Banks will often rescind their acceleration demand and file it again after they've ensured, or at least feel confident, that their paperwork is in order.
As both a broker and investor, I've seen this many times. In fact, I just used a strategy successfully to run interference with the bank and stop the acceleration demand on a house in 78249 that the owner could no longer afford to keep.... more
When buying a foreclosed home, if you are taking a loan, it is really the same as a non-foreclosed home in many respects. You need to be qualified for a loan and armed with a pre-approval when you make an offer. I'm not sure how 'bad' your credit is, but your first step will be to ensure you qualify.... more
The short answer is no. You're between a rock and an hard place, and while the HOA can foreclose before the bank, unless you've got a ton of equity in the property, it's not likely the HOA will do anything to prevent your plans.
That said, don't hold your breath on a loan mod. Sadly, only a very small percentage of them are approved, so get yourself ready for it. Put a For Sale By Owner sign out NOW and start looking to shortsale because it's going to take a very long time to do. A title company can help with the contract, and once you have one send it to your bank to see if they'll take the loss. A shortsale is only slightly better than a foreclosure, but it'll close this chapter and release you into the next phase of your life.
Good luck.... more
Oh, by the way - in maybe every state, HOAs have a priority statutory lien on dues that take precedence over all. So, while the IRS may foreclose on the property, the buyer of the foreclosure is on the hook for at least six months of HOA dues.... more
You can use a site like Realty Trac, but the information is sometimes stale and out of date. A real estate agent would be a better source of current information; we are able to set up auto searches that target just the area you want and give you the latest data.... more
Upon foreclosure, the bank will either evict your tenant or offer them a chance to continue renting. It isn't fair of you to not tell them of your situation so they can get good advice and plan for their lives.
Being a landlord is a responsibility to others, not just an income source for you. Are we to understand that you have been spending their rent money instead of paying the mortgage on the home you offered to provide for them in exchange for that rent. that is patently immoral and dishonest. You owe them, the bank, and all the neighbors whose home values are being devalued by your selfishness a huge apology.
Doc Stephens, REALTOR... more
There is no way to advertise directly to banks. best thing to do is offer services on Craigslist and call every investor sign you see. - they are all over
Comfort Properties... more
Unfortunately financing for lot loans today is not as aggressive as it was 5 years ago. All banks that we deal with for lot acquisition have come discontinued any 30 year amm lot loans. That said I may have a 20 year amm loan for you which may come with a 3 year balloon. If you are interested you can contact me at 210-257-0642.
Directions Equity Home Loan
The houses (REO's) are usually owned by Banks and they may different approaches to LISTING the houses.
Understand that the LISTING PRICE has one primary objective, to attract attention: It is not intended to be set in stone, and in many cases it is not even a good guideline toward the SELLING PRICE.
Some Sellers believe that by setting the LISTING PRICE high, they can always come down, and people will make an offer anyway: WRONG! Buyers will just bypass the property and look at houses that are within their price range. And six months from now, the Seller will slowly start lowering the PRICE, (this is called “chasing the curve”) and Buyers will be asking the question; “What’s wrong with that house?” and “Why has it been on the Market so long?”
Other Sellers set the LISTING PRICE low, to attract multiple offers. (The correct strategy.) We are asked; “Aren’t you obligated to sell at this price if someone offers it?” The answer is probably not; for that to happen, you would first have to have only one offer, and secondly, the offer would have be exactly the same, down to the smallest detail, (please discuss this with your Realtor).
Another thought; Buyer will search for potential properties by groups; for example, $400,000 to $450,000, and $250,000 to $300,000. If your house is priced at $460,000 or $310,000, the Buyers will never see it. (something else to discuss with your Agent.)
We have found that extremely often, the LISTING PRICE that is set on SHORTSALES and REO’s are not determined, nor even discussed with the Bank: The banks play their cards very close to the vest, they will not tell the Listing Agents any more than they have to; they will not give us their lower limits. So usually, the LISTING PRICE on a distressed property is a number taken out of the air.
If you are considering a property, have a Realtor do a CMA, (Comparative Market Analysis) to help you determine your Offering Price. If you look at enough CMA’s, you will see the trends.
