Your Questions About Foreclosures | foreclosureorder.com

Your Questions About Foreclosures

Your Questions About Foreclosures

James asks…

What is the best way to find a home for sale that is: Not in foreclosure and vacant?

It’s going to be hard but I want to find someone who will do owner financing with me for a short number of years. Is there any way to find homes that are listed and VACANT but not in foreclosure??

I figure if the home is vacant, they are likely making a payment of some kind and losing money, and not wanting it to sit vacant for long. I would like it to be an older home that way its more of a fixer upper and the seller would be more willing to negotiate :) - Your Questions About Foreclosures

Any ideas are welcome and suggested. Thank you.

Your Questions About Foreclosures

The Expert answers:

Your best bet is to speak to a Realtor. They are usually aware of certain properties that offer seller financing before anyone else. You could also approach FISBO’s (for sale by owner). Just beware that “rent to own” is a scam 99.5% of the time. Good Luck!

Your Questions About Foreclosures

George asks…

When a Foreclosure is listed at $9,000, does that mean that is the default amount? How do you know sale price

Example: home on RealtyTrac in Foreclosure, list sales price at $9,000. house value is probably $300,000, but shows sales price at $9,000???? Can you qualify for traditional loans to buy a foreclosure?

Your Questions About Foreclosures

The Expert answers:

Information is only as good as the person inputting it. When you see a large mismatch to foreclosure amount and balance owed, don’t get too excited and think that you’ll pick up a $400,000 home for $10,000. That is never the case.

It could be the following: second or third mortgage, HOA fees, tax fees or just the delinquency amount.

Also, since foreclosures are an adverse possession all of it is public notice and can be verified and researched. On RealtyTrac there should be a few contact numbers. Call them and verify the information.

Your Questions About Foreclosures

Carol asks…

How long will I have to wait on a short sale nearing foreclosure?

Me and my fiance are putting in an offer on a short sale home 5k less than asking price and asking the seller to pay closing costs. This property has been on the market for months and is weeks away from foreclosure. There has been 0 offers so far from what we were told. Since this property is so close to foreclosure will it still take possibly months to find out if our offer is accepted? Or since this is so close to foreclosure will the lender speed up the process and let us know rather quickly on whether or not our offer got accepted. It’s almost impossible right now to find a decent house in our range that is not a short sale. Should we keep making offers on others to see if any bite? Or should this be a rather quick process? I’m really worried about losing out on the housing tax credit. I’d like to close on a property before November. Advice needed. Thanks
The asking price was listed as bank approved and no lender approval req. if that makes any difference.

Your Questions About Foreclosures

The Expert answers:

If you are eligible for that first time home buyers $8,000 tax credit- I would not get involved in a short sale.

Short sales don’t often drag out for three months, but they do sometimes-and nobody cares if it causes you a problem.

Don’t say I didn’t warn you!

**************
No matter what was written in the listing this can very easily drag out a very very long time. The exsisting mortgage company does not care if waiting will cause you problems.

Your Questions About Foreclosures

Thomas asks…

Need a slogan or catch prase for cleaning business?

I am opening a cleaning company that will clean move-in/out homes, foreclosures, new construction and vacant homes for sale. The name is Fresh Start Cleaning and the logo is a shamrock. Any idea’s??

Your Questions About Foreclosures

The Expert answers:

Clean down to the bone. Fresh as a daisy. Clean as a whistle. You make it , we rake it.

Your Questions About Foreclosures

Linda asks…

What do you think of my stimulus plan?

Here’s my plan. If you are upside down on your home, but you have the income, savings and credit score to buy a bigger, more expensive short-sale or foreclosure… here’s the plan…

Say you owe 300,000 on a home, but you can only sell it for 280,000 (neglecting other closing costs, commissions etc…), you will be able to roll over that negative equity into a new home (say a 400,000) as long as the sales price of the new home, plus your negative equity, does not exceed an 80% LTV… so…

your home: 300000
Sales Price 280000
negative equity: 20000

New home sales price: 380000
Appraised value: 500000
New mortgage amount (new home sales price + negative equity): 400,000 (80% LTV).

This would enable people with solid jobs and good credit to buy more expensive homes in foreclosure, and sell their less expensive homes to new home buyers…
I am currently IN Washington, Capital Hill to be exact, why won’t my plan count??

Your Questions About Foreclosures

The Expert answers:

Your plan doesn’t work – here’s why.

You wrote:
Say you owe 300,000 on a home, but you can only sell it for 280,000 (neglecting other closing costs, commissions etc…), you will be able to roll over that negative equity into a new home (say a 400,000) as long as the sales price of the new home, plus your negative equity, does not exceed an 80% LTV… So…

Your home: 300000
Sales Price 280000
negative equity: 20000

New home sales price: 380000
Appraised value: 500000
New mortgage amount (new home sales price + negative equity): 400,000 (80% LTV).

Here’s the real issue:
New home sales price: 380,000
Appraised value: 380,000 (that’s what someone is willing to buy it for – this makes it the new value – doesn’t matter that the other houses sold for $500,000 in the past, your puchase just re-valued the whole neighborhood). New mortgage amount 304,000 (a 380,000 with a 20% downpayment). Still stuck with another $20,000 out of pocket to get out of the last home – need $96,000 plus closing costs on two houses to accomplish this.

The comment in the other answer is that ‘you aren’t Washington’ not you aren’t IN Washington. By that, she meant that you aren’t in congress and your suggestions don’t mean anything because you have no power.

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