Your Questions About Foreclosures |

Your Questions About Foreclosures

Your Questions About Foreclosures

Ken asks…

Where is the best place to find foreclosure homes in Wisconsin?

Your Questions About Foreclosures

The Expert answers:

Your friendly real estate agent. Forget web sites. Their info is always off and old.
I’m a Century 21 agent in Southern California and I have a list of foreclosures for the whole state of California, which is updated every day.
I provide it to my clients for free. I’m sure you can find an agent in your area to help you.

Your Questions About Foreclosures

Daniel asks…

Does anyone have any tips on bidding strategically at public auction for homes in foreclosure?

We have found a home that was foreclosed on and I would like to purchase it. I have limited funds and realize that there may be many more people there who have more money than I and may easily rip this house right out of my hands. What I am wondering is if there is any way to “put on my poker face” and walk out of there with this house despite the fact that I could have easily been outbid? There has to be a fine art to this.
For whatever reason, the lender does not seem interested in any sort of negotiating. It will be sold on the courthouse steps. I also contacted the person who owned the house and they were going through bankruptcy and we couldn’t work out a deal with them.

Your Questions About Foreclosures

The Expert answers:

Personally I pay my broker to do the bidding for me. The whole process tales less then a minute. If you are not on your toes you will be wearing “confused face”.

Make sure that you have everything you need before you show up. You have to pay 10% cash (green or cashiers check) on the spot. The rest is due within 30 days. Unless you are paying full cash or already have a loan in your pocket it is tough to get them that fast.

Also, research the property. The bid price may only be part of it. There may be liens or additional mortgages that need to be paid for within those 30 days as well.

I personally am not buying this way right now. All of the banks are sending in Shrills, professional bidders paid to make sure the house goes for a minimum amount. In the “old days” this was not cost effective for them, but with several properties up for auction at once this is a way to protect their assets.

Your Questions About Foreclosures

James asks…

Where can I find Foreclosure homes in Estrella Mountain, AZ for free?

I want to buy a house in Estrella but I want to spend not more then $100 000. How can I find foreclosures in that area? Mls doesn’t offer much

Your Questions About Foreclosures

The Expert answers:

The banks list all the property on their books with local real estate agents. The best bet of finding a foreclosed property lies in you seeking a real estate agent, telling this person what you are looking for and the price you would like to pay.

The best thing you can do prior to finding a real estate agent is to get pre-approved for a mortgage prior to locating a real estate agent.

In order to find out the type of loan programs you are qualified for you will have to fill out a loan application, with a mortgage broker, which you can find one in your local telephone book.

Make sure this mortgage broker or mortgage banker is able to do government loans such as FHA and VA loans if you qualify for one.

He will fill out this application, which takes awhile so grab your favorite beverage and sit down. Once you have completed the application, he will run your credit report which will have your credit scores. These credit scores will determine your interest rate.

The amount of your monthly debt payments you are required to pay as per your credit report and the amount of mortgage you can take on based on your income will determine the amount of house you will be able to purchase.

When you speak with the mortgage broker you will need the following documents to complete the loan application, there will be others, but this will get you started.

#1 One month of pay stubs for each person that will be on the mortgage.

#2 Six months bank statements from each bank in which you bank as well as statements from any 401K from you place of employment.

#3 Two years of federal income tax along with the W-2 that match.

Once he has all that he need to do he can then issue you a pre-approval letter so you can purchase a home. In this pre-approval letter will be the amount of house you are qualified to purchased.

Once he gives you this pre-approval you may now find a real estate agent to find yourself a home or he might have a referral.

Now make sure before you get your pre-approval you and your mortgage broker go over all your options as to the mortgage programs you qualify for, the interest rate, monthly payments.

If you are getting a FHA, fixed rate, two loans to eliminate PMI like an 80/20 or one loan, if you are qualified for and approved for a 100% loan.

You should select the loan that best suit your financial condition at the time. That could be an adjustable rate loan. It could be a fixed rate loan for 5 or 10 years and then adjust. Some adjustable rate mortgages only adjust once.

Make sure your mortgage broker explain all your options so you may make an intelligent decision.

What might be good for one person might not be good for you, in other words just because your friends and all your real estate buddies are telling you about the great fixed rate they got, your financial situation might call for something else.

So select the best option for you and your financial situation.

You should also get a Good Faith Estimate (GFE) which will indicate the cost you will have to pay for getting this loan. It will also indicate the amount of your down payment.

Once you have found a home the real estate agent will then prepare a contract for you and the seller to sign.

Your mortgage broker will now order an appraisal to show proof of the property value.

The mortgage broker might ask for additional information or documentation, don’t get all up tight this is normal, just supply the information or find the documents needed.

After the appraisal has been completed you will be called by your mortgage broker to sign your loan docs so you can take possession of your new home.

Before signing any loan docs make sure they say exactly what you and your mortgage broker went over when you decided on what mortgage program was best for you.

I hope this has been of some use to you, good luck


Your Questions About Foreclosures

Donna asks…

If persons donated their homes before foreclosure is it a tax deduction?

Homelessness is on the rise so if so many empty houses and so many homeless persons were united by tax donations to the non profit sector to begin housing units for homeless. The government then or would reimburse donators and they could get rid of their white elephants to persons in need and the taxes would only need to be paid due to gift and exchange of properties after a realistic appraisal?

Your Questions About Foreclosures

The Expert answers:

You can’t donate what you don’t own.

Your Questions About Foreclosures

Mandy asks…

how to get info on foreclosure homes in India?

how to get information to buy foreclosed homes in India – in Bangalore and Mysore? is there any portal, website or person who can be contacted? please let me know. thanks

Your Questions About Foreclosures

The Expert answers:

It is mandatory to publish such foreclosure sale in auction/tender by the lender in two prominent news paper one in English and another in Local language in the locality the property lies.

So if you watch the news papers you will find advertisements placed by baks/ home loan institutions/ debt recovery tribunals.

The one you like you can choose and participate in auction / tender.

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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