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My approach to business and people is simple: Treat people with respect, understand their goals, and use my skills to make them a reality.
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Trulia Voices!
A deed in lew of foreclosure is when the bank, or even a private party agrees to accept the deed of the property instead of going through the timely and expensive process of foreclosure. As Dale said below, be sure that you are dealing with a reputable party, as you want to ensure that your forfeiture of deed results in settlement of your debt. This can be a great option for someone facing foreclosure (see my earlier response about finding and investor), however, you have to make sure that legally you are covered. - Mon May 5 2008, 05:51
As Dale said, every lender handles things a bit differently, however most report to credit on a monthly basis and therefore your late payments (usually if late by 30 days or more) will begin to show immediately. The entire foreclosure process can be a bit drawn out, especially now with banks being more hesitant in taking back properties.
If you find yourself in a position where you can no longer afford your mortgage, I would recommend that you not simply let your home go. You have many options from renegotiating your note with the lender, to looking for an investor for your property, to requesting approval for a short sale from the bank. Do not let the bank simply take back your home, it will damage your credit terribly and you will have nothing to show for the payments you did make on time. If you would like any information on the above mentioned options please do not hesitate to contact me. - Mon May 5 2008, 05:48
I think that all of these answers are great. I would certainly recommend contacting the local police district and getting information. However, keep in mind that crime statistics don't tell the whole story, especially in a city like St. Louis. St. Louis City neighborhoods are by no means homogeneous. They often have good and bad areas located very closely together. I would recommend that you work with an agent who is familiar with the city. One who has represented buyers and sellers in the city and knows the area that you are interested in. I specialize in the City of St. Louis and would be more than happy to answer any questions you may have. - Sat Apr 19 2008, 10:16
The information provided by Dale and the others is basically sound. However, our team does work with investors who are willing to assist people with damaged credit get into a home. They will evaluate your credit, put together a plan for you to raise your score, go through the home search process with you, and help you get into a home that YOU CHOOSE. If you would like more information please feel free to visit our website and contact us. - Wed Mar 26 2008, 07:24
As someone who works frequently with bank and other corporate owned properties, I would echo Dale's comments. In these situations the corporation always reserves the right to negotiate, accept, or reject offers regardless of the order in which they were submitted. There was nothing unethical done by the listing agent. Remember, the listing agents only fiduciary responsibility is to their client, not to you as a buyer. When we act as a buyers agent we always encourage our clients to write an offer as soon as they decide on the home, and for the best possible price. However, even this does not ensure that you will be the winning bidder. - Wed Mar 26 2008, 07:17
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