Areas where they are a lot of cash activity are places such as PG County MD-Ex: Capitol Heights,Congress Heights and Temple Hills. These areas have properties in the $100k and below. Also Baltimore MD can definitely be added to that list. Much luck to you in purchasing your next real estate investment properties.... more
Once the foreclosure sale has been approved by the Alleghany County Court and the bank has been granted title to the home the house is the banks. The bank will assign a real estate agent to have the locks changed and have a clean out of the property performed.
If the real estate agent finds the house still occupied the agent will notify the bank. Some banks will offer the former owner cash to vacate the property with-in 30 days. The former owner can receive up to $5,000 which is paid in travelers checks to vacate the home quietly.... more
Another tough situation. The agent is right. Most of the time the seller knows that they are in default on the mortgage and were probably taking the money you were paying for rent and using it for other purposes. Your contract should become null and void due to foreclosure. If your contract with the seller stated that a portion of your rent would go to closing costs or other concessions, you probably wonâ€™t get it back. It would be like paying that money just for rent. If a rent to own contract was never fulfilled, the buyer usually would lose that money towards closing anyway. Hope this helps!... more