FriendshipProperties's Discussions

Wow, what a Debbie-Downer ..1. That's why you need to buy deals at 70-80% of TODAYS market value. (and yes there are lots of them)2. Great, I'de still have 20-30% equity.3. Not if you BUY RIGHT.4-5. If, if, if ..

No agreement, no problem. However, if you offer on a home you seen with another agent, they should be the one to earn the commission for the sale.  Who knows, maybe they'de be glad to get you off there hands. :)  .. I've heard stories of buyers agents driving buyers around every weekend for a YEAR! ..

Im not sure if you want to be 'sold' a home.  (that would be a good listing agent).  You need someone who can understand your needs&wants, and who would be good at negotiating you a good price.

It all depends on how many payments are missed, how soon you contact the lender for help / initiate the short sale, and whether you try and negotiate not reporting to the credit bureau.  A foreclosure will have the max. number of missed payments, have the loan settled by a 'forced' foreclosure, and you can bet your credit will take the maximum hit.

You'll need to seek an Attorney for legal advice, but in my experience, they always want to 'fix' your situation themselves for a handsome fee. 

That sounds like the 'Deed in Lieu of Foreclosure'.  That doesn't help anyone since the lender then has a tenant which can take up to 6 months to evict, or if the home owner leaves, the lender has a vacant property which is at high risk for vandalism and asset management / maintenance costs.  The bank would much rather have the property sold before they take title.  The bank wont get any more money selling the property themselves, it will cost them more.   Once the bank takes title, your offer would likely be thrown in the trash, the property assigned to an asset manager, and listed with a Realtor at a new price.

I don't think 'mailing the keys to the lender' is such a great idea, unless you mean a Deed in Liu of Foreclosure.  A short sale typically is the best option if you can save yourself some credit, the bank some cash and get the loan released as paid in full. 

If the listing agent is short sale savvy, it should be the As Is value to sell quickly.  Occasionally they'll list it at what is owed to show the bank they tried to pay off the loan, but the house simply isn't worth it.  So no, it generally means nothing except what the agent thinks its worth or what the agent thinks the bank might except.  At the end of the day it is up to the bank to decide.

roroku: how do you know what the 'approved price' is?

I believe it should be disclosed in the Property Condition Disclosures, but not ness. in the listing description.  It also depends on how much mold and where.