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Old 03-04-2011, 05:13 PM
 
14 posts, read 31,449 times
Reputation: 10

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Hello,

My husband and I are looking to buy a house in Nassau County, after looking at many, there is one I am particularly interested in looking at... but I am having a very difficult time!

First of all it is a short sale and it is in pre-foreclosure. I went to the town and was able to find out that the bank (Wells Fargo) filed a notice of default in Feb of 2009 and again in July of 2009. Why would they file 2 separate notice of defaults for the same amount?? (The notice of default was approx $70,000 less than the purchase price in July of 2006)

According to neighbors the guy who bought the house in 2006, rented it for a few years, they renters left and it has been vacant for about 2 years.

Next, the listing price per the listing agent (Charles Rutenberg) is exactyly $100,000 more than the amount owed on the mortgage... why would that be? Isn't the definition of a short sale a sale less than the mortgage owed?

Now, I'm trying to get inside to see the house. I'm aware that the house probably needs some cosmetic work considering renters and vacancy and all of that, but I'd like to get inside to see what we would be dealing with. I've been trying for 3 weeks to get an appointment to see it! First the agent asked if I was pre-approved because he required pre-approval to show the house. We were pre-approved a week later and when I called back he claimed he wouldn't have the keys for another week and I would have to call back again. After calling back yet again, he claims the bank changed the locks and needs to get in touch with them to get the keys. Am I the only one who thinks this is odd?

How would I find out the following information? Obviously the sellers agent is no help.

-Is the bank aware the seller intends to do a short sale and are they eligible?
-When is the foreclosure auction date?
-Are there other mortgages I didn't find or other liens?
-Has the bank had the house appraised and what is there Brokers Price Opinion?

It seems I know what I need to find out but not how to do it! Any thoughts on the situtation???
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Old 03-04-2011, 05:26 PM
 
Location: Long Island
9,486 posts, read 20,471,237 times
Reputation: 5218
Quote:
Originally Posted by jackie123456 View Post
Hello,

My husband and I are looking to buy a house in Nassau County, after looking at many, there is one I am particularly interested in looking at... but I am having a very difficult time!

First of all it is a short sale and it is in pre-foreclosure. I went to the town and was able to find out that the bank (Wells Fargo) filed a notice of default in Feb of 2009 and again in July of 2009. Why would they file 2 separate notice of defaults for the same amount?? (The notice of default was approx $70,000 less than the purchase price in July of 2006)

According to neighbors the guy who bought the house in 2006, rented it for a few years, they renters left and it has been vacant for about 2 years.

Next, the listing price per the listing agent (Charles Rutenberg) is exactyly $100,000 more than the amount owed on the mortgage... why would that be? Isn't the definition of a short sale a sale less than the mortgage owed?

Now, I'm trying to get inside to see the house. I'm aware that the house probably needs some cosmetic work considering renters and vacancy and all of that, but I'd like to get inside to see what we would be dealing with. I've been trying for 3 weeks to get an appointment to see it! First the agent asked if I was pre-approved because he required pre-approval to show the house. We were pre-approved a week later and when I called back he claimed he wouldn't have the keys for another week and I would have to call back again. After calling back yet again, he claims the bank changed the locks and needs to get in touch with them to get the keys. Am I the only one who thinks this is odd?

How would I find out the following information? Obviously the sellers agent is no help.

-Is the bank aware the seller intends to do a short sale and are they eligible?
-When is the foreclosure auction date?
-Are there other mortgages I didn't find or other liens?
-Has the bank had the house appraised and what is there Brokers Price Opinion?

It seems I know what I need to find out but not how to do it! Any thoughts on the situtation???
Are you sure it's a short sale and not a bank owned property (REO)?
If you want, you can DM me the MLS # and I'll see if I can help you w/o spending hours on it.

Did you ever get inside?
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Old 03-04-2011, 05:31 PM
 
14 posts, read 31,449 times
Reputation: 10
I called the bank and they say it isn't an REO and checked on the Wells Fargo website Search Wells Fargo Bank Owned Properties and it isn't there...

and no, I never got in. We were supposed to go in tomorrow, but this afternoon the sellers agent still claims he doesn't have the keys to the new locks. My husband and I went to the house and confirmed they are new locks though!
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Old 03-04-2011, 05:39 PM
 
Location: Long Island
9,486 posts, read 20,471,237 times
Reputation: 5218
Quote:
Originally Posted by jackie123456 View Post
I called the bank and they say it isn't an REO and checked on the Wells Fargo website Search Wells Fargo Bank Owned Properties and it isn't there...

and no, I never got in. We were supposed to go in tomorrow, but this afternoon the sellers agent still claims he doesn't have the keys to the new locks. My husband and I went to the house and confirmed they are new locks though!

Need the MLS# to give meaningful info/reply
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Old 03-04-2011, 05:48 PM
 
14 posts, read 31,449 times
Reputation: 10
Quote:
Originally Posted by Elke Mariotti View Post
Need the MLS# to give meaningful info/reply
sent! thanks for your help!
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Old 03-04-2011, 05:58 PM
 
Location: Long Island
9,486 posts, read 20,471,237 times
Reputation: 5218
Quote:
Originally Posted by jackie123456 View Post
sent! thanks for your help!

Bad news; this is what it says: Accepted Offer.No More Showing.

It would seem that either the information on the listing is incorrect or the agent is playing games, or ????. And the above comment was entered by the listing agent in September of last year... hmmmm


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Old 03-04-2011, 06:06 PM
 
14 posts, read 31,449 times
Reputation: 10
that is really really weird. why wouldn't the listing agent tell me that?
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Old 03-04-2011, 06:08 PM
 
Location: Long Island
9,486 posts, read 20,471,237 times
Reputation: 5218
Quote:
Originally Posted by jackie123456 View Post
that is really really weird. why wouldn't the listing agent tell me that?

Your guess is as good as mine. Maybe he didn't want to "close the door" since it's not in contract yet - according to what's mentioned - but who knows...
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Old 03-04-2011, 06:11 PM
 
14 posts, read 31,449 times
Reputation: 10
i have a feeling that there is some type of scam going on... maybe best to look elsewhere
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Old 03-04-2011, 06:12 PM
 
Location: Long Island
9,486 posts, read 20,471,237 times
Reputation: 5218
Quote:
Originally Posted by jackie123456 View Post
i have a feeling that there is some type of scam going on... maybe best to look elsewhere
You may be right. Or he is inexperienced??
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