She would have had three close last week, but one of her listings had a buyer who although pre-approved, somehow failed to let the lender know that he was not employed until June… how the guy was pre-approved is beyond my ability to understand.

Great Job Mandie!

Also want to congratulate Nancy Rosedale for her never ending energy and focus in dealing with her commercial clients… if ever there was an agent that understood cap rates, cash flow, rental markets, and commercial financing, it is Nancy Rosedale.

We are looking forward to a great season ahead, and are able to handle some additional buyers and listings… give us a call at 401-293-0631 or use our contact form for sending an email.

Inevitably, there is always a reason why we haven’t sent him this particular home to review online.  It’s not because we missed it.  We want to sell him a house as much as he wants to buy one.  Really!

If you are working with a real estate agent who is looking for homes for you, here is a list of possible reasons a home may not be suitable for you and won’t make it to the emails we send you:

• The property is priced over your range - in every neighborhood there are homes priced well above what their market value is.  Homes priced over your maximum don’t get sent to you.  If your max is $450K, a house that is listed at $575K is not going to be sent to you for review.
• The property is not listed -  this includes homes you may see that look vacant and may even have a lockbox on the door.  A foreclosure can take a long time to prepare to list.  The listing agent will get it listed as soon as it is possible to do so.  Sometimes it has issues with the title that need to be cleared up. If it is not in the MLS and there is a lockbox on the door, there is no way to know who is going to have it listed.  We simply have to wait until it is.  The good news is that the automatic search that is set up for you will pick it up immediately once it’s listed.  Lucky you.
• The property is a short sale that has not been approved - and you specifically let me know that you don’t want to waste your time on unapproved short sales.  Only approved short sales are being sent your way.
• The property needs extensive repairs - and you are buying with an FHA loan.  Yes, there is an FHA loan that takes repairs into account.  It’s called an FHA 203K loan.  But if you’re approved for $100K FHA, the house is listed for $100K and needs $25K in repairs, there’s no point in looking at that house.  You are not qualified for $125K (the amount of the loan including the repairs).  So this particular house will be filtered out by your agent when she reviews homes to show you.
• The seller has specified CASH offers only - Sellers usually do this because of the condition.  This is usually seen with bank-owned homes.  It’s not that they want to arbitrarily exclude a huge portion of buyers.  They’re just being realistic when they say that the house won’t qualify for financing.  It may need repairs well beyond the limit on an FHA 203K.  Or the seller may simply want a quick sale due to the horrible conditions of the house.  If it’s priced incredibly low, there’s always a reason.
• The house is pending sale - this means the seller has accepted an offer.  The sign will stay in front of the house until the property closes.  But they have changed the status to Pending Sale in the MLS and they are no longer looking for offers on this one.

The above is not meant to be an exhaustive list.  There may very well be other reasons why a home isn’t sent to you for your review.

But please do know that we are working really hard to find you one that you can call home.

What he did next will knock your socks off.

The guy then intentionally failed to pay of the previous liens, instead using the monies from the transaction to pay the previous mortgages monthly, as if the property had never been sold! Do you get that? He filed the documents that said that the previous lien holder had been cleared, and added the new lien(s) to the property. He then never paid off the previous liens, and instead PAID THE MONTHLY PAYMENTS. He never informed the seller’s lien holders that the property had been sold. So for each of these properties, there were two sets of lien holders, the previous owners mortgage holders, and the current owners mortgage holders, although he did cancel the previous ones at the town hall. So in effect, he stole the difference between the sale price and what had to be paid to the seller, if anything.

Of course, this has now come back to bite this guy, with the Sheriff showing up at his office and arresting him, charging mortgage fraud. This was only discovered because one of the properties he did this on was resold recently, and the lien holder from the previous seller was the same as the one financing the purchase to this second buyer of that property.

Are you amazed at this guy yet?

People, not only should you choose your Realtor carefully, but you should also choose the closing attorney just as carefully… I am not sure how one could know that this had been done since the town hall records would show only your current lien holders. Anyone have any ideas on this?

Sellers, be sure to check with your mortgage company to ensure that your loan has been cleared after the sale of your property. In instances like this, you are still on record for owing the money on your debt. You may of course discover this if you go to buy another house, but this guy got away with this for several years.

Now he will go to jail, very likely.