Your Questions About Foreclosures | foreclosureorder.com

Your Questions About Foreclosures

Your Questions About Foreclosures

James asks…

House in foreclosure * Real estate agent stopped by?

Hi, my home is in foreclosure, today this real estate agent showed, saying he works for the bank where I got my loan from, he stated, he was checking if someone is still living here and he will come by in a week, for me to sign some papers, is going to offer my some cash, and I will have to leave my home in 30 days after that. Somethings smells shady, I got a feeling this guy , just wants to get my house for pennies, what do you guys think. Thank you.

Ps, By the way, I am planning on walking away from the house anyways, its way too expensive to get it back, If i do sign anything , I will say first make me an offer and cash is up front, if not no signing of anything, Im pretty sure, you dont have to sign anything even when you get an eviction letter lol.

Your Questions About Foreclosures

The Expert answers:

Sounds like a scam, but I have to comment on your ‘PS’ part. You bought a house, signed papers agreeing to pay the price I’m assuming without a gun to your head- and you’re just walking away because its too expensive to get back? Why is everyone so eager to just let the banks take the losses instead of keeping their homes? That is such an easy, chicken way out. Please make sure you don’t ever purchase a home again once your credit clears in 7 years when you’re able to do so, you don’t deserve it after just handing your messy situation to a bank to take the loss. Very selfish.

Your Questions About Foreclosures

Jenny asks…

Is there something i can do if a bank does not want to accept my offer to by a house and prefers foreclosure?

I have been working on a short sale that was approved. The bank wanted $105,000. I first made an offer of $85,000 as that was the range of prices in the area. The bank obviously said no and declined the offer. What my Realtor stated to me was that if I were to offer the full price of $105,00 and then got an appraisal and that appraisal came in for about $85,000 they would have to accept the offer. Well I paid for the appraisal and it came in at $87,000. Now the bank states that they rather have the house go into foreclosure as oppose to selling it to me for the $87,000. Are there any suggestions as to what I can do or say?

Your Questions About Foreclosures

The Expert answers:

Your realtor was wrong. The bank does not have to accept the appraisal value as your offer. What your realtor should have told you is that if the appraisal came in lower than your offer, you would need to negotiate with the bank because your lender would not be willing to lend you more than the appraisal value.

So no, the bank is under no obligation to accept your offer. I’m honestly not sure why they would rather go into foreclosure; from what I’ve heard filing it is expensive and it can take months to actually go through and be done. The only thing I can think is that they figure if it forecloses, they might be able to sell it for more once the foreclosure is complete.

What you can do is can find out when the foreclosure sale is going to happen (your county clerk can give you this information) and be at the auction place. You can then purchase the home at auction. The downside to this is that a) you must purchase for at least the default amount, which is most likely more than $105K since that was its short-sale price, and b) you must outbid anyone else that might bid on it. You also must have either the cash to pay for it then and there, or a VERY solid mortgage committment.

If you want to have a discussion with the bank, find out how long it takes the average foreclosure to complete in your area (your county clerk may be able to give you a good idea). Explain to them that it would take so long to finally foreclose and there is still the chance the market could get worse and they would make even less than they would by accepting your offer. Using logic is the only chance you have to get them to sell you this home so if you can prove how it would benefit them, you might be able to get them to cave.

There’s also the possibility they may be holding out for a higher offer; however, even if they got one, with an appraisal that low they wouldn’t be able to actually sell for that unless they sold to someone with cash that didn’t need a mortgage loan.

Your Questions About Foreclosures

Betty asks…

This about lien on home, bankruptcy, and foreclosure, in the state of Florida?

If someone owes, let’s say $3000 to a contractor for work on property, and the homeowner is already in foreclosure, if he files for bankruptcy because of other debt, can lien on house be cleared by the bankruptcy?

Your Questions About Foreclosures

The Expert answers:

Yes it can, the screwed over party would have to file for an exemption and they are unlikely to get it if the house is being forfeited.

If the house is not being forfeited the lien will more likely stay.

Your Questions About Foreclosures

Daniel asks…

After a foreclosure how much time by law I have?

After my house when in to foreclosure June 30 th I got a visit from a real state agent that the lender hire, and he is telling me that I have to move in 10 days, by California law how much time do I have to move, after I receive the eviction notice ????

Your Questions About Foreclosures

The Expert answers:

Realtors are sometimes not the most honest people especially if there is something in it for them. You will get all kinds of people telling you a thousand different things and dates so verify who you listen to. After your house goes into foreclosure there has to be an auction date set which you will be informed of. After that date you won’t have very long to be out so watch for that date.

Your Questions About Foreclosures

Michael asks…

Will a big national bank accept my low ball offer on a foreclosed house?

I offered $155,000 for a house originally priced at $230,000, but assessed by the county at just under $200,000. The list price has since dropped and is currently at $189,000 and that is what it was when I made the offer. The house has been in foreclosure for about 10 months. The bank has no local branch or office in this state.

Your Questions About Foreclosures

The Expert answers:

I just saw an episode of “my first home” on TV and it was a similar situation and the buyer was trying to low ball the bank on a foreclosure and they refused, at the end of the show the bank accepted a offer close to what they where asking for but nowhere near the first offer. But I really hope they accept yours
nothing like a sweet deal GOOD LUCK

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Your Questions About Foreclosures
Your Questions About Foreclosures
Your Questions About Foreclosures
Your Questions About Foreclosures
Your Questions About Foreclosures

Your Questions About Foreclosures

Your Questions About Foreclosures