Comments by "Crime Stoppers" (@crimestoppers1877) on "FHA Mortgage Disaster" video.

  1. Intersting and informative. In my last transaction as a buyer there was nothing on the local MLS that mentioned anything about a short sale. Before making an offer I always talk to the neighbors first to learn about the area, the crime, the environmental and poltical hazards of the area an most importantly who lives in the house, what is going on there and why is it for sale. snoopy neigbors know everything. I used this "secret" ( not disclosed ) information to my advantage. I checked the records with the County recorder and that told me everything that I needed to know. I contacted the bank that held the mortgage witthout permission of the seller and was able to speak directly with an underwriter. The listing price if sold at that price could have cured the mortgage debt, but I knew that to the lender time was most important. Short sales and the foreclosure process take lots of time and costs money to the mortgage holder. I have not discussed any structural problems that any house can have with a thorough inspection. I informed the underwriter about what my offer would be ( making this a short sale, since it was 20% below asking) the underwriter was enthusiastic about getting this non performig loan off their books as fast as possible and at the lowest cost. My offer was accepted by the buyer as best ( but not the highest offer). Why? I can close inside of two weeks avoiding a foreclosure. The mortgage holder usually has an appraisal first , but he decided exterior photos only were required. All involved won: Mortgage company, seller, Real estate agent- both sides of the deal, and me, the buyer. The RE agent had NO clue into solving this potential problem. Instead I did most of the "heavy lifting" and closed the sale.
    2