Your Questions About Foreclosures | foreclosureorder.com

Your Questions About Foreclosures

Your Questions About Foreclosures

Lisa asks…

How long would it take to evict former owner (but current occupant) of house acquired in short sale, in VA?

A bank has approved our offer for a short sale of a home in pre-foreclosure. The current owner of the property has told us he will only move forward with settlement if he can have two months free rent back while he finds someplace to go. If it came down to it, and I accepted this offer, to what lengths could the current owner extend his stay beyond those two months–through filing bankruptcies, or other legal means that could prevent me from moving forward with an eviction? Clearly, I am not going to move forward unless I KNOW that I can control when he vacates the property. How long could he potentially “squat”, once I settle on the house, before I could have him evicted? Again–for you legal experts out there–this is in the state of Virginia.

Thanks!

Your Questions About Foreclosures

The Expert answers:

If he stays beyond the two months you can take eviction action against him – the legal term is actually an “Unlawful Detainer” action. In normal cases, it can be completed in 2-3 weeks. However, if he fights it in court, he can drag it out another 2-3 months. In nightmare cases I have seen some cases where the evictee fought it for 18 months befroe finally beeing locked out by the Sheriff.

General Rule of thumb in foreclosure and short sale purchases: NEVER allow the old owner to stay in the property. NEVER!

A much better idea is to pay for their first 2-4 months rent at another property – ie he must move – but you will pay for the deposit and two months rent for another place if he is out of the house in time. Then, if there is a problem it is someone else’s problem.

Good luck

Your Questions About Foreclosures

Maria asks…

how long after foreclosure does property go back on market?

We recently put in an offer on a short-sale home, but we found out that the bank had foreclosed on the property just one day before our offer was executed. Now it is REO, but not on the market. How long does it typically take for the bank to list it back on the market?

Your Questions About Foreclosures

The Expert answers:

In my area as little as a few weeks and as long as 6 months or more. Many lenders are holding back their REO inventory from market because they don’t want to glut the market with to many REO’s which drives down the value/prices.

It also depends on the condition of the REO and how long it takes to prepare sell.

Your Questions About Foreclosures

Sandra asks…

Can a seller be forced to show their home when it is going to foreclosure?

Our realtor has been trying to get us in a home which has been listed on mls since October, and the bank has a foreclosure sale date of 6/8/09. The current owner is still living in the home, and has basically refused to let anyone through the house. 99% of the time, I would never submit an offer on a home which I haven’t seen, BUT, I am very familiar with the builder who constructed the home, so I know the layout and quality of the home, it is only 2 years old, and the offer we would make would be conditional w/inspection, and we are leaving ourselves enough cash to replace carpet, appliances, and even drywall holes which seem to be common in foreclosure homes. So, if we submit an offer without having been through the house, and the bank accepts, is the owner obligated to let our inspector in to see the house? Or, can we make an offer noting that our price is low due to owner’s resistance to letting us see her home? Please help, this really is the perfect home for our family!

Your Questions About Foreclosures

The Expert answers:

This really make no sense. The bank does not own it yet, not until the sale date!! It is still their property. If they want to sell it they should let you see it. If you buy it at the auction you won’t get to see the inside either. What you can do is submit your offer and if they accept it they absolutely need to let you see if for inspection and I am pretty sure but you might want to ask your Realtor, that you can back out on the offer if something comes up in the inspection that is unfavorable. I would imaging you could submit an offer with the contingency that you are allowed to view it.

Your Questions About Foreclosures

Joseph asks…

sould i buy a home that is for sale because of foreclosure?

Your Questions About Foreclosures

The Expert answers:

Just make sure that you use a title company. Houses in foreclosure had issues with keeping up with payments and you don’t want to buy a house and later find out that there were liens on the title that did not show up before the closure of the sale.

Good luck

Your Questions About Foreclosures

Donna asks…

Chances of lowering the property taxes ?

1) Since all the home values are going down, what are the chances of county lowering the property taxes next year ?

2) I am planning to buy my first home and the taxes in this county for this property is high, when we called the assessor they said even if we contest for lowering the taxes, itseems they dont take the value of the home if its short sale/foreclosure property.

So if we buy a short sale/foreclosure home which was at 300K in 2008 and now in 2009 if you buy it for 200K , and if we contest to lower the taxes , they will not as they dont take in account the prices of the short sales or foreclosures.

Is it true ?

Your Questions About Foreclosures

The Expert answers:

It most likely depends on the state/county you are in. I am a real estate agent in California and in the past few months I have had a few past clients ask me to do a market analysis of their propreties to see if their value has decreased. In each case they were able to show that their property value decreased and the assesor lowered their taxes.

Powered by Yahoo! Answers

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