Your Questions About Foreclosures | foreclosureorder.com

Your Questions About Foreclosures

Your Questions About Foreclosures

Chris asks…

Buying a house foreclosure/Bankruptcy?

I am looking for a house and just joined www.foreclosure.com and I am a bit confused on how to go about buying a Bankruptcy house. I get the foreclosure cause it has the price and also the realtors phone number.

But the Bankruptcy has the Attorney Phone and the Trustee Phone who do I call and how do I ask….I am a bit confused. I also see on the page how it says Properties that are listed as part of a bankruptcy filing are often subject to liens and potential inconveniences that you must take into consideration.

Will they tell me that when I call and do they know any information on the house like bedrooms and stuff…and are bankruptcy often cheaper?

Just wondering thanks so much!

Your Questions About Foreclosures

The Expert answers:

Ok I am sorry to be the one to tell you that the web site you just became a memeber of is a waste of money. No worries though just don’t re up when it comes time and use it to see what the foreclosures are going for in your area after it goes through a bank and to a realtor. This will give you a good perspective on the area so you know what to expect out of your home for a buyer to feel like they got a good deal. This will afford you a quick turn.

I am going to tell you the best way to buy and sell foreclosures isn’t on a website it’s at your local tax office. Go to your local court house and go into the tax office and take a look at the foreclosure docketts within. These docketts will tell you all the foreclosures in your area. It will tell you there names, address, when they opened the note, how much they borrowed, who they borrowed it with, and lot information for the home. These are homes that have not yet been taken by the bank and fixed up,marked and in turn then the realtor marks it up too. You can look through hundreds of foreclosures each month in your home town. I live in a smaller town and there is always an overload.

Now I am going to answer your question about “subject to liens and potential…etc” This simply means they are not going to garauntee that ther is no liens against other than the banks lien. In other words the bank might need to get $50,000 out of it and the realtor wants to get $85,000 out of it, but the state could have a $25,000 lien on it for back taxes. Or a previous owner might have done a second owner finance lien on the home for $15,000. That amount will be attached to what ever purchase price you agree to. So if you purchase this home you will be responsable for all liens that must be paid at date of sale.

The way to get around this is once you find a house that you are interested in buying, assess the damage and make sure it’s the one you want and get what’s called a gauranteed title search. If it comes back clean and something pops up at closing you are not responsable for the lien the title company will be. The only way this is null and void is if you buy your home on the court house steps the day of auction. You will only pay the amount agreed on at the steps.

When you search your local dockett look for homes that the loan was opened more than 10 years ago minimum. This will insure that they have paid a large amount of the loan they opened. If they bought the house ten years ago and took out a 20 year note on it (which will be in the information you look up) they already paid it half off. (theoretically or close) Also if they bought it ten years ago the value has gone up. If they bought it for $50,000 ten years ago and paid half off, they owe $25,000. If it was worth $50,000 ten years ago it’s worth $100,000 now. They owe 25 you just bought a home at 25 cents on the dollar. I recomend you never buy a home for more than 45 cents on the dollar. This way if by some chance your market has a crash ( like Detroit just had) you will be able to either hold and rent for more than your payment or sell and move on.

I know this was a little long winded but I hope it helps. If you have any questions feel free to e-mail me anytime. Bcauble1@yahoo.com

Hope this helps…Good Luck!!!!!

Your Questions About Foreclosures

Susan asks…

Has anyone every bought a house form a King County tax foreclosure auction?

I live in Seattle, Wa and wanted to know if anyone has every bought a house form a King County tax foreclosure auction? Or know anything about the process??

Any Information would be a huge help!

Your Questions About Foreclosures

The Expert answers:

Many people know that this is one possible way to get a good deal on property especially if they have been watching late night infomercials on TV. I don’t know all the details of the process either but there are some things you should be aware of before actually considering it.

The biggest obstacle for most people is that you are required to have the cash to make any such purchase. This is not the place to buy a house if you are planning to use financing.

Some people think that they can pick up this type of property and then quickly turn it over for a big profit. Often, that can be problematic because of the 3 year redemption period during which there is a possibility that the owner will pay what is owed and get back title to the property.

