Your Questions About Foreclosures | foreclosureorder.com

Your Questions About Foreclosures

Your Questions About Foreclosures

Betty asks…

I am going to list our home for sale. We are going to be buying a new home and still have this one up for?

sale. What if the home we are selling is too much to afford with the new house and it goes into foreclosure? what will happen to the contract with the real estate lady if its within her time frame?

Your Questions About Foreclosures

The Expert answers:

If foreclosure is started, you won’t be buying a second house. As soon as the lates and foreclosure hit your credit files, any thoughts of a new mortgage will quickly vanish. You’re going to have to find a way to sell the first house and then buy the next one. If you can’t find one really quickly, you may end up renting for a short period of time.

Your Questions About Foreclosures

Lizzie asks…

what does it mean if i rent-to-own a home for a low price due to foreclosure??what happens to the mortgage??

what i mean is…ive been browsing Craigslist.com and ive found homes for sale…actually rent to own…at a LOW LOW price…like 875-950 a month…the total mortgage is like 175,000….now if i try and rent that home will i end up paying more??…WHATS the catch??…can i take over the mortgage AND still pay only 875-950 a month???…or is there some hidden extras I’m missing??…please explain!!!!!

Your Questions About Foreclosures

The Expert answers:

If the mortgage is not paid the property would be foreclosed and you will be evicted.

You can not take over someone elses mortgage, it is not legal.

Your Questions About Foreclosures

Mandy asks…

What is the best way to buy a foreclosure home for a great deal?!?

I am looking to buy a house and I am wondering how to get in on a short sale. I just want to pay what is left on the mortgage kind of thing? Do you know how I would find houses like this or how to go about doing this?

Your Questions About Foreclosures

The Expert answers:

“Buying a foreclosed (not foreclosure) home” and “buying a home on a short sale” sound similar but they are two different things. I recommend you learn a little bit about each process prior to making a move. Neither of them means you will have a property by paying the remaining balance on the existing mortgage. Properties both in foreclosure or on short sale will still be listed based on the comparables in that specific neighborhood regardless of the mortgage balance.

Buying a house by paying the remaining balance on the existing mortgage is totally different ball-game. This requires you to assume the existing loan from the seller with the current lender’s permission. You may have to pay extra fee to the lender to assume the current loan. Most lenders usually are not in favor of these.

Your Questions About Foreclosures

Linda asks…

what does it mean if i rent-to-own a home for a low price due to foreclosure??what happens to the morgage??

what i mean is…ive been browsing Craigslist.com and ive found homes for sale…actually rent to own…at a LOW LOW price…like 875-950 a month…the total mortgage is like 175,000….now if i try and rent that home will i end up paying more??…WHATS the catch??…can i take over the mortgage AND still pay only 875-950 a month???…or is there some hidden extras I’m missing??…please explain!!!!!

Your Questions About Foreclosures

The Expert answers:

You can’t take ove’rent tr their mortgage. The notion of ‘rent to own’ is that you pay rents, plus somewhat more toward a downpayment. At the end of the option period, you are expected to find your own financing and buy the house in a conventional manner.

Your Questions About Foreclosures

Sandy asks…

Can we buy the foreclosure sale which happen at the County office ?

I just came across these links:

http://www.dupageco.org/sheriff/civil/foreclosure%20research.htm

http://www.dupageco.org/sheriff/foreclosuresale.asp

So what are these foreclosure sales ?

I am a first time home buyer, can I go and look at the property and bid for the homes which occur at the county sheriff’s office ?
How to get the MLS and property details of the homes which will be in auction ?
Wow ! looking at the answers I think its not worth taking the risk.

Your Questions About Foreclosures

The Expert answers:

First, I’m not an attorney, just been in the business of real estate for way to long.

Yes, anyone can bid at these sales. However, there are few things you need to be careful of with these.

1. You have no idea of the shape of the title to the home. If it is clear, has problems, are taxes paid, homeowners association dues (unless it was the HOA foreclosing). It is wise to run a title search on the home before you think about buying. And if you’re not buying a policy from the title company running the search, if something is missed on their search, they will have no liability.

2. You have no idea of the physical shape of the home for the most part. Were the previous owners disgruntled because they were being foreclosed on? Did they tear about the inside of the house and trash it?
Were you able to do a drive by to see the outside condition of the home?

3. Financing for purchase of foreclosures is much different then a regular home. Usually its a certain percent down after you win the bid and then remainder due in a few days in cash.

Every county is different, so you will need to contact the county you are bidding in to get the specifics of how they run things. Will you need to register to get on the bidders list? How far in advance? Payment requirements. Etc….

I honestly could go into major detail about all of it, but I think these might be the main things I would worry about if I were planning on bidding.

You can definitely get a great home in a foreclosure sale, but it is also definitely a case where it’s “Buyer Beware”.

Best of luck and congrats on getting ready to buy your first home.

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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