Your Questions About Foreclosures | foreclosureorder.com

Your Questions About Foreclosures

Your Questions About Foreclosures

Donald asks…

How can I find out if a house is for sale?

There is a house down the road that has been empty for MONTHS with no sign out front to say wether it’s for sale or not. The lawn is unmowed, and there is still a satellite dish outside which gives me the impression the people just up and left and didnt care what was left behind. Im really interested in this property if it is for sale or foreclosure, but I dont know who to talk to or where to go to find out. Pleaaaase help!

Your Questions About Foreclosures

The Expert answers:

Get on your county appraisals web site and you’ll be able to find out who owns it, along with bunch of other useful info like how many beds, baths and so fort…

You can also get this information from your tax assessors office. Most of those are online now it is just a matter of google-ing it.

Once you find who the owner is – if it’s a private person, just contact them( you’ll find out where the tax bill is being send). If it is owned by a bank – it most likely is in foreclosure procedure and a realtor has not yet being assigned. If this is the case – just wait untill this happens and soon you’ll see his sign up-front. Then call him.

Your Questions About Foreclosures

David asks…

Foreclosures in or around Gladewater, Texas?

I’m looking to buy a house with my sister, but I’m having a lot of trouble finding foreclosures and houses for sale in Texas. I currently live in Oklahoma, so I don’t really have the option of personally visiting the places I’m looking to buy. How can I find accurate listings that tell me more than just the address?

Your Questions About Foreclosures

The Expert answers:

Hmmm…you might try checking in the “local business” or “businesses and finance” forums instead of the travel forum for better advice. All I can suggest is to check the online Yellow Pages for the communities you are considering and see what licensed real estate agencies are listed. Agencies usually have comprehensive Web sites that show multiple photos of the homes they are listing. When you get an address that interests you, visit Google Maps to check it out. Their street-level panoramic photos are a tremendous help and will allow you to see all around the neighborhood from the comfort of your desktop.

Your Questions About Foreclosures

Mark asks…

What are the pros and cons to listing a house for sale the same year I purchased it?

I purchased a property in foreclosure at a bargain price this summer. I then had it inspected, repaired and now I have a renter in it. The renter covers the mortgage, but another property that I have had my eye on for years is available right now at a reduced price. If I sold my investment property, I would have enough to attain that house I have always wanted. What are the pros and cons to this transaction? And, are there any alternative solutions? Thanks for your time.

Your Questions About Foreclosures

The Expert answers:

You are looking at a couple of issues here….

When does the renter’s lease expire? (You cant evict a renter just because you want to sell the house)

Currently, the market is in the slumps and selling your home will probably take a while. (by the time you sell, your dream home may already be sold)

So what to do in these situation? You have a couple of options…..

1) You can put the home on the market while still having the renter in the house. You will sell the home as income property and another owner will take your place as “landlord”. However you are more than likely to sell to another investor instead of a regular home buyer. Home buyers dont buy homes with renters still living in the house.

2) You can option your dream home for up to 6 months with an amount for consideration(amount given to seller to agree to option). It will be on “hold” for you until you sell your investment property.(IF you sell your property) Though this depends on the seller’s willing to let their property be optioned for such a long time contingent if you sell your investment property. Because of the current housing market, they may agree to it, or they may not.

3) get a conventional loan or hard money loan from another investor (if your dream home is a prospective flip property)

Hope I helped.

Your Questions About Foreclosures

Donna asks…

Has anyone heard of this? Divorced, ex-wife awarded house and all liabilities that go with the house, i signed?

go along with house. Signed a quit claim deed. House is going into foreclosure. if lean holder sales house at auction what happens to balance due after sale? is it possible for mortage holder to send former owners a 1099 for unpaid balance as income for the previous owners?

Your Questions About Foreclosures

The Expert answers:

Depending on the type of loan, the dollar amount, and the laws of your state, yes, the people on the mortgage can be sent a 1099.

However, you also may be covered under The Mortgage Forgiveness Debt Relief Act and Debt Cancellation http://www.irs.gov/individuals/article/0,,id=179414,00.html . You need to speak with a good CPA or tax attorney about the potential tax implications.

Your Questions About Foreclosures

Michael asks…

What happens to a house whose foreclosure trustee sale fails to sell, in Calif.?

Our house in Calif. has gone through foreclosure, with a trustee sale to be held yesterday.
There were no bids, and the comment was made, “well, that one goes back to the bank.”

What options might there be to allow us to keep our home of 14 years.
(I realize that answers are just opinions, and have no legal standing so to speak)
The suggestion of bankruptcy was brought up, but there was not time, nor money for an attorney, and the comment was made, don’t try to do such an important thing as a bankruptcy regarding a foreclosing property by your self, get a lawyer.

Your Questions About Foreclosures

The Expert answers:

The bank ownes the home and will list it with a Real Estate company and sell it for what they can get.

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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