Your Questions About Foreclosures | foreclosureorder.com

Your Questions About Foreclosures

Your Questions About Foreclosures

Maria asks…

my home didnt sell at bank foreclosure sale and now its up for tax foreclosure, what should i do?

my home went to bank foreclosure in 2010, ive been waiting for a letter of eviction for a year now and nothing…i just recently recieved lettters of tax foreclosure sale if not paid by march 2012. should i pay the taxes and stay there or try to buy it at the tax sale or what? i’m lost and afraid of what to do

Your Questions About Foreclosures

The Expert answers:

If you can afford it, have someone go to the tax sale and buy it for you. You then buy it from them for a small profit (to make it worth their time), and in most states you’ll have a house clear of all encumbrances (including the mortgage).

If you don’t have the money to ensure you could outbid others for the house (it will be an auction) at the tax sale, then pay the taxes to stay as long as you can. Meantime, find an investor who will buy the house from the bank and let you rent it, preferably with an option to own.

Your Questions About Foreclosures

Sharon asks…

How can one get back their home after a foreclosure and sheriff sale? What options remain for the homeowner?

Your Questions About Foreclosures

The Expert answers:

If it has been sold then you are no longer the home owner,it is final. There are no options.

Your Questions About Foreclosures

Donald asks…

Selling a home worth less than what is owed?

What happens in the case that you owe more on your mortgage loans than the amount you sell your house for? Are you still responsible for paying the balance after the home sells? I am just curious because of all the foreclosures and desperate home sales happening in the current market? I sold my home a year ago, luckily made a profit, but think about what if I had waited to sell until this year and I owed? Thanks.

Your Questions About Foreclosures

The Expert answers:

All great answers! No one mentioned if you short sale your house yo also get a 1099 from your bank for the difference. They make you claim tax on it as if it were income.
There is a revision on this law currently being voted on or something.

Your Questions About Foreclosures

Paul asks…

Where can I find a list of cheap homes for sale in my area like foreclosures, govt. auctions and so on?

Your Questions About Foreclosures

The Expert answers:

Often, there are no “true” website that dedicate to that.

They are companies who go to Foreclosure, government auctions and list the houses they have, and attempt to make some money by offering you the house cheap. Example: They tell you this house is available, you can buy it for $100,000, when in reality they buy it at 95,000 (or whatever) and resell it to you. Pay close atention to fine prints and information about the “provider.”

Your best bet is to go to a live-local auction. I don’t know where you live, but I’m pretty sure you can find it a bit. Someone in your town has got to know.

Your Questions About Foreclosures

Sandra asks…

I just made an offer on a home in short sale (about to go to foreclosure)?

The owners accepted my offer and signed my contract, but the contract has to be approved by the bank. It takes up to 5 days for them to approve. My questions is–what happens if other offers come in before the bank approves? Can the owner take another offer even though they already signed mine?
Our offer was for the asking price.

There’s a good chance there will be other offers, since the price is really low and there was already another offer when we made ours. The house has only been on the market for 9 days.
One more question: what exactly does the bank have to approve?

Your Questions About Foreclosures

The Expert answers:

A short sale is a sale where the back has agreed to allow the owner to sell the house for less than they owe on it, rather than the bank take it in forclosure. The offer should not be binding yet, as short sales are “subject to 3rd party approval” (meaning the bank). What the bank is looking at is basically if your offer is an acceptable loss to them. That being said with a short sale they bank has to approve the list price so if you wrote for list and do not have a lot of contingencies then you should be fine. As far as other offers, until your is approved by the bank it is not a contract, so theoretically someone could write a better offer and get the house, and you would simply be back where you were before you wrote the offer because it never was a contract. In my experience though most people try to get a better deal than a short sale already is. It is out of your hands at this point, but you are most likely fine having written full price.

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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