Your Questions About Foreclosures | foreclosureorder.com

Your Questions About Foreclosures

Your Questions About Foreclosures

Carol asks…

How to qualify for a trustee sale (auction) of a foreclosed home?

We have 100k liquid, and an excellent credit score. We wish to attend an auction on june 11th to buy a foreclosed home in Arizona, Gila county. Do we just show up and bid, or do we have to pre-qualify, or get approved in some way?

Your Questions About Foreclosures

The Expert answers:

You do not use credit, you have 24 hours to pay for your bid. You show up with proof of funds and your cash down. They are likely going to require 10% down, in cash, on the spot.

Your Questions About Foreclosures

Ken asks…

How difficult is it to buy foreclose homes in major banks in the Philippines?

What kind of paper works should I be looking out for to make it a legal sale? Is this a good idea?

Your Questions About Foreclosures

The Expert answers:

There appear to be several answers to your question already. The only Additional input I will offer is simply this; “If” you are a foreigner seeking to pick up a foreclosure; your Filipino spouse will have to acquire it in their name as a foreigner cannot outright acquire realty in their own name. You will be allowed to submit your credit references to use in conjunction with your spouse (or other Filipino partner of trust). The other issue is that there is Bank financing available there but you have to provide established credit or show worthiness” to be able to obtain financing. This usually means owning property that can be used as collateral, etc. The institution financing the property will hold the lien and will have all of the proper papers and credentials to process the foreclosed property because it will have been necessary to submit this action through the courts and obtain legal authority to foreclose and repossess. Talk only to the Bank/financial institution actually holding the re-possessed property. Anyone else will not have the authority to dispose of it through the court ruling.

Your Questions About Foreclosures

Daniel asks…

general questions about remodeling

well my immediate family is moving into a new home soon and i will be in charge of the renovations and remodeling. id like to leave the back yard open for patio space and the pool the we will be installing. but on top of the first or second story id like to add an open sun room of sorts. my question is; has anyone had any experience with adding another level to their homes? we will be intentionally buying low and getting out more for the remodeling. we will have between 20 and 100 thousand for the projects(depending on certain factors of course). ive found a nice home that would leave around 75k for the projects.to give a little info on my projects- i see a semi sun room the i will use for my weights and workout equipment. there will be no inner walls and the outer walls would be only a few feet high with the rest of the wall space being filled with glass and windows. i tell you this in hopes that maybe you could relate similar projects to mine and give some sort of cost that i might expect. there is no room either in reality or in my mind to spread the house outward into the yard since yard space is almost more precious then a homes sq footage. also, for any other projects, what sort of questions and research should i do before going into a deal? and to finish off this topic, is there any way i could make up a legitimate contract for the contractors stipulating certain terms and agreements? id like to be in complete control of this situation seeing as how this is our house and not some guy washing my car.
just a few little facts about my situation to help you help me; i live in texas in the dallas area and in our price range and certain select housing features, i found near 400 homes for sale. if i would have set the threshold to a bare minimum, the number goes up to nearly 650. and our maximum price would still be about 80k lower then the average. that home count isnt taking into account the foreclosed homes or new builds. when i look for houses up to a million with almost any square footage and other aspects, that number jumps to a staggering 1300. thats also not counting multi family or any attached home of sorts. also, a (simple) majority of homes have been on the market for more then 3 months, with new listings pushing other homes into the previously mentioned category daily. is there anyway i could use this housing economy to my advantage in regards to the remodeling projects? also, we have some of the lowest costs of living in the nation and home prices are extremely appropriate(low) when compared to other states. so if all this helps you give me me any advice, great. if not im sorry i wasted your time. thank you for any help and have a great week folks.

Your Questions About Foreclosures

The Expert answers:

My eyes hurt from that!!

It will be money better spent on finding a house that is in;
1) A better location (makes a big difference at resale time)
2) Is already the size and stories you need.
3) Has a solid foundation, with no settling, or drainage, mold issues.

Spending more money up-front for a better house now, will save you from improvement and remodelling headaches later.

I just don’t see the logic in buying a bottom of the barrell house, and then having to completely renovate. 75 to 100K is alot of money.

Your Questions About Foreclosures

Lizzie asks…

What should I offer on a foreclosed home?

The bank is asking 159K for the house, it has been for sale for 2 years. Property here is moving, but this house is HUGE, and does need some work (mostly cosmetic). How much should I offer on it?

Your Questions About Foreclosures

The Expert answers:

The value is probably less than $159 since it hasn’t sold. But the real value is not determined by how much some seller is asking for it- it is determined by how much an educated and willing buyer will pay for it.

Become educated. Ask your buyers agent to give you comparable sales so that you can see what they are selling for. Adjust for exact location within the neighborhood and condition and features and such.

Also- think twice about buying this at all. House values are mostly about location and this house has a history of not selling and being foreclosed for a reason- it is probably not a good location- and will not be a good location when you sell.

Your Questions About Foreclosures

Mark asks…

Is it okay to buy a foreclosed home?

Say, a friend is looking at foreclosures as a home. Say, the reason for eyeing these foreclosures, is money, paying less than a regular sale? Will buying a foreclosure impact your credit? I mean, is it good or bad to buy a foreclosure?

I need to know the pros and cons of buying a foreclosure.

Your Questions About Foreclosures

The Expert answers:

In light of what you’ve been told here, wait until the subject property your friend wants to purchase goes on the market. Most are listed after they are cleaned, inspected and the past owners are vacated.

I’ve been investing in properties for 25 years and have never purchased a foreclosed home at auction due to the fact of hidden problems and non-liability of the sellers…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