Question for Bill Bronchick - Posted by Glen Kilgore

Posted by Glen on June 27, 2008 at 15:38:12:

Bill, thank you so much for your response, I am located in Oregon, and although I have been doing Short Sales for over 4-years, and in real estate for about 20, most local Title companies will no longer allow simetaneous closes, and my biggest problem is if the lender comes back with a price too high for my investors, my real estate agent cancels escrow, and sells the property to an end Buyer, and I kicked out of the deal, even though I brought it to the table!So once the property is deeded to me, although the Short Sale has not been completed yet, but submitted, and once approved, I go to sell it to a new Buyer, a simitaneous close for example, how do I get sale proceeds? Won’t the lender look at that off the HUD-1 on the new transaction as if I am getting proceeds, which is not permitted? And secondly, will not the lender deny the Short Sale if they know there has been a transfer of Title? For example when they receive the HUD-1 identifying the Seller, that does not match with who is on the loan?

Question for Bill Bronchick - Posted by Glen Kilgore

Posted by Glen Kilgore on June 22, 2008 at 10:32:45:

Can I have a an owner deed the property to me that is in foreclosure and still do a Short Sale on the property now that I am on Title? My confusion comes from knowing the Seller can not receive proceeds from a Short Sale. Also, if I have the owner deed me the property, and I am waiting to get a Short Sale accepted, can I market the property to an end Buyer in the event the Short Sale is accepted? Any suggestions would be really helpful, thank you.

Re: Question for Bill Bronchick - Posted by William Bronchick

Posted by William Bronchick on June 27, 2008 at 09:48:15:

The answer is yes to all the above. You can get a deed and do a short and market the property to an end buyer.

Re: Question for Bill Bronchick - Posted by eben47

Posted by eben47 on December 14, 2008 at 17:55:47:

Hi Bill, I’m kind of curious about this post. I’m a real estate agent in MA and I was under the impression that once a bank formally forecloses on a property, they’re beyond negotiating with the former homeowner. After all, the bank will be listed in public record as owning the property- the Registry of Deeds will say that the homeowner ‘sold’ it back to the bank for x amount of money, so why would the bank negotiate with the homeowner at that point… Not criticizing, just curious about your understanding of the foreclosure process.

Re: Question for Bill Bronchick - Posted by Glen

Posted by Glen on June 27, 2008 at 16:02:50:

Also Bill, thank you for your awesome article on simetaneous closes being mislabeld as illegal, and not lender fraud! I was so excited when I found that, that I printed it and gave a copy to my escrow closing officer, who now cannot do them because their legal department will not allow it. Mind you, that was huge for my company, we average 20-30 properties per year, many using the simetaneous close to investors. So now we are really scatching our heads trying to find a solution that everyone can live with. When it comes to Land Trusts, it is no better in Oregon. I have yet to find a local attorney, including ours, who wants to touch them due to a lack of understanding and what they feel as duping the lender! Any suggestions on that subject while we are at it? I am at a total loss here. That was the purpose of my question to you in regards to deeding a property and a Short Sale.