Property Q&A in Rio Rancho>Question Details

Walshmichael, Home Buyer in Rio Rancho, NM

Was this a foreclosure home?

Asked by Walshmichael, Rio Rancho, NM Fri Feb 3, 2012

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Hi Michael, I could not connect any foreclosure proceedings to this property. It was purchased with a Countrywide loan; now Bank of America. BofA is notorious for being slow in their foreclosure process and I have witnessed many Bank of America borrowers live in their house for over a year, not make a payment and not have their credit effected as a testimony to their slow and ill managed foreclosure process. So, this is not a foreclosure although it could be in the future. Let me know if you would like to receive more info about the current real estate market, my outlook for the city of vision, market conditions reports, foreclosure listings or would like to preview this house.
0 votes Thank Flag Link Fri Feb 3, 2012
This is not a bank owned property. For more information, feel free to give me a call 505-604-5449
0 votes Thank Flag Link Fri Feb 3, 2012
To answer your question specifically regarding the property, no it is not a foreclosure or short sale. If you are interested in looking at it I can assist you. I am very familiar with the area.
You can contact me at: 505-507-5422
-Jason Anderson
Associate Broker
Coldwell Banker Legacy
0 votes Thank Flag Link Fri Feb 3, 2012
A foreclosure is the legal process by which a lender takes back a home (or other real property) due to the owner/borrower not paying the mortgage payments. Foreclosure is a broad term that is often used to describe a home that has gone through the foreclosure process. Once the bank owns the property had has it for sale they call it an REO. This stands for real estate owned and is the term banks use to describe real property they have acquired through a foreclosure. When you see them advertized for sale they may be described as a foreclosure, bank owned or REO. It all means the same thing.
The term foreclosure home is also sometimes used to describe a property that is currently in the process of being foreclosed. If the owner is trying to sell the home before the bank forecloses it is often referred to as a short sale because they are usually going to sell for less than they owe (sell short) but not every property that goes into foreclosure is worth less than the loan balance.
From a buyer's stand point there are three opportunities to buy a "foreclosure home". First while it is in the process but before the bank completes the legal action you can buy directly from the home owner but if the purchase price is less than or "short" of what is owed the lender then buyer and seller will need to get the lender's approval. Second you can buy at the foreclosure sale which is a open live bid event that here in New Mexico is held at the steps of the county court house where the property is located. The lender that foreclosed will have a representative there to bid on their behalf and they can bid up to the full amount they are owed, including interest and penalties, but they sometimes elect to bid less. If anyone "out bids" the bank they get the property, subject to any redemption rights, but they require certified funds by the end iof the day so you basically have to buy cash. In most cases the property goes back to the lender that held the mortgage and the property becomes an REO. This is your third opportunity to buy, as an REO from the lender. In most cases these are solod as is where is. Banks generally will not pay for inspections or repairs.
I could go into more detail but my post is long winded enough. If you have more questions feel free to contact me. I have sold several hundred "foreclosures" over the past 12 years both as a buyer's broker and as a listing broker for the banks. I would be glad to answer any questions or explain this in more detail. All my contact information is available on my website, rioranchorealty dot com.
0 votes Thank Flag Link Fri Feb 3, 2012
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