The current owner has the right to collect rent and evict if you are supposed to be paying rent. Paying the mortgage is not a condition of most lease agreements and they still have owner rights.
Assuming you mean the lender of the mortgage holder is foreclosing, it will depend on the lender and when they want to pull the trigger to complete the foreclosure. You could be looking at a month or a year. If/when a lender takes over the home, they will add additional expenses. They can only afford so many tax bills, Hoa dues, utility bills, lawn maint., etc. So they have to be careful how many homes they foreclose on at the same time.... more
The HOA can foreclose before the bank. It's up to them WHEN and IF they want to start he process. I dobut they woudl foreclose for $115 since it cost much more to foreclose. But can they do it....yes.
Realtor-Keller Williams 321-277-1003 April@AprilKaiser.com... more
Depending on the amount you're talking about, you can use one or a combination of these sources:
-1st mostgage holder
-substitute a note for contribution
-one or more of the agents in the deal
You can also use the strategy of telling the 2nd mortgage holder if they don't cooperate the seller could let the home go to foreclosure and they get nothing.
2nd mortgage holders and MI companies are difficult to deal with. If nothing works, try to go over the loss mitigators head. Someone will want this deal to go through.
Hope this helps. Good luck to you!
Forbes Realty of South Florida
West Palm Beach FL... more
Great question. We represent a lot of buyer on purchases of REO's and unfortunately there is not one set method. Some agents submit the offers as they are received and if the bank likes an offer they may sign in quickly or counteroffer. Another method is the listing agents may place a property on the market that is drawing numerous offers and establish a date for submitting the offers. Frequently in this method, they may make sure it goes over a weekend and submit the offers on Monday. My best advice to our buyers on REO homes, is to submit your offer as quickly as you are comfortable, as these properties are going quickly, have multiple offers, so consequently they are very competitive. Secondly, try to make your offer as clean as possible. Banks certainly give preference to cash buyers, they do not have to worry about the mortgage aspect. Lastly, if the home and comps warrant it, offer aggressively. Many of the REO's will sell for up to 10% over asking price in a popular area with a good in relatively good condition. Each REO needs to be evaluated on it's merits or lack there of.
If I can provide additional information or future real estate assistance, please feel free to contact me.
Accredited Buyer's Representative(ABR)
Keller Williams Realty
"Excellence, Experience, Enthusiasm & Ethics"... more