Listing Agent Is Lying
I am trying to overpay for a property that is set to foreclose. The seller is the listing agent. I have recently learned that she is trying to make a commision on the deal after my agent cut hers to help the deal work. Is this fraud on the listing agents part since she claimed to not be taking a commssion? I am willing to pay the appraised value of the home which would satisfy the 1st and 1/3 of the second. Can I cut the selling agent out and deal with the lenders?
[ Edited by ajordan9 on Date 10/02/2008 ]
Any advice?
In the end, it will be the 2nd mortgagee to set the permitted commision paid from proceeds.
Why are you trying to overpay for this property.
JS.
Help me understand.. Is the bank asking for 2-300k more than their appraisal? If so, what does 2-300 more mean? who told you that info the banks mitigator? that is a broad number. Did the lender tell you the house appraised for 700k or the appraiser or ? Finally, who is the lender?
The $700,000 was from the mediator and then the $700,000 was increased to $950,000 by the bank.
Option One.
"The $700,000 was from the mediator and then the $700,000 was increased to $950,000 by the bank."
Guess they dont want a short sell, its their money? Im sure they know it will stay on the market. So whats the problem with that. You dont lose anything.
Email me with your contact info, I can help.
Thanks
[addsig]
Update. I just searched County Records and a Lis Pendens was filed on 10/7.
Any effect?
first and foremost, there is no reason to wait for the BPO to list a property. the sooner you get people looking at the property the better!!
secondly if i understand you correctly, you are trying to purchase the property from the lender at a discounted price to flip it around and sell it for more than you purchased it to a predetermined buyer, correct? (if yes ignore the above paragraph)
thirdly, if so, i have seen many instances like this where the lien holders have come back against all parties involved with a loan fraud charge. Be careful and ensure that all due dilligence and fiuciary responsibilities are met.
Why would you not get a deed and record it immediatley?
Thanks for the info.
If I record the option will that serve its purpose just like getting the deed. And what the heck is getting the deed? Do I have them Quit or Warranty deed it over to me?
Also for seasoning. A conventional loan does not require any seasoning. I see this alot out there and it is incorrect. For FHA you need 90 days on title but not convetnional.