Your Questions About Foreclosures | foreclosureorder.com

Your Questions About Foreclosures

Your Questions About Foreclosures

Maria asks…

what’s the best way to buy a house? foreclosure/auction or through a real estate agent?

my mom wants to buy a house, i’ve found some that were in foreclosure, but they said she would have to bid on the house and the highest bidder wins, we can’t afford that we have a limit,so would dealing with a real estate agent be better? need some advice.

Your Questions About Foreclosures

The Expert answers:

There are many great ways to buy a home. Buying at auction could work for you, regardless of how much money you have. But you need to be prepared. You’ll either need cash, or a line of credit to buy at an auction.

You absolutely do not need a Realtor to purchase a home, but it can save you a lot of time, money, and trouble. Judging form your question, I’ll assume you don’t have much experience in real estate or home buying. This means a real estate agent would probably do you a lot of good.

Foreclosure properties can have many problems and may not be a great choice for your mom, unless she is prepared to do some work on the home. Realtors see 100’s of homes each month and are much better at spotting a good/bad deal than the average consumer. Their experience and knowledge could make the difference between a good or bad buying experience.

On the other hand, you could get lucky and find the perfect house, with no problems, on your own. This could save thousands of dollars in commissions.

Here are a few things you’ll need know when buying a home, with or without a Realtor:

1. Always get a thorough home inspection
2. Always get title insurance
3. Don’t buy a “fixer upper” (in todays market) unless you can do the work yourself.
4. Don’t let yourself get pressured into buying something you’re not happy with.
5. Always plan on spending more for improvements and repairs.
6. Always plan on finding hidden/unknown problems.
7. Never spend the maximum amount you can get approved for.
8. Don’t be afraid to walk away. There is always another home you will like better.
9. Do everything possible to improve your credit while looking for a home. Never do anything to let your score drop, as it may effect your ability to purchase the home.
10. Do not expect your purchase to automatically increase in value.
11. When calculating your payment, don’t forget taxes, insurance, PMI, and HOA (when applicable).
12. Your home will always need upkeep and repairs. Account for this in your monthly budget.

Good luck finding a new home for your mom and if you do decide to go with a Realtor, find a trustworthy Realtor with many years of experience. She’ll be spending a lot of time with them and entrusting them with the biggest purchase of her life. Meet with several people, so she can feel comfortable with her decision when moving forward.

Your Questions About Foreclosures

Donna asks…

When buying a house at a foreclosure courthouse auction in Fulton county, who is the cashier’s check made paya?

Who is the cashier’s check made payable to when winning a house at a foreclosure auction at the footsteps of Fulton County Courthouse in Atlanta, GA.

Your Questions About Foreclosures

The Expert answers:

Read the ad in the newspaper, it should state who the deposit is made to.

What I have done in the past when unsure was to have the check made payable to myself, and then if I won, endorse it over to the appropriate party. As an added bonus, if I didn’t win, it was a lot easier to deposit it back into my bank account.

Your Questions About Foreclosures

Sharon asks…

Can a homeowner sale the house in foreclosure, a day before the bank takes it to auction?

If the house is in foreclosure, can the owner try to sale it a DAY before the banks final foreclosure auction. Will that help the owners credit score, by that time?

Your Questions About Foreclosures

The Expert answers:

Their credit score would not be effected.

If they can close the deal before the auction they can sell the house. Unless the buyer is paying cash it takes at least a couple of weeks to close.

Your Questions About Foreclosures

Sandra asks…

How can I find out if a troublesome neighbors house that was up for foreclosure was sold at auction or not?

House was up for foreclosure auction which it has been before. Each time before, the neighbor has paid up shortly before the auction began, thereby halting the foreclosure proceedings.
Rebecca, it becomes my business when this neighbor has had DEA raids at their house for selling drugs, parties throughout the night, random visitors throughout the night buying drugs and arrests of the residents for everything from domestic violence to drug trafficking to thefts in the neighborhood. This also includes residents being chased from the house in broad daylight by the police when children of the neighborhood are outside playing. I wasn’t asking for this neighbor’s bank account number, just if there is a way to tell if the foreclosure went through or not.

Your Questions About Foreclosures

The Expert answers:

That sounds like you have your hands full. It’s a shame that people just cant respect their neighbors. If the house was up for foreclosure you can probably check out its status on GovernmentAuctions.org They have listings for current houses up for foreclosure and past auctions. – Plus the site gives you the info on who the house is being auctioned by; meaning which courthouse. You should have no problem finding it.

Your Questions About Foreclosures

Laura asks…

Is it illegal for me to buy a foreclosure property in public auction if the house was owned by my parents?

My parents lost their house due to foreclosure. They currently live in it and I assume once the foreclosure goes through, they will be kicked out.

My question is..

How many days after the house is sold to the new owner in the auction will they have till eviction?

And if I were to buy the property at the auction, would there be any problems since I am the son of the original owners that foreclosed on the property?

Your Questions About Foreclosures

The Expert answers:

Be prepared to pay what your parents owe on the property, the bank will have their own bid in there.

You and your parents could end up with some fraud issues, it really depends on how they are handling the amount they are trying to screw the bank out of. If they are still liable for the money they are keeping you will be OK, if they are trying to simply keep the cash you will not.

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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