I recently sold a building lot that had been purchased at such a tax sale. The owner decided to list it with me before the end of that three year period. One of the obvious difficulties is that title insurance is prohibitively expensive before that period ends. It would have cost at least 25% of the value of the property to get title insurance.

There was a lot of interest by buyers who wanted the lot but none of them were willing to buy before we got to the end of that redemption period, not even if the transaction was set up to close after the time was up. Then after the redemption period ended, the lot sold very quickly.

If none of these things deter you, go to the courthouse in person. A list of properties being sold will be posted at the courthouse so the best thing is to go there in person to check it out. Of course, you will want to carefully investigate any specific piece of property before considering making a bid at auction because those properties frequently have some huge drawback in terms of location or access etc. Often the properties posted will somehow be saved from the auction block before the sale happens so you can’t be sure you will ever have a chance to bid for a particular property.

Your Questions About Foreclosures

Richard asks…

What is the best website to find pre-foreclosure/foreclosure properties?

Ive been seeing sites offering pre-foreclosure information for many houses in my area. Most of them charge $50/month. I don’t mind paying the 50 but I want to make sure I only have to do it with one site. The 2 sites im thinking about are foreclosure.com and realtytrac.com
Anyone have any experience with them?
I work very long hours and don’t have enough free time as it is. A site like this would benefit me.

Your Questions About Foreclosures

The Expert answers:

All of that data is free if you know here to look. I created a page that lists all the recorders, auditors, and so forth for a Real Estate Club that I run, just do google searches for these offices, for an example, check it out: http://www.ratraceclub.com/real_estate_in_cincinnati.htm

-Angela

Your Questions About Foreclosures

Ken asks…

California renter’s rights if house is in foreclosure?

If I am renting a house in California (I’m not sure if the laws are different in other states) and the house is in foreclosure and the owner has not paid the mortgage for the last 6 months. What obligation do I have to pay the rent? According to the California Department of Fair employment and housing I need to continue to pay the owner but everything I see in the media and the small amount of information I have read online says I’m not obligated to pay. What does the law say?

Your Questions About Foreclosures

The Expert answers:

You cannot live anywhere for free. You must still pay the rent to the current owner. Watch out for scams from people who say they are the new owners and you have to pay rent to them. Make sure they can PROVE they are the new owners. Some states are enacting renter’s rights relating to situations that you are in. Sometimes, when the foreclosure is complete, the renter is evicted with little or no notice. Check with CA laws on this subject. Just make sure you receive receipts for all of your rent payments.

I would start looking for a place NOW in case you don’t get much time later to find a new place to live especially if you are near the end of your current lease. You may even be allowed to break the lease without penalty. I don’t expect your landlord has your security deposits anyway – that’s probably gone.

Your Questions About Foreclosures

William asks…

What is the best way to delay foreclosure on a rental house? Has anyone contested it or know how to do it?

I am looking for information on how to contest a foreclosure in the state of Florida.

Your Questions About Foreclosures

The Expert answers:

I live in Tampa and I have been stalling the foreclosure process for almost 2 years. First, after you have not paid for 3 months call your mortgage company. Tell them that you are trying to sell the house. Make sure it really is listed. Don’t worry, in Tampa nothing is going to actually sell. You can stall them for several months this way. Just when their patience runs thin tell them that you have some offers but they are much lower than what you owe. This may actually happen. Either way this buys you a few more months while they consider taking less. Finally you will get served. You must file a response within 20 days. You can hire a lawyer or do it yourself. Ask for an extension. Explain that you are this close to selling. Each time you get served file another extension. Eventually there will be a Summary judgment. Don’t let this scare you. It is just something that says that they can attach legal fees to the amount. Don’t bother showing up for this one. It take 2 minutes and you will lose. Really the fees are not very high anyway and they are never going to collect. Finally there will be another summary judgment where they get a sale date. At this time you have 40 days to vacate the property.
Believe me, the courts are so backed up in Florida that you can live in your house for about 2 years before they actually get possession. If it is your primary then maybe even longer is you get a good lawyer.

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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