Your Questions About Foreclosures | foreclosureorder.com

Your Questions About Foreclosures

Your Questions About Foreclosures

Donna asks…

In New York is it better to go with a short sale or foreclose the home?

The real estate agent will get her commission on the short sale, but is it better for the owner to just through foreclosure, or will that be more of a headache for the owner.

Your Questions About Foreclosures

The Expert answers:

There is no *better* in either case. Both are going to shoot your credit score to heck.

A short sale is no guarantee either. The bank has to approve for you to even consider one, and then they have to approve the offers you get which takes upwards of 6 months. By that time, you may have already foreclosed.

Your Questions About Foreclosures

Ken asks…

Forclosures homes sales?

How do you find out about foreclosed houses for sale? How does it work?

Your Questions About Foreclosures

The Expert answers:

You can find a list of foreclosures in your area right here in Yahoo. Just go to the Real Estate section and click on foreclosures.

The vast majority of foreclosures are listed through the normal channels (realtors). A good realtor can bring you up to speed real quck on what you need to know, the process, financing, etc. They get commissions for selling a foreclosure too so they’re usually quite agreeable to giving you a free education along the way.

Just be aware that some foreclosure sales, like short sales, are more work for realtors and with a chance that, after all their work, the deal won’t go through. Consequently, some realtors will discourage these types of sales, not because they’re not good for you but because they’re not so good for the realtor.

Your Questions About Foreclosures

Thomas asks…

How can I get the name of the bank that owns the foreclosed home?

I made an offer on a “short saleforeclosed home on last thursday. They had it listed for 175000 and i offered 170000. I would like to know if they will consider my offer or if i should just offer them the full price that they asked so we can get the ball rolling faster. Also, how can I find out what bank owns this property. I do not want to keep calling my realtor,so i was wondering if their was a way that I could find out so I can get a hold of the bank and see if they have news for me.

Your Questions About Foreclosures

The Expert answers:

In the end, I’d wait for your RE agent. Here’s why:

In theory, if it has been forelcosed on there should be a foreclosure deed recorded with the county (some places city) recorder of deeds. However, in many cases this is not recorded promptly or does it contain much information. The original mortgage will be recorded as well there. But, Mortgages are put into securities, so often a trust will hold title. The industry actually even has a master trust to hold mortgages (Called Mortgage Electronic Registration System (mersinc.com) because of how many transfers take place.

In the end, the mortgage holder may be represented by a loan servicing company who filters the information. In the end, the holder of the mortgage doesn’t want to deal with you because they have too many loans, now too many homes..so they have servicers and real estate agents to represent them. Who are under contract. WIth today’s market it takes days to get answers and it would be worse if they negotiated each one directly.

And, if its a true short sale where the home is yet to be fully foreclosed on, they have no legal basis to talk to you, only their borrower, about an short sale.

In my experience 170k vs 175k isn’t a big deal tto a mortgageholder. Hold out for an answer.good luck.

Your Questions About Foreclosures

Michael asks…

What is a foreclosed home?

If the home is for sale as a foreclosure at $10,000. How much do we actually pay? do we just pay the $10,000?

Your Questions About Foreclosures

The Expert answers:

Others stated the definition of foreclosure, but where are you seeing the 10k price tag? If it’s in pre-foreclosure and the owner is selling it at 10k, you can negotiate the price (which I doubt is the situation). If it’s in pre-foreclosure and the notice of default states 10k, that’s how much the owner has to pay to bring the loan current and you cantry to buy the property from the owner atwhateverprice you agree to. If it’s at the auction, it could be the second lien holder credit bid, in whichyou’ll have to pay off the first as well. If it’s a REO, then the 10k price tag is negotiable. This info is for trust deed states.

Regards

Your Questions About Foreclosures

Jenny asks…

Looking for a good website to find?

Foreclosed homes in my local area, and just homes for sale in general.
what is a good website that i can get good information with visuals, without having to list any of my info for the housing info!

Hope i didnt confuse anyone!

Your Questions About Foreclosures

The Expert answers:

Asheeshkumar.com

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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