Your Questions About Foreclosures | foreclosureorder.com

Your Questions About Foreclosures

Your Questions About Foreclosures

Linda asks…

Re-negotiating with a Ratified contract on a foreclosure…?

We have a ratified contract which was ratified on 7/19 for a foreclosure in the amount of $150K. We won out on a multiple offer situation. They gave us 5 days to do the inspection of which we did yesterday and found numerous issues that would make our initial offer amount of that $150K impossible with about 46K of work needed. Therefore, we want to renegotiate down to $125K. I know this is usual with regular home sales, but with foreclosures and banks only thinking profit, is it possible for them to go down this much or at all? What is the likely hood of this happening?
FYI – The owner is chase home mortgage.
I also meant to mention that the asking price of the property was $122,300 so our offer was 28K over the asking. We are first time homebuyers and est about 20K worth of work, but the inspector saw other things that we would not have knowledge about. Asking for 125K is still above their initial asking.

Your Questions About Foreclosures

The Expert answers:

Your chances are close to zero. Before Chase reduces the price that much, it will put the property back on the market and take its chances there.

And now to the next question. When you initially looked at this house, were your eyes closed tightly ? How could you possibly NOT see $46,000 worth of needed repairs on a $150,000 house ?

Your Questions About Foreclosures

George asks…

bank brought my home@sheriff sale 4 less, home had a tax lien a year later bank sold home 4 more is lien paid?

I had a personal tax lien placed on my home which I recently lost in foreclosure, the bank brought back my home for less than I owed at sheriff sale. A year later the bank sold the home for 10K more than what I owed. Do I still owe on the home as well as the personally tax lien?

Your Questions About Foreclosures

The Expert answers:

The tax lien has to satisfied. Regardless of what the home sold for the tax man gets his money.
Whether you owe or not depends on the exact figures.
In most private real estate foreclosures the debtor is free once the property is taken away from them. THIS DOES depend on your states laws and your original mortgage default agreement.
But your taxes should have been satisfied.

Your Questions About Foreclosures

Lizzie asks…

Received notice of possible Trustee Sale/Foreclosure/Loan Mod on home I’m renting, should I be concerned?

There was an advertisement mailed to the home I’m currently renting addressed to “current resident” and outlined that the home is scheduled for Trustee Sale on Nov. 3rd by a law firm on behalf of the lender. I did some digging online and called the law firm to confirm and it’s true. We just moved in on July 17th – 3 months ago and signed a 2 year rental agreement with a realty company that’s acting as a third party handling the renting process between us and the owner.

The property manager nor I had any idea that the home was in the foreclosure process and that there is an auction scheduled at the local county court for November. He contacted the owner and the owner stated that they’re going through a ‘loan modification’ and are ‘confident it won’t be foreclosed on’. Should I believe this without any doubt and carry on with life as though this never happened? Should I be concerned that the bank may in fact choose to sell the property anyways? My mother told me to hold onto the rent that’s due Nov. 1st until Nov. 4th in case the home is sold because the rent we pay for the month of November may not be due to the homeowner [as he may no longer own the home]. I know you’re obligated to pay rent to the landlord so long as you’re living there but I’m also aware that the agreement between myself and the landlord is broken once the sale goes through. Is this sound advice?

Also, do you think we should just break our lease after this stress and find another place to live? I’m guessing this loan modification/foreclosure threats/auction sale business implies that the homeowner is having trouble paying their mortgage on the house… Not sure if we wish to be renting from someone under financial duress. Hubby deploys in January and I’d hate to end up having to move/argue with the bank next year if this happens again and the bank forecloses on the home.

Thanks!
This is in Cumming, GA.
My hubby spoke with someone in the JAG dept and they said there’s nothing they can do for us other than suggest an Atlanta attorney; I was a little shocked.

Your Questions About Foreclosures

The Expert answers:

Go to a jag now. You are lucky t have that option. They will give you advice and what to do. Bring everything in with you and also let your husbands unit be aware of what is going on. It is close to the first so I suggest you do it ASAP. The Jags are there for a reason.

Your Questions About Foreclosures

Michael asks…

We have bought a “short sale” home that appears to have gone into foreclosure. What does this mean?

My family and I are attempting to buy a home. Back on aug. 20th we put an offer down on a “short sale” home. Today, through the internet I noticed on official county documents that the home was put into foreclosure/execution through the sheriff on Aug. 18th. Two days before our offer. What does this mean for my family and I. Please help! We are very concerned to say the least. Do you recommend we get out now? The county documentation lists an amount of 200,000 which is well above our offer. What does that also mean? We had to sign documentation saying that if we decided to cancel the offer we might not be able to get our earnest money back. In this situation is that possible? Thank you! Thank you!

Your Questions About Foreclosures

The Expert answers:

So , you didn’t really buy it , you made an offer and it was not accepted buy the bank, no matter what the owner said as far as acceptance, the bank is the one who has to give final ok. You don’t have a deal and your agent sounds as if they are clueless to the process or it would never have gone onto foreclosure as they try to work with the owner.
And , since you never had a deal, you get your EM back.

A short sale is a lengthy process if the bank has not already approved the listed sales price.Let it go to foreclosure and you may get a better price on it.

Your Questions About Foreclosures

William asks…

Foreclosure homes are cheap at they said???

Hi, I was looking at yahoo for some houses in my state, so I found some information about REO homes, but for example, there are many prices, are prices listed there from $3,000 to 3,000,000 so, cause I don’t know how this works, I wonder if a REO home said that the price is $5,000, that is the real sale price?? that is the only price that I need to pay for the house??? or there is the basic price or what??? Do I need to pay something else (besides insurance and taxes????) I ‘m very confused.

Thanks.

Your Questions About Foreclosures

The Expert answers:

First of all if you are looking at HUD homes (foreclosed FHA homes) you can only buy them threw a Realtor. HUD does not sell homes directly to the public.

Now for a little education on Foreclosures. Before they go for sale on the open market they have to be sold at a local Sheriff sale. This is the process the mortgage company takes possession of the home for non payment. The really good deals usually don’t make it past the sheriff sales. Remember, just because something is really cheep does not mean it is a good deal. Location, Location, Location makes a good deal if the price is right.

I can make this really easy for you. Get yourself a Realtor that you are comfortable with and stick with them. They are educated, licensed and insured to assist you and they are absolutely free to you. A good Realtor can answer or get the answer to any of your questions. Just remember not to get on realtors black list by jumping from one to the other. They only get paid when you go to a closing and the word gets out when you work with more than one realtor at a time.

If you would like a referral free of charge to a good Realtor in your area please feel free to contact me.

You could also go to Realtor.com and take your chances of finding one on your own.

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