Questions for a Newbie ...:)

**cdogstu99** · 06-21-2009, 12:28 PM

So, i went to an open house that both my fiance and i are interested in. The broker told us that she purchased the house at an auction and she is re-selling it. I guess it was a foreclosure (ughh.. wish i knew about the auction). She gave us an addendum to the listing that says the transaction will not qualify for FHA and VA financing. It says that the seller will not have held title to the property for ninety days prior to closing and will not meet seasoning requirements. IT also says that she needs a simultaneous closing, in which she buys the property and sells it to us.

Can someone please explain all of this to me? IS there anything at all fishy about this? Also, is there any where for me to find out how much she paid for it at auction. Like i said, i wish i had known about the auction. Do real estate agents have better notice than someone like me as to upcoming auctions?

Thanks!

**Mike Taylor** · 06-22-2009, 04:06 AM

Based on what you said here, something is not adding up. Did she already purchase it at auction? If so, why does she need a double closing on it? I don't have all the facts, but the way it is laid out here something is not adding up.

Sheriff sale auctions for foreclosures are public knowledge and usually on the clerk of the court website or at the very least in the news paper. You do normally have to pay cash for these though.

**RedCarpetSchool** · 06-22-2009, 11:39 AM

[COLOR=black][FONT=Verdana]It could have been any kind of auction not necessary a foreclosure auction. It could have been a bank auction or private auction and it may have been sold with some kind of terms. 5%-15% cash at closing with

**GovGuy** · 06-26-2009, 12:22 AM

I think what has happened is -

She has purchased it in the auction, with a condition that she will pay like 10-15% upfront and rest of the time to find finance.

What she is trying to do is - find you to take her place, so the house directly transfers to you, and she gets her cut,
that cut is the price that you are paying for lack of information.

Just my opinion though

Although i would advice that you do it legally, and transfer the clear title, and make sure there is no lien.
you don't'; want any nasty surprises later on.

**tucsonhomes** · 06-26-2009, 12:12 PM

You are entitled to have your own representation (real estate salesperson) in any transaction.

The disclosure you were provided indicates that there is a situation that you need professional advise about. This kind of advise probably should not come from the seller's advisor.

If the seller has not aquired title yet and needs your purchase funds to complete thier purchase, you may be able to negotiate to your great advantage.

Get some advise.

**mWoods** · 12-11-2009, 07:28 AM

My best guess is that she has the home under contract but has not closed on it. She is acting as a middle man/woman in hopes to make some quick cash by finding a buyer before her time allowed for financing runs out. good luck on this, sounds like it has potential to become messy.