Don't do this!!!

Profile picture for Wollace
I recently tried to purchase a property that was being sold by BoA in a short sale to an investor who then was going to sell it to me.  As it turned out, he wound up purchasing the property for about $780,000 and then was to flip it to me for almost $1.2 million.  It didn't work, however.  What I learned from the occupant (the owner in the short sale) was that when the investor had me under contract, I could have dealt directly with BoA and struck a similar deal for $750,000 to $800,000, especially since I had cash and the investor didn't.  The reason I didn't approach BoA directly was because the two realtors in the deal told me that BoA had closed the deal when they in fact hadn't.  Plus the owner of the house was going to get $50,000 at the close of the deal from the investor  if he kept quiet about the fact BoA would take offers from anyone.  The moral of the story:  many lies are told in real estate and can end up costing you money, like the escrow I lost.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Stating a discriminatory preference in an advertisement for housing is illegal. If you think this content is discriminatory or otherwise inappropriate and feel it should be removed from Zillow, please let us know by completing the information above.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.

0Yes

December 26 2011 - Fort Collins
 Share
 RSS
  • Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

Answers (3)

Profile picture for CapeCod Z.i.l.l.o.w
All of these responses are true, however you would not have been able to speak with BOA in regards to the property without written consent from the seller, as it would be illegal for them to discuss a mortgage that does not belong to you.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Stating a discriminatory preference in an advertisement for housing is illegal. If you think this content is discriminatory or otherwise inappropriate and feel it should be removed from Zillow, please let us know by completing the information above.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.

0Yes

January 08
Profile picture for MichaelLiew
How did you buy from the investor? You attorney allowed you to sign the contract? Good thing the deal fell apart, otherwise you could be in big trouble.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Stating a discriminatory preference in an advertisement for housing is illegal. If you think this content is discriminatory or otherwise inappropriate and feel it should be removed from Zillow, please let us know by completing the information above.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.

0Yes

December 26 2011
Profile picture for LUXURY HOME LOANS CA
W- ..... and stiff fines and maybe jail time for all knowing parties in the transaction. You are fortunate, that you stepped out of this transaction. All monies involved in a RE transaction must be on the closing HUD-1 at settlement. The $50,000 hidden payment to the short seller is illegal. .... Best wishes.

Happy funding, Rudi
  Flag content
Close
Report a Problem

Please enter a valid email address.

Stating a discriminatory preference in an advertisement for housing is illegal. If you think this content is discriminatory or otherwise inappropriate and feel it should be removed from Zillow, please let us know by completing the information above.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.

0Yes

December 26 2011
 

Have a question? Ask it here.

What's this?
Close

By starting a discussion, you can expect more of an interactive, back-and-forth experience where the conversation can go in many different directions.

Or start a discussion

E-mail successfully sent!Submission failed!

Related Questions
Profile picture for Nile Morin
QuestionDon't do this!!!
  • Latest answer by Nile Morin
  • January 08
Related Articles
GuideForeclosure Primer
GuideBank Foreclosures versus FSBOs
GuideThings to know when buying a foreclosed property
GuideForeclosure Overview
GuideForeclosure Eviction Techniques
Compare Mortgage Rates

Compare Fort Collins mortgage rates

Be A Good Neighbor

Zillow® Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy