Your Questions About Foreclosures | foreclosureorder.com

Your Questions About Foreclosures

Your Questions About Foreclosures

Maria asks…

How to sell my home…?

I live in an area were there are a lot of homes vacant and for sale, most of them foreclosed homes. I want out of my town as well. my question is how would someone with poor credit and in a bad area relocate. I was wondering should I give my house back to the bank, which would make my credit even worse and then purchase a home for people with poor credit and let the interest rate eat me alive. I’m stuck Is there any reasonable solution for me

Your Questions About Foreclosures

The Expert answers:

The banks will never want to negotiate with a good customer.. Meaning one who is paying. If things are that bad.. Maybe you should take 3 months off and they’ll be willing to help you out. While you continue to pay, you are not a worry to them as they don’t know how bad your situation is. Try to get a better rate, or even get the loan reduced as some banks are considering. They don’t want you to lose the home anymore than you do as they will have to incur costs to resell it.

Your Questions About Foreclosures

Richard asks…

Dealing with Banks when trying to purchase a foreclosed home?

I am trying to purchase a foreclosed home. I offered the bank the asking price for the home. The banks agent has yet to present the offer to the bank. He said he waits a week and then presents all offers.
Isn’t that practice a little unethical? Is that the “norm” for foreclosure sales? How long does it usually take a bank to respond to an offer?

Your Questions About Foreclosures

The Expert answers:

You don’t say where the property is located, but…

Different foreclosure properties are handled differently by the bank/owners. Some require that the property be listed for sale for a minimum amount of time before reviewing ANY offers. Some will consider an offer as soon as it is submitted.

For example, HUD requires 5 days (I believe) exposure to the market and then owner-occupants are given priority. If none are the *winners* then the bid is open and offers are considered daily. Fannie Mae used to require 48 hours on market before reviewing any offers. After that, all offers were considered as they were received.

In both of the examples noted above, the actual offer can be submitted, but they will not be reviewed until the deadline has passed.

It has been my experience that there is usually a quick response, when the bank will present a counter-offer.

In the case of a “full price” offer, as you said yours is, it might take a little longer. This is because the “full price” offer still may be less than the previous owner owed on the mortgage loan. In this case, the PMI company or originating/servicing lender must agree or exercise their right to purchase for the list price. Not always, but it could happen. In this case it may be anywhere from a few days to a few weeks.

My guess is that if the property you want is an area with a lot of foreclosures, you should hear back rather quickly.

What does your agent say?

Good luck.

Your Questions About Foreclosures

Mark asks…

Has anyone dealt with a house that is a “short sale”?

I put a bid in on a house listed for short sale – it’s in pre foreclosure. Our bid is only $5k below asking price. It’s been a week and I have not gotten any response from the bid. This is going to be my second time dealing with a foreclosed home and it ending up going nowhere. I’m already approved for financing. It seems like every house I look at is in foreclosure

Your Questions About Foreclosures

The Expert answers:

The company holding the mortgage has to agree to the short sale so that could be the hold up. Be sure you have an iron clad agreement from the company also. The attorney handling your closing needs to be in close contact with the mortgage company involved with the sale.

Your Questions About Foreclosures

Paul asks…

Purchasing a Bank Owned Home?

There is a home for sale that I am interested in purchasing. However, it is not for sale yet. The home is empty and it is a foreclosed/bank owned home. I see an online database for my county that the house was “sold” to citizen bank January of this year for $22,000. I was told that the home is more than likely a foreclosed home and is now bank-owned (REO). It’s possible that it may be auctioned or resold by the bank at a later date.
My question would be how would I go about purchasing this home since it is in the bank owned and it’s not for sale at this time? Can I make a bid on it? How long does it take to find out if/when it goes for sale? Also if the home was bought was for 22,000 (it’s a small home) how much am I looking at the home costing if I were to purchase it?
Thanks!

Your Questions About Foreclosures

The Expert answers:

There are houses all over the country in this same predicament. You could try to contact the bank, but that will most likely be an exercise in frustration. At some point, it should come on the market.

Your Questions About Foreclosures

Michael asks…

Real Estate Q???. Buying a foreclosed home ???

I have been watching the homes that come up for sale in a particular area I want to move to. There’s a particular subdivision that has what I am looking for: established neighborhood, homes built in the 70s and 80s, beautifull architechture,lots of land (from one to two acres)lots of mature trees, the homes range from 200k to 500 (state of Georgia)
I found a foreclosure that started at 255 then went to 155 and now its down to 137.K I went to check it out, it looked like it needed a lot of repairs, I went in with a friend that knows about remodeling and construction and he said it looks like I will need about 15 k to get it back in shape thats OK so far.But I am scared to death to run into more problems once I buy it and not be able to afford paying more for unforeseen repairs. Everyone tells me that house and the neighborhood is worth it. I need advise.
ADDING DETAILS: The house has an updated kitchen that probably cost a lot of money to the previous owners. What the house needs mostly is new carpets upstairs (it has wood floors downstairs) The toilets look awful, one is missing!!! it needs four new toilets 8 ceiling fans (its a big house, it needs painting thru the inside, the outside brick needs a good pressure wash.

Your Questions About Foreclosures

The Expert answers:

I love these new, smart, different types of questions!

UNLESS I am in error, when I take my
renewal hour courses in AZ, a man, representing a HOME repair insurance
company visits us and touts his company’s
stuff. IT looks legit, I think they are
in most all states.

What it is –you buy at the time you buy
your house, their insurance. They send
an inspector to the home and he
tells you what your home needs and
his firm will insure the condition or
equipment –appliances after the
house has been improved.

IF that service is not readily available
to you, let me know! I will find such
a facility!

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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