincere. However, before anyone decides to use his services, I would suggest a thorough look through his information and a talk with the State of Vermont.

Anyone facing foreclosure should also contact an attorney. The money spent could very well save you a lot of issues in the long run. - Wed Nov 5 2008, 10:37

Oscar,

First, I have to question your motive for wanting the information. I delete a good dozen emails every day offering me "business opportunities" working with "preforclosure" properties. These things promise me everything from thousands of dollars in "finder's fees" to hundreds of listings a month.

You seem to be putting the word out there pretty well at this point. Noone in the offices or courts would be able to help you, because they get the information after the banks have filed. The trick to saving a home would be to talk to the bank before you got that far.

I do have to ask you a question. You are advertising yourself as part of a corporation, but the state of Vermont doesn't have a record of it. Which state did you use for your incorporation and who is your agent in Vermont?

I don't want to bust on you, but I deal with quite a few foreclosures and personally, I would rather that end of my business see a big drop in demand as people are able to stay in their homes and avoid foreclosure. I know of someone in Arizona that had someone come in to "help" them avoid foreclosure. They went through foreclosure anyway and the money they paid to those "helpers" only lined their bank accounts.

I wish you the best of luck and hope that you are able to do some good. I also hope that anyone that does end up working with you gets a good dose of information before making that decision. - Wed Nov 5 2008, 08:51

Jim,

The rule of thumb for every real estate agent is that they have to disclose any material defects in the property that may affect the value of the property. They are held to the standard that it can be anything they did know or anything that they should have known using reasonable care and in the course of their due diligence.

That being said, I looked at the listing for this property and the listing agent has marked down that the property is not in a flood zone. If you have any doubts, I would browse the FEMA website and find out the information yourself. The website is linked below. In addition, I have a PDF that gives you instructions on how to use the map site at FEMA. Just shoot me an email to Jim@JimVTRE.com and I will forward it over to you.

Is there a particular reason that you are looking at a property that is in a Commercial Zone?

I know an agent in that area that I would recommend for you to work with if you don't have anyone yet.

Good luck and let me know if I can help. - Mon Oct 27 2008, 09:19

This could be a sticky issue, but I would tend to think that you would not have to work with the original agent.
You should consult your attorney to be safe, but as I understand your situation you would be in the clear if the following conditions applied:
1a. Your Buyer's Agent Contract with the original agent has expired.
Or
1b. You were given an unconditional release from your original Buyer Agent Contract.
2. You have signed a new Buyer Agent Agreement with the new agent.
3. The original Buyer Agent Contract did not have something in the Hold-Over Clause that would address this situation.

Procuring Cause could be argued, but it would depend on the length of time since your original agent last contacted you (which they shouldn't be doing at all if you have informed them of your new Buyer Agent Contract). Of course, this could all be a moot point on your end, unless your contract had you specifically paying the Buyer Agent. In this area, the Listing Agency usually pays the Selling Agency's Commission and the atmosphere is cooperative enough that most Buyers don't have to pay anything to their Buyer Agency out of pocket.

One thing to keep in mind. Unless your Buyer Contract is Open and allows you to work with multiple agents, you should not contact any individual agents directly, except your current Buyer Agent or their Principle Broker. That could put you in violation of your contract. In addition, any agent that contacts you should immediately cease trying to contact you directly if you inform them that you have a Buyer Agent Contract. Failure to do so on their part could be considered interference and put them in hot water with the state's Real Estate Commission.

In short:
1. Contact your attorney
2a. Contact your current Buyer Agent
Or
2b. Contact your current Buyer's Agent's Principle Broker. - Sun Oct 26 2008, 11:02

No.

The property closed on October 9, 2008 for $390,000.

Were you interested in finding any other properties in that area? Now is the time to buy if you want to come up for a ski trip over the Holidays.

It looks like it is a really nice home. Unfortunately, I didn't get a chance to show it before it sold.

Call me if I can be of any more help. 802-380-0684 - Tue Oct 21 2008, 15:29

I wish you the best of luck. With the way the market has been previous, you may have a hard time finding someone with that level of experience with short sales.

Finding a real estate agent that is in your father's best interest is easier. Once your father hires them to sell his house, any agent you find has a fiduciary responsibility to do what is best for your father.

That is a tough situation to be in and I hope you find a good person to help your father out. One thing you may try doing is contacting the banks in the area and other lenders and ask them who has done short sale work for them. Just remember that at that point, you may get the answer that they bank wants you to hear.

Good Luck! - Thu Oct 9 2008, 13:08