Your Questions About Foreclosures | foreclosureorder.com

Your Questions About Foreclosures

Your Questions About Foreclosures

Ruth asks…

Foreclosure Approved for Short Sale – Inquiries About Purchase?

I went to check out a house today. I found out (wasn’t listed online) that this home was in foreclosure and approved for “short sale“. Here are some details on the home.

The home was financed for $200,000. The family still owes $180,000 on it. List price is $149,000. Now, I was wondering what if I offered $125,000 with 40% down, if that would be a offer the bank would consider?

Also, are there any other considerations when considering a shot-sale home?
4got to add that info…my bad. The realtor (who is a personal friend of the seller), says the home was “recently assessed” at $200,000. However, I found online values ranging from $115,000 – $212,000. Fair market value (at best) would be the asking price. And that’s in a “perfect world” when comparing to similar homes in the area.

Your Questions About Foreclosures

The Expert answers:

I am currently a buyer in the market and I have come across literally 100s of short sales. I recently put a bid on one about 2 months ago at a considerably lower asking price. My realtor warned me but I decided to go ahead with it. So it has been about 3 months now and so far all that has been done is the buyers have accepted my offer, the bank hasn’t even looked at it yet. So I have decided to pull out of the bid and continue my search and this time stay away from short sales. A short sale is all but short, it could even take up to a year. If it was called a take forever sale, nobody would even think about putting bids on it. The owners of the property are currently about to be foreclosed on and they are just trying to sell it before they have a foreclosure under their belt. They probably owe more on the mortgage than the property is actually worth and are in a hard spot when it comes to selling. It is now the banks decision to either foreclose or accept an offer on the property. If the property says, short sale approved, that means the bank has approved it for short sale and the price the property is listed as is the lowest they will consider taking. Approved short sales are deffinitely the best way to go when you are looking at short sales. Short sales can be great opportunities to get properties at a great deal. You just really need patience and a realtor that is experienced in closing short sales. If you have these things and you can close the deal, you will have a steal of a deal. Good luck! :) - Your Questions About Foreclosures

Your Questions About Foreclosures

John asks…

How low should we bid on a short sale home?

The home is selling for 119500. The realtor said it has been on the market for almost a year and will go into if it doesn’t sell soon it will go into foreclosure. She told us to bid 99000. But I don’t know if she is trying to get us not to bid to low so she can get more commissionn.

What do you think?

Your Questions About Foreclosures

The Expert answers:

Bid whatever the property is worth to you.

Your Questions About Foreclosures

Susan asks…

Has anyone ever boughten a foreclosure property?

My boyfriend and I are going to start saving money to buy a house. Today I was looking at the houses for sale online and a link to foreclosure properties came up. The prices for the foreclosure homes are super cheap. For example a house built in 2004 with 5 bedrooms and 2 bathrooms for about $20,000. Does anyone know if this is true or what is the process of buying a foreclosure property?

Your Questions About Foreclosures

The Expert answers:

That $20K is the default amount. The house will be sold at auction and if it is even close to being habitable investors will bid it close to market value.

As you are first time buyers I would recommend working with a Realtor. Once properties are foreclosed they end up with a For Sale sign in the yard, just like any other house.

Your Questions About Foreclosures

Joseph asks…

How long does it take for a home to go from short sale to foreclosure?

I’m looking for a new home and figure its a good time to buy a property. I already saw a few homes, however there is one that really caught my eye. Its still a bit out of my price range, and more than I would feel comfortable paying for. However, it is in short sale, which I know isn’t that far off from foreclosure. Assuming no offers are made on the home (so far no one has shown in interest in it other than me), how long does it take to go into foreclosure (average time). The home has been on the market for over a year, but just went into short sale about 2-3 months ago.

Your Questions About Foreclosures

The Expert answers:

It really depends on the bank. They control the destiny of the short sale and the foreclosure.

Your Questions About Foreclosures

Chris asks…

After filing for bancrupcy, how long is it before you can purchase a foreclosure?

We filed for bancrupcy approx. 4 years ago and have been paying outrageous rent ever since. We would love to have a house and stop paying rent but the only way we could ever afford to get into a house would be something priced low enough such as a foreclosure home. Real estate agents we have spoken with are no help at all on the subject. Of course, I
understand that this is their business and why they would not want to help with this type of sale. But surely we are not the only people who have ever had this problem, how does one go about getting into one of these foreclosure homes?

Your Questions About Foreclosures

The Expert answers:

You can buy a house two days after bankruptcy, if you have enough cash for a huge down payment.
Normally it takes 7 years to clear your credit record.
Without knowing your situation, I cannot tell you more, but I work with clients with credit problems and I specialize in foreclosures. Maybe something can be done, if you have a good job, at least some money in the bank, etc. You just need to find the right agent. Agents are paid by sellers, not buyers, as you know, so you have nothing to loose by working with an agent.
Take a look at my web site (below) and if you are in the area, contact me. Or you can contact me anyway for advice, if you wish.
One more thing. Foreclosures are a good idea, and, yes, you can get a good deal (you cannot buy a foreclosed property for a hundred bucks, as you might see on those stupid TV infomercials, but you can buy below market.) BUT there’s a problem for a person in your situation. You see, a foreclosed property is sold by a lender. It was foreclosed because the previous owner didn’t pay, right? And here come you and I and I say: “I have a client, who had a bankruptcy not long ago.” What does the lender say? Even if you have a loan from another lender, you must be approved by the bank, which owns the property. Do you see the problem?
But, as I said, maybe something can be done. I need more info to tell you more.

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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