Tim Stuart

Kate,
Without seeing the exact verbiage on the contract, there is not much one can do as far as a correct answer on this one! Typically a professional broker would use verbiage to the effect of: "Seller to pay up to $X of closing costs, prepaids, " However if your contract states that it is for closing costs, it can only be used for actual closing costs, as the Title Company is a third party and have to follow the contract and State laws. There are allot of things that are considered closing costs, ie. prepaids (include prorated Taxes and escrow hold backs for ins., etc.) prorates. Good luck and if it's not too late have your broker cover that prior to closing. - Wed Aug 13 2008, 08:24

Andrew,
You can contact me and I can put you in touch with a top notch Real Estate Attorney. However, if you have already put together the deal wouldn't it be O.K to use a Stevens and Ness form instead of an attorney. Or even an Oregon State Sales Agreement that is already prooven. The last contract I had drawn up by another attorney (of course not the one I would refer to you), but I paid $250 an hour and I had to re-write the Darn thing myself. Why not go with a proven State Authorized form. I am sure that you could use any one of these agents to supply you the forms for a referral fee. Why have an Attorney re-invent the wheel? Just a thought! - Thu Jul 17 2008, 17:57

Jobe,
It sounds like the best bet would be to seek legal advise from a Good Real Estate Attorney. The odds are; that the HOA now is co-owner of your property or may own it outright. It is too bad that you let the Foreclosure happen and not take action. Does the Mortgage Company know that the HOA lien was foreclosed on? - Tue Jul 8 2008, 15:39

Sophia,
I would have to agree with the other agent that answered your question. Florence, Oregon is a very nice place to live and they beat out Yuma, AZ for the #1 spot to retire in the U.S. in I think (2004) I have an associate that lives and works over there, and would be happy to work with you. His name is Bill Free of Free and Associates Auction/Realty. He has a nice place listed that is just a few blocks from the new Casino that was recently re-opened to it's new very nice Building. Rivers, Dunes, Lakes, Etc. Give Bill a call @ 503-999-0196 We may have an Auction property coming up real soon that would fit your needs. - Tue Jul 8 2008, 13:08

Beth,
Are you looking in Washington or Oregon? We specialize in Pre-foreclosure and the Auction Method of Marketing and it sounds like your Realtor answered your question properly with the information that you supplied them. Beware of some advice you get from out of town or (out of State) Realtors as the laws in your state may vary from other States. You can definatley make an offer at the Courthouse steps auction, but it must be a cash offer, meaning you must have funds to close that day not 30 dyas from then! You also have to watch out that if you do buy that mortgage that is in default it may not be the only one. The Court house steps Auctions (Trustee Sales) do not guarantee you clear title. The other advise is true, you may be able to postpone the sale if the bank chooses to do so, however it is getting tougher to get the O.K. from the banks; or should I say (the Trustees) to postpone sales; probably becuase they want to get paid by the banks and if they postpone the date they have to wait to get paid. There are allot of Foreclosures sites that are selling information that is old or not up to date. If the MLS says nothing about a short sale then the listed price should not create a short sale; it would clear all of the debts that are owed. If you are looking in Washington; there are new laws on the books now. The listing company is obligated to note it as a short sale if indeed the price will create a short sale. Best of Luck and let us know if you have further questions or you can have your Realtor call us too! - Mon Jun 30 2008, 11:30