Your Questions About Foreclosures | foreclosureorder.com

Your Questions About Foreclosures

Your Questions About Foreclosures

Mark asks…

Can I buy a family member’s foreclosed home?

My mother-in-law recently lost her home to foreclosure. It is now up for sale as a Sheriff’s Sale next month. Are there any laws prohibiting direct family members from buying other family member’s foreclosed home?

Your Questions About Foreclosures

The Expert answers:

The reason a home is foreclosed on is that payments are not kept up by putting a house up for auction they are attempting to re-coop the money lost and are not really concerned about where the money comes from just that it does.

There is no legal reason that you would not be allowed to purchase this property as long as you have the cash to win the auction

Your Questions About Foreclosures

Susan asks…

Do you need any sort of license in order to buy a foreclosed home?

Foreclosed homes go for as little at $10,000 in markets that allow for at least $200,000 in sales. I was wondering if you need a license to buy a foreclosed home, or if you are simply just purchasing a house and then selling it at a later point as if you were the homeowner.

Your Questions About Foreclosures

The Expert answers:

No license is required. You just purchase the house as if it were any other house. Check with your local bank on taxes and your responsibility for any back taxes owed.

I understand that some homes can be bought “free and clear” by paying the back taxes alone! (No mortgage!)

Good luck. Hope this helps!

Your Questions About Foreclosures

Helen asks…

How long does it take to buy a foreclosed home?

We almost bought a short sale house (waited two months for an answer), got out of the contract because of extreme neglect on the bank’s part (they changed the locks on the owner). Now we might look into a foreclosed home. How long does it usually take to get an answer from the bank?

Your Questions About Foreclosures

The Expert answers:

Forever! I’m not just kidding. Banks can take up to three months to get back to a potenial buyer about an offer on a home. You can get good deals on short sale and foreclosed homes but you have to have at least three months (or more) to wait for the bank to approve the sale.

Your Questions About Foreclosures

Laura asks…

How can I find a trustee’s deed of sale for Michigan online?

I have a client who owned a home in Muskegon Michigan. The home foreclosed. We need the Trustee’s deed of sale. Something that shows that the home reverted back to the bank. How can we get it online?

Your Questions About Foreclosures

The Expert answers:

Seems funny; I answer questions on this stuff all the time;

NOT everything that is government oriented is on the net.

Deeds are listed with the county recorder.

If they have no web site, call them

Your Questions About Foreclosures

John asks…

How does the sale of a house that has been foreclosed on work.?

I have seen homes that have been foreclosed on that are really inexpensive. When I asked my real estate agent about them. She can’t find a listing. From what I’ve seen on the news. They hold public auctions on the steps of the assessors buliding. Then I was told that you have to place some kind of deposit to be a part of the auction it self. A fee that is non-refundable. I’m looking for a house to live in. Not an investment. I’m NOT interested in flipping. Please help need info.
Sacramento Calif

Your Questions About Foreclosures

The Expert answers:

Your agent should be able to find them on MLS.

DO NOT buy on the courthouse steps… You can get screwed. You dont know what you are getting. There was a recent case on the news of someone spending 2 million on a 3 million dollar house on the courthouse steps… Great deal, except the entire house was full of cat crap and urine, hardwood floors were bowed and ruined, the whole house had to be completely gutted, at a cost of 2 million… Not a good deal.

And investor can take a hit it if happens, but as your primary residence, you cant.

If you buy a foreclosure house, get it post-foreclosure so you can actually SEE the house, and make an offer….

Also, builders are giving some really awesome deals right now, as they are desperate…. Be sure to check them out….

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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