Archive for April, 2010

I submitted a lower offer on a REO house directly to the listing agent making her a dual agent. Also gave her a deposit check($10,000) made to her agency which she owns so that she can use her company check to write to escrow if deal goes through. But the bank rejected my offer. So I told the broker that I want to back out over the phone & I asked her if I can have my check back. She told me that she doesn’t have time to meet me but she does have other available properties which I don’t have any interest on. From then on, she’s been avoiding me & refuse to give me back my check. I cancelled the check but according to the bank(B of A), the check will be able to be cashed in 6 months so I need to re-cancel it . I contacted the department of real estate and they told me that I can file a complaint. This process can take months. Should I just ignore the attemp to get it back & keep re-cancelling every 6 months? All I want is to get my deposit check back. What should I do?
She’s a California real estate broker by the way.

I am a new Realtor with a focus on REO sales. Does any Real Estate Agent or Broker have a list of …or be willing to share the particular questions asked by the Bank Asset Managers when they are screening and interviewing a propective applicant to do thier Broker Price Opinions. Thanks….

Will the bank charge the buyer to help pay the commision

I work for a title company and just got transferred to the reo dept. Ok, so first the bank files a foreclosure complaint. Then a sherriffs sale (foreclosure) occurs. 2 questions. What happens if no one bids at the sherriffs sale? Does the bank still own the property? And are they required to release their mortgage? 2nd question. What happens if a “John Doe” wins the auction. Does the bank get this money and thereby release their interst by satisfying the mortgage?

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