So Many Different Suggestion On The Listing Agreemen. Confused!t
I am attempting a shortsale with the 1st Mortgage.
1st mortgage is Americas Servicing Company Owes $464,000
2nd mortgage is with Accredited Owes $115,000
Really bad mortgage fraud was done to get these loans, so she is really upside down.(inflated appraisels, crooked mortgage co. crooked attorney). So FMV is about $420,000
One of the requirments the package states is simply "listing agreement"
I m a little confused about the listing agreement. I ve been on the board and I m hearing many different opinions, dont know which is correct or the legal way of doing it. My realtor is scared b/c we are not sure how to legally do it.
Do I get the listing and put the house on the market for what they owe + realty commision. And Put it as pending?
Or Do I list it for FMV. Put it as Pending?
***How exactly should it be done, legally?****
***What happens if people see it on the market and try to put in an offer while I trying to complete the Short Sale?***
Please advise.
TheShortSalePro, I would love to learn that if showing a fake HUD1 for a payoff is considered mortgage fraud. Thanks.
You guys are great! Thanks for all the input.
I have had trouble with pocket listings. Many times the BPO agent has to note in their report to the lender that it was not listed. I have had the lender ask me for the URL to the MLS listing. Once a country wide rep told me that they had realtor friends in the area who had told her that there was not a sign in the front yard.
Also had better make sure that your listing agreement date, listing date, pending date, and contract dates all line up. Got caught once when the P&S date pre-dated the property getting listed on the MLS.
In all these cases when I "got caught", I was able to talk my way out of it. It just made for an embarressing situation.Believe me, any loss mit rep that has been in the job for more than two months (which are not many) know that you are an investor and know what you are up to some shenanigans. They usually do not hold it against you. They just do not want to be taken for an idiot. If the numbers make sense to the bank, the deal will go through.
Is that $5,300 ??
yes..5,300.00
So to be specific in tour experience....in this case the 2nd filed first....what exactly will happen at the steps
because the 1st will have to be satified...does this make any sense?
so what should I do? Go to courthouse and bid myself?
You almost have it right. The Courthouse buyer of the 2nd is now the owner of record and can assume the first. Or pay it off if they wish.
All liens and encumbrances that were listed as defendents in the foreclosure of the 2nd are wiped out with this scenario.
I have listened to Jeff Kaler and Dwan Bent Twyford and Sharon Restrepo courses. They are both a good.
Quote:
On 2007-02-01 20:38, JohnLocke wrote:
they must be to busy to "Pay It Forward" like the SSP does, because they do not show up.
say what>
Pay it forward or paying it forward refers to repaying the good deeds one has received by doing good things for other unrelated people.
John $Cash$ Locke
[addsig]
OIC. Thats a good deal.
You should re-read the divorce decree... hopefully the distribution will read, "17% of the net proceeds to my ex"
If not, try to revisit the issue.
no it is 17% of the sale price. Also I have found out it is too late to change it. It has to be within one year.