property control

Im in texas and I get the notice of trustee sale report for upcoming foreclosures and was wondering who really has the control over the property at that point as far as accepting offers. Here is the situation I just put an offer on as a first timer.

House scheduled for 5/3 auction. Hit MLS on saturday 4/9(i know too late then to get in on it) Anyway I talked to the owner for couple of hours and “thought” I had some leverage with the rapport I established to get him to consider my offer. Anyway, later find out by Sunday night 4 other offers along with mine and the listing agent had to send them to the lender for approval.

So does the person being foreclosed upon lose the right or ability to make the decision on any offers even if the offer covers the mortgage and delinquent fees, etc.?

What am I missing? Is the house not really a preforeclosure just because its not been sold? Who CONTROLS the Property?

Until the property is sold at auction, the owner still controls the property.

The only reason that the offers would be sent to the lender for approval BEFORE the foreclosure is that the offers were for less than the total amount owed and therefore, the lender would have to agree to accept less than the full balance.

In essense, a shortsale.

Raj

Hmmmm. interesting. I need to get back to the owner then and dig some more. I need that exact payoff number then if the listing agent wont fess up. Very confusing now I feel the listing agent was really holding something back. Deal is dead for me but great opportunity to find out what really went wrong.

the listing agent may not be trying to mislead you, in north carolina if the agent is the sellers agent he is out to get the highest price for the seller (bank or owner) and telling you the payoff amount wouldnt be in the interest of the buyer, anything u tell the agent ( i.e. i’m offering this but i’ll go higher if they dont accept) he has a responsibility to tell the seller.

this is reply to Flyer,
the relationship a real estate agent has to client is to look out for their interests. this can be subjective but a licensee, in any state, does with hold information that is in the best interest of their client. if you call inquiring you are not the client but a customer, an agent has no fiduciary duty to you until you hire them to be your agent to provide you with anything other than that which will benefit their client. there is a lot of anymosity to re agents on this forum, but that is the law of agency, anytime you are dealing with a home that is listed by an agent it is in everyones best interest, including listing agent and seller for you to have your own licensed re agent. many individuals want to work through the listing agent and represent themselves, hoping to “save” commission, but as a listing agent i would always prefer to represent only one party . in a court of law even if the buyer “represented themselves” if they are not licensed a judge is going to hold the only licensed professional in the transaction, responsible for any mis happenings.

“…there is a lot of anymosity to re agents on this forum, but that is the law of agency,…”

You said a mouthful there!

I discovered this site only somewhat recently, and am very surprised @ the animosity, and lack of respect by a few…not just for agents, but other real estate professionals as well.

Moreover, I’m astounded by the counterfactual advice offered by those same few.

I’d recommend treating experts with the utmost respect (they deserve it), and I’d be very cautious about following advice from those with disdain for others schooled in their various disciplines.

I regularly save my clients tens of thousands of dollars due to my level of skill, and expertise. And I could amuse you for quite awhile with tales of pompous, and mistrustful wanna-be’s who’ve lost everything due to their prejudices.

Whenever in doubt…hire an authority proficient in whatever discipline you require to represent your best interest. To do otherwise could prove costly.

Infowell

Infowell you tell it so right! I have been a Realtor for the past 9 years and have spent many nights and week-ends attending school. My business is located in the Minneapois area. I have an MBA in Real Estate. I will say there are alot of sharp Investors on this site, this is why I continue to read all your post.

Good Luck

Ashcat

I dont know myself,that he isnt right… sometimes the agents hold back and make offers to owners when property dont sell, when they could have sold it… there are some{some} bad agents

Oh crap, let’s not start this again!

Yes, there are SOME bad agents. Hey, there are also SOME bad investors. There are definitely some prejudices and misconceptions of each on both sides of the fence. And there is enough lip flapping, ranting, raving, pattings on the backs, and slaps in the face to start a unique music fest.

Jeez! Give it a rest!

sometimes the agents hold back and make offers to owners when property dont sell, when they could have sold it

No offense, Data, but that’s just an ignorant comment. Yes, In RARE instances, this may happen, but it is ILLEGAL and the agent won’t be in business long.

The agent probably did hold something back. It was her JOB. She is the SELLER’S agent. She is supposed to get as much for the property has she can. Besides, if there were 4 offers on the property, I doubt that Flyer would have gotten it anyhow since, as an investor, his offer would probably have been lower than the others.

Raj

just to be clear…it is illegal for an agent to purchase a property going into foreclosure?