Your Questions About Foreclosures | foreclosureorder.com

Your Questions About Foreclosures

Your Questions About Foreclosures

Chris asks…

Why do you think the housing market is so slow in the Midwest area?

I have sold real estate for 18 years and have never seen so few buyers. The rates are great, the stock market is good yet people are not buying homes. The listing inventory is at an all time high. we are seeing more and more bank and foreclosed homes and even short sales that have never been popular before. Why arn’t the buyers buying homes. what is your opinion. Help

Your Questions About Foreclosures

The Expert answers:

The economy sucks. There aren’t many buyers out there because there aren’t jobs and the jobs that do exist are paying less and/or not too stable. When you are worried about job security and making less money, you aren’t in a good position to get a mortgage. Beyond that, people who took ARM’s are having a hard time paying their mortgages now that the rates have gone up.

I live in Michigan. The average home price in my neighborhood was $130,000.00 four years ago. We currently have four empty houses on my street….thats 1/3 the total houses. One house is empty due to death and the rest are empty because the homeowners had to move out of state for jobs and are desperately trying to sell their homes before foreclosure. Everyone is pricing at what they owe, max asking price of the available homes is $135,000.00 Personally, I would be selling to move out of state if I thought I had a chance in hell of getting someone to buy the house.

The midwest has been hit hard by closing auto plants and loss of other manufacturing jobs to overseas companies. Unless we start to adapt and open businesses to begin to employ our people, we aren’t going to be doing better any time soon.

Your Questions About Foreclosures

Sandy asks…

how do u go about getting a foreclosed home?

I was lookin at a list a forclosures in my area and found some that were being sold for $40k-60k or monthly payments that were really cheap like around $100-300 if u pay by month do u have 2 live there til u pay the whole sale amount?

Your Questions About Foreclosures

The Expert answers:

Get a hold of a local Realtor for those listed in the MLS, sheriff sales, Ebay, Craigslist. Don’t go with those foreclosure sites and pay for old information.

Your Questions About Foreclosures

Donald asks…

How do you get into buying foreclosed homes or homes at auction?

I see lots of ads out there for buying junk and listing but I was wondering how I can really get into it. My husband and I have bought 2 dumps and complete reconstructed them and made them beautiful to resell in order to move to a bigger home. We want to find our dream home next and with the market getting so bad- I was wondering how do you really get involved in foreclosed homes? Do I need to get a license or take a class? Or can someone give me the direction to start in? Also how do you get involved in sheriff sales or auctions? Is one (foreclosures, sheriff sales or auction) any better then the other? We currently live in Philadelphia and want to move out to the suburbs- the housing here is slow but not as bad as CA or other areas. We want to finish up this house and sell it and find a nice home in a better school district.
Where should I start?
Thanks!!!
LOL- I am not going to run out and do it tomorrow- I will do lots of research first and I have no intent of doing it for a least a few years. Like I said it would have to be THE house for us :) - Your Questions About Foreclosures

Your Questions About Foreclosures

The Expert answers:

I have bought and sold many foreclosures. I started in the 1980’s when many fewer people were doing it. The process varies from state to state. In both FL and NC the auctions are held on the courthouse steps, in the county seat. In FL, lets say the home is sold for $100K. If you don’t research the title, you may be purchasing a second mtg. You would then be responsible for the first mtg and the second. It is very important to do your homework. Then, you will need 5% down in the form of cash or a chashiers check made payable to the clerk of the court. The balance will be due after 10 days also in the form of cash or cashiers check. Not very often, the owner will be able to hold off the foreclosure process in that 10 day period by filing for chapter 7, 9, 11, or 13. When that happens, the courts will refund you your money but it takes about 4-6 weeks. In NC, you also need 5% down on the day of the auction but now the 10 day period after the sale is open to anyone that wants to still put in an “upset bid”. This process continues until a 10 day period goes by without anyone bidding again. Then the balance is due in the form of cash or cashiers check. All other mtg’s are wiped clean in NC. The process is different from state to state. I would suggest you go to the courthouse and lookup the upcoming sales (they are posted somewhere just ask) and watch the process. Then, contact and pay an attorney for advice on how it works in the state you are in. I should say I have all but left the foeclosure business because of the volitility of the market. Be very careful, do your homework, and make sure you know what you are buying.

Your Questions About Foreclosures

Betty asks…

What could you expect to ask on a foreclosed home that appraises for 110,000?

It will be owned by the bank by March 10th, and i’m thinking about making a bid.. i’ve also thought about making a short sale offer… suggestions?

Your Questions About Foreclosures

The Expert answers:

They will take about 93k for it, assuming no better offers. More like 89k if you can pay cash.

Your Questions About Foreclosures

David asks…

My County from Treasurer and Tax Collector office is asking me to pay the unpaid taxes for my foreclosed homes?

Hi,
I received a letter from our County – Treasurer and Tax Collector saying that a lien has been recorded against me and i need to pay the unpaid taxes before August 31, 2009. This is regarding the two houses I had which went to foreclosure already last 12/13/2007 and 7/3/2008 respectively. I am getting this bill for tax year 2005 and 2006 respectively. I bought the house last 06/17/2005 and 05/19/2006 respectively. Am i liable this unpaid taxes? During foreclosure, isn’t the lender should clean and pay all the taxes to get the title cleaned up and ready to transfer to the rightful owner?

Below is the letter that I received:

The records of San Joaquin County Tax Collector show that a lien has been recorded against you pursuant to sections 2191.2 and 2191.4 of the California Revenue and Taxation Code.
From and after time of filing a Certificate of Lien for record, the total amount of unpaid tax, penalty and interest that is required to be paid constitutes a lien upon all real and personal property and/or business interest owned or that may subsequently be acquired by you.

To avoid further legal action by this department, we suggest that you pay, or contact this office to arrange for payment of your account, on or before August 31, 2009. Supplemental collection steps could include seizure and sale of your property and/or summary judgment.
—————————–

Please help how should i answer this as I really have no money to pay those unpaid taxes.
Thanks.
How come my original lender were able to sell it to a new buyer in Auction/foreclosure without cleaning or paying all the taxes due. My sister had a house foreclosed also in 2003 but she did not receive this kind of lien. Could it be a mistake from the county also?

Your Questions About Foreclosures

The Expert answers:

CA is a bit different from most states. Although property taxes are a lien against the property, if you lose your home to foreclosure any unpaid tax bill reverts to a non-lien assessment against YOU personally.

In most states the lender winds up holding the bag. Since CA is a non-recourse state I’d guess that the State decided to lessen the hit for lenders by leaving the tax liability on your shoulders. That seems reasonable since the lender cannot recover any shortfall on the loan in most cases.

You still must pay the unpaid property taxes. That assessment can be used to place a lien on any other property that you own in the State of CA (and possibly other states as well.)

You need to contact the county tax collector’s office and make arrangements to pay the bill. If you cannot pay it all at once they may be able to set up a payment plan for you.

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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