WAMU is incorrectly reporting this as a charge off - it should have been included in the bk. You need to fight this with WAMU/the credit bureaus. It is actually illegal for them to report this way after a BK - but they dont make it easy to fix. Your attorney should be able to handle this.
Far as title - it has to transfer or the house still belongs to you. You can wait for them to foreclose, or you could sell the house ( or short sell if that is the case)... more
In my experience there are many ways to protect agents commissions on Short Sale transactions. One simple way to do this is to raise the net offer to cover the commissions if the bank is being stingy about allowing commissions at their full price.... more
I agree with the suggestion to get your broker involved. If your problem is due to pure innocent ignorance on your part, your broker can make the case to the lender that a broker cannot work for free. The liability of the transaction still rests with you and your broker. If there is a complaint made by the buyer, you and your broker will be included in the complaint.
As an aside, how do E & O insurance companies look at a situation like this? I canâ€™t believe that they are thrilled insuring and agent and broker for a transaction for which there is no offsetting income. I canâ€™t believe that you broker wants to pay premiums for coverage on a transaction that generates liability with no offsetting income.
Please let us know how this comes out. Great learning experience for all of us.... more
Just be very careful when you buy a new home. Track the records and ask around what have happened in this area and this builder. Many homes have problems for a while, especially after the booming and look at by your self these websites.... more
I have been a Loss Mitigator for 10 years and we work off of a Bonus system for every home saved. If someone is delaying an offer by 75 days maybe they are not paid a bonus? I would suggest going to Manager or Vice President of that department ASAP. I would suggest an executive complaint or filing a complaint with the OCC or Office of thrift. Your deal will move faster. I will be opening my own business soon and the website will built soon www.shortsalemafia.com and Foreclosurehelplive.com. The more you can and communicate the faster your deal will get approved.... more
I am a Virginia Beach agent so just keep that in mind but I would like to tell you what I might do if you walked into my office out of the blue and asked me this question. It may sound silly but I would probably ask you why do you want to buy a bank owned or pre-foreclosure (I am not sure if anyone had ever used that term before this market). In our market, many investors and wannabe investors, for that matter, have thrown in the towel because it is not as easy as it was just a year ago to sell the property. Furthermore, you still see these same people at the foreclosure sales just not as many of them which mean the "pros" are having a hard time. Am I saying it is not possible to find a deal? Absolutely not...but you may have to change your definition of "a deal." In addition, it will most likely take more time and/or effort than you would expect. Also remember, many full time investors pay cash.
Maybe that is not you at all. Maybe you asked because you are looking to live in the property as your primary residence. In this case, my advice would be to not buy your home because you saved a few dollars but because it is the best possible living arrangement that you could have made with the terms that you can manage. The best chance for success in this case would be to contact a local real estate professional. Do your best to explain what is important to you in a home such as its proximity to schools, jobs, entertainment etc. An agent will be able to narrow the search based on your criteria and save you alot of time and gas.
And finally, have your local agent do a market analysis on any home you buy. Just because they bought it for $800,000 just 2 years ago does not mean it is a deal at $790,000. Do not forget a home inspection. Depending on what type of foreclosure it is, there are specific procedures, disclosures, and paperwork that must be done properly. An agent will make sure you are covered. Best of Luck in Cali!... more
First of all you need to be pre approved and ready to purchase or the banks will not take your seriously. Many of the banks will still require you be qualified by them still leaving you the choice to use your own lender.
2nd Realty Trac can somewhat mislead potential buyers thinking they can purchase a 4 bedroom home for $75000 in a $600000 neighborhood. Just because someone is in default does not automatically mean they will foreclose. Several of those in default have actually paid up to restore their account.
Banks are NOW cooperating more . How much will they negotiate down, well they may not depending on what it is listed for and what the market has really been going for in the neighborhoods. On the other hand they may very well negotiate lower. Each case is different and if you find a home you like throw them an offer.
Your best bet is to sit down and write out what you want in a home and the price range you have been approved for and see what area or community will fall into that price range and from there determine which homes to go look over.... more
For an industry insider, a good contractor should always be available. I don't know too many successful agents who don't have a rolodex (how prehistoric is that term?) of go-to contractors. While many of my guys get booked up because they are very good, they always make time for me. Knowing how much business I send their way, they know better than to be too busy when I need them personally or for clients. I woulod suspect that the same holds true for the rest of the agents on the boards.... more