Your Questions About Foreclosures | foreclosureorder.com

Your Questions About Foreclosures

Your Questions About Foreclosures

Sandra asks…

Buying a foreclosure in florida help?

Hi all I’m a 25 year old single mother in Florida. After splitting with my ex I moved back in with my parents… I’ve been looking at rental’s but they are so expensive and I feel they are a waste of money. How & where do I start to look at homes that are in foreclosures or short sales. I want my son to have a stable home and not be moving from apartment to apartment. Does anyone know how much I would have to put down, ball park. I have a decent job & credit.. but not looking for a crazy monthly payment (mortgage) any advice please advise. Thank you 

Your Questions About Foreclosures

The Expert answers:

First you need to talk with a realtor. They are the ones who can show you the properties in your price range and you need to use one to place a bid on a property.

Next…you need to go to your bank or credit union and get a mortgage commitment. This is not a pre-approval…this is a full blown commitment. They will want your income statements, tax returns, credit check, and a full listing of all assets and liabilities. They will produce a paper with the max amount they are willing to lend to you. The property you pick will still have to qualify and the bank will want you to pay for an appraisal once you make an offer on a place.

IF you are a first time buyer… Check out homepath. They have special deals for HUD properties being sold to first time buyers

SO..the process:

REO. Foreclosure is done, bank has the property..it is empty. These places are often trashed. Nearly always the A/C, washer, dryer, refrigerator, stove, etc, etc at missing. Often the walls have been bashed in and the tile/carpets ruined too. But..there are deals here to be had.

So.. There are two basic types of REO. HUD owned homes and bank owned. Both are listed on the MLS.

These properties are not all released to the market at once. HUD and the banks are holding back a large inventory in the hope of keeping prices up. Once these places are release to the market..they are placed on the MLS. The good ones are usually gone within a week of the initial listing. So..be prepared to act.

What you need to bid on an REO. 1) you need to have the mortgage commitment in your pocket already. This is NOT a pre-approval. MORTGAGE COMMITMENT. Or proof of the cash in the bank to make the straight purchase. 2) cashiers check for the earnest money..usually about $1,000. 3) a realtor to make the bid for you.

When you see the property you want…act immediately. Usually the cash only buyer will win. But..everything else being equal you need to understand the banks are not willing to discuss this… Full price is what they will accept. The decent properties are under contract within 5 days. HUD will leave a place open for bid for only 1 week. Be ready

Your Questions About Foreclosures

Maria asks…

where are the best places to live in Florida and Georgia?

I’m planning to move down south and don’t know much about either of these states except for Orlando and some parts of Ga. I want to live somewhere that has recreational activities like swimming and softball and also where I would be able to have a garden and grow fruit trees and all kinds of flowering plants. I’m also an orchid lover and I know there are places where these grow naturally. I’m hoping to find a home that’s not too expensive- maybe a foreclosure home that someone needs to leave for whatever reason. Any suggestions would be appreciated

Your Questions About Foreclosures

The Expert answers:

Thats good to hear you want to move to the south I live in The Metro Atlanta Area (near Lawrenceville) there has actually been alot of really nice $200,000 homes getting foreclosed on lately and there usually being sold from the 170,000’s. As far as fruit trees go the Atlanta Area is good for planting Apple trees

Your Questions About Foreclosures

Paul asks…

Can a VA home loan be used to buy a home in foreclosure?

I’m in the military and interested in purchasing my first home. However most of the homes in my area are in foreclosure; the ones that are in my price range at least.

I called at one in particular but the realtor said that the bank doesn’t like going with VA b/c the foreclosure wants all the costs to be covered by the buyer.

Other than talking to a realtor (which is what I’m going to do on Monday anyways) can a VA home loan still be used to buy a home in foreclosure?

Couldn’t the closing costs just be included in the the cost of the home itself?

Oh and I’m residing in the state of Florida.

Your Questions About Foreclosures

The Expert answers:

Yes it can, however the VA may require an escrow of monies to make repairs and most lenders aren’t going there. You might consider purchasing a “short sale” instead. At least you can see the property is most likely being maintained and would you still have some negotiating room with the sellers instead of the lender.

Your Questions About Foreclosures

Jenny asks…

south florida Foreclosures how do i find them and buy them?

are you having problems selling your home in the south Florida broward county area if anyone is looking to sell a home or condo/townhouse in the south Florida area i am very interested in taking a look. i am looking for a good deal basically if you are in or about to go to Foreclosure i want to hear from you . i am not a major investor i am a buyer looking to buy a nice home to raise my family in . thank you and good luck

Your Questions About Foreclosures

The Expert answers:

All foreclosure actions in Broward are listed in the Broward Review. Pick up a copy and it will have the properties that have actions pending, list new actions and list the properties that are for sale on the “courthouse steps”. If you are really looking for your family and not an investor trying to flip a property, you could always try and approach someone before the property is sold. It is more difficult to purchase properties at the Courthouse. There are groups of investors who act in concert to outbid other people at the sales so if you end up going against one of these groups you will have a hard time getting a property at a price you want. Good luck.

Your Questions About Foreclosures

Robert asks…

I live in Florida and the bank just filed for foreclosure. How long do I have to vacate my home?

I received the papers 2 weeks ago that our bank is foreclosing on our home. I have not received any additional information, but we are not fighting the foreclosure. The truth is we can not afford our home due to my husband’s job loss. How long do we have before we are evicted, and what is the notification process for this eviction? Can they just show up unannounced and throw us out? I am clueless. Thank you.

Your Questions About Foreclosures

The Expert answers:

Every insitution is different and different guidlines the best way to find for sure us to call the bank or the number on the letter that you got, I have herd some say it takes 3 months and then I have herd others say they show up knock on your door and you have to leave, so not to caught off guard iwould call the bank and see the time frame that I have.

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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