Curt Darragh

If you're working with an agent they will be able to pull it up by the address in the MLS (multiple listing service). If you're not working with an agent or prefer to deal directly with the listing agent I would contact the listing company (looks like halstead realty from what I can tell) and they should be able to help.

Regards,

Curt Darragh - Fri Oct 17 2008, 08:15

Durham,

There are a few options here, first if you plan to live in the property there is a FHA loan program that will work. It's a little time consuming but a great option if you plan to live in the house. Its called and FHA 203k loan. Contact any local bank that does FHA loans. Second, try your local S&L's or Credit Unions. They don't typically sell their loans they keep them which allows them to get more creative. Many times they can put together a construction type loan package together. Lastly, you can try getting a hard money loan. This is a high cost short term loan specifically for this scenario. They are easier to get, but cost more. The idea is you can get into the house, fix it and either refinance it or sell it within 6-12 months. Contact your local REIA (real estate investment association for Hard Money lenders in your area). You can visit http://www.nationalreia.com to find your local reia. Best of luck. - Fri Oct 17 2008, 08:10

Mystery, I'm not an attorney and that's who you should speak with. But my opinion is no. Sounds like a collection agency if you ask me. I'm not familiar with how the foreclosure process works in CA but in NY once the bank gets the deed, they are responsible for the HOA fees from that point forward. Anything before that is typically a loss. That's not to say they won't still come after you for it. Speak to a good Real Estate Attorney familiar with the foreclosure laws in your state. Good luck. - Tue Sep 30 2008, 17:38

Desiree, it depends on a few factors. First, has the property already gone through the foreclosure process? It also depends on your state laws. Here in NY most foreclosures are "JUDICIAL" meaning the bank must file a lawsuite aka "lis pendens" in order to foreclose. Once the court process is completed, the judge will issue a judgement in favor of the bank and request the property be auctioned at the "Court House Steps" (doesn't always happen on the steps). The bank will typically make the initial bid (most often the amount they are owed). If someone bids above that amount the bank gets what they are owed and the owner gets the rest. For example, suppose a bank is owed $200,000 and make that the starting bid at auction. Someone bids $205,000 and the bidding goes up to $215,000. The high bidder is awarded the property. They get 30 days to complete the sale. The bank gets $200,000 and the previous owner gets $15,000. Now lets say no one bids except the bank... then the bank is awarded the property and the previous owner gets nothing .The bank will be given a deed and will place the property on the market for sale. At this point the price is negotiable. I hope this helps. - Tue Sep 30 2008, 17:32

Congrats HB, best of luck with your new home! - Mon Sep 22 2008, 05:15

Glad to be of help, definately let us know how it turns out. Best of luck! - Tue Sep 9 2008, 12:34

HB, I noticed you added some additional info. Since they lowered it to your offer and you're offering all cash, I would expect you to get this house. You may want to re-submit the offer. Make sure the offer is in writing, you provide a proof of funds letter or bank statement (don't forget to cross out your account number if you do) and any required state disclosures. These are typically required items for the bank to make a final decision on your offer. Hope this helps. - Tue Sep 9 2008, 10:26

Hi HB,
Probably not, REO agents are required to provide monthly status reports including new listings, sales, activity and offers made on the subject property. It's not uncommon for the bank to reduce the price after such reports. My experience has been they do this regardless of pending offers, open house schedules etc.... As far as the week response time, that is a little long to get a response but as the number of REO properties increases, the turnaround time is increasing as well. We typically get a response within 2-3 days. There are occasions were it takes longer. The agent may just be telling you that so you don't call him every hour. Then if the response/counter offer comes back earlier, your a happy guy. If you want this property sit and wait, you're likely to get a good deal if you can be patient. This is what I tell buyers all the time.... when you buy a foreclosure you typically get a much better price on the home, but you pay for it in the terms. Meaning you have to jump through hoops, meet deadlines and be patient for responses. They expect you to make a decision right away, sign contracts right away, etc.... but they don't do the same. So the question you have to ask yourself is.... do you want the house and is the price you offered a good deal in your mind? Don't second guess yourself as to whether you could have gotten it lower or is the bank trying to bid it out. Just concentrate on what you can control. Hope this helps. - Tue Sep 9 2008, 10:21