Foreclosure in 49690>Question Details

Murphy Robbi…, Home Buyer in 49690

How do you find notice of foreclosure sale listings of next future sale date? (3-19-'08)

Asked by Murphy Robbins, 49690 Mon Mar 17, 2008

Rumor of Williamsburg home for sale clearly overpriced to sell at auction this week, might thisbe a Foreclosure sale, or other possibility? Home is currently in posession of owner, not bank as an REO. Value of home is not worth amount owed to lender (Coldwell Banker?). Have interest at reasonable sale price maybe 35% less than listed, 25% less than owed. Obviously owner sales Agent is not the person to question. Should this become an REO, can an offer below amount owed be considerd by lender & if so, how done?

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0 votes Thank Flag Link Thu Apr 21, 2011
Robbie, you have gotten some good advise here. I would like to add the if in fact the money owed to the bank is higher then the current market value, it is not in your best interest to buy the property at a foreclosure sale which will have a high price tag, because in addition to the loan balance there will be late fees, attorney fees, etc...., what I would do is schedule an appointment to see the property and make an offer as per fair market value. If the owner is currently experiencing financial hardship, the bank will be most likely willing to work-out a short sale deal.
0 votes Thank Flag Link Mon Mar 17, 2008
Robbie, Maureen gives a very good answer, as usual, I suggest Googling the homes address or searching online for auctions in the area to confirm the home is for auction. If this is the sheriff auction, you are able to attend and bid on the home. Bank will bid what they are owed for home. Your bid will have to be slightly more. There will be a legal notice posted in a public place at the County building. Just ask where it's located.

Talk this over with your Buyer's Agent and have them run comparable home sales prior to making an offer. Just throwing out numbers without facts to back them up is useless online.

There are at least two reasons the redemption period might be longer than 180 days. First if the property is more than 3 acres, And, if the home is involved in a court dispute with the government.
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0 votes Thank Flag Link Mon Mar 17, 2008
The notice of foreclosure sale should be posted in your local paper. The "Sheriffs Sale" usually takes place on the steps of the court house in whatever county the foreclosure is in. I don't have much experience in the Sheriffs Sales, but can tell you to be careful. Along with the house you could also be bidding on outstanding liens on the house. It may be best to wait until it is REO and listed for sale with the lender. At that point the lender has sent out someone to give an opinion of value and the house should be priced according to the current market and the homes condition. One other option is to see if the current owner has the option of doing a "short sale". A short sale must be approved by lender, but it will allow the seller to sell for less than is owed on the mortgage and is a better situation for the sellers as it can be less damaging to their credit. Good luck!
Web Reference: http://www.sonyaloose.com
0 votes Thank Flag Link Mon Mar 17, 2008
Murphy,

Some aspects of your question confuse me. My first piece of advice would be that you get a buyer's agent to protect your interests and guide you through this. Purchasing a foreclosure has some pitfalls that a regular purchase does not.

2. I don't think Coldwell Banker makes loans. They are are real estate brokerage.

3. The home could be in the redemption period, which is 180 days. Or is the sheriff's sale on March 19th? That would be the day the redemption period starts. Until the redemption period is over, you are negotiating with the current owner, not the bank. If he owes more than it is worth and he does not have the cash to bring to close, then he will have to ask the bank for a short sale.

4. Nobody can tell you now what the bank will take. My assumption is that it will be something close to market value.

5. Once it becomes an REO it will be listed, typically within a month or so of the bank getting it back.
0 votes Thank Flag Link Mon Mar 17, 2008
Maureen Fran…, Real Estate Pro in Birmingham, MI
MVP'08
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