You will not be privy to the though processes of the Bankers:
What you will have access to, is the Market Value of the House as determined by your CMA.
What you should be concerned about is not paying too much; you don't care what the Bank VALUES the house, but rather what YOU value the house!
Good luck and may God bless... more
You don't have to register. All you need to do is show up with your monopoly money cashier's checks and be ready to bid on the 1st Tuesday of the Month at the Bexar County Courthouse steps. All monies are due immediately upon purchase and you don't have time to go to the Bank to get a Cashier's check for the exact amount.
I suggest you get a copy of either the "REX Report" or "Roddy Report" in advance as they will help you navigate the fast paced auction that will take place. Also, I suggest going to an auction first before showing up ready to bid so you can get a feel for how it works. It's an organized chaos and you need to understand how the process works and suggest you speak to some of the other bidders to learn from them about the process as well.
Not many properties actually get sold to 3rd party investors in these auctions based on my prior experiences with the monthly foreclosure auctions (in Travis Co.) ~ maybe up to 3-5% of the total listed properties. The Banks tend to buy up most of the inventory.
Good luck.... more
Here is the long and short for this one. I have purchased, fixed up, and sold 1498 foreclosures over a 10 year period, and I will tell you this... Every single offer I sent out there that was below 80% of the asking price was not even considered. I did get quite a few of them at 82% of list price... but for the most part.... as I focused on homes that were $120,000 or LESS, most of them were purchased on average at about 90% of list price. Now, on the whole.. I got outbid on the vast majority of homes I bid 90 cents on the dollar on because homes priced at $120,000 or less have the largest buyer base. The cold hard truth of the matter is... It is VERY UNLIKELY that you will buy a home for half of list price. If you do, it is probably because that home is just shy of the bulldozer.
Fannie Mae is a bit fickle.... during the first 60 days of being on the market, they really don't budge much in their pricing... I have actually submitted bids on Fannie Mae homes during the first 60 days that were rejected, and then after the 90 day mark, they dropped the price BELOW my initial bid! Days on the market are very important . If the property has been on the market for more than 160 days, then you can bid a lot more aggressively and have a good shot at winning the bid.
At the end of the day, no matter how many folks you talk to that say the rule of thumb is 70% of list... you won't see that happen in reality... I have had asset managers actually tell me that they wont even look at a bid below 80% It is not even considered, and they usually counter back either at full list of maybe $1000 less. I have seen this a million times!
Hope that helps.
Jason C Campbell
Keller Williams Realty
Michael!! You are in the right place my friend.. Every investor that I work with just loves me to to death because I shoot quick and duck fast! ;)
I have personally bought and sold 1498 homes in San Antonio and surrounding areas... I no longer fix up homes and sell them at a profit because I'd like to keep the rest of my hair... but I find tons of them faster than you can buy them. But, I need to qualify myself... speed is the key to winning the investor race in San Antonio. I will only work with you if you are willing to go see a home at the drop of a hat... when I run into one that has a huge spread on it... you have to be ready to get out there THAT DAY or you will miss it!
I have several investors I work with now, and we go through them like hotcakes.. give me a call if you would like to met up sometime and talk over lunch... I can always use another investor to throw in the mix.
I bring some experience to the table that is unmatched in this arena... too many details to throw down on trulia... but if you want to shoot me an e-mail we can talk.
I have 5 homes right now that you can pick up for less than HALF what they are worth! Gotta love those 40cents on the dollar homes!... more
If you are an investor, you probably know you don't need a "buyers agent", as the sellers agent will do all the paperwork for you. All the buyers agent will do is step in and glean 3% paid by the bank. Since you now know this, you can ask the sellers agent to take 4% (instead of 6%) to make your offer more attractive to the bank, or (what I like to do) give an early Christmass present to a realtor that pulls comps for you and have them submit the paperwork and yell love you for the bonus.
And to answer the question... If you are working with the bank REO, send the SS offer to the REO agent or Realtor and keep up with them each week. If the "owner" is still in the house (pre foreclosure), you have to put together a SS packet (with contract, hardship letters, etc.) and submit to the bank. Let me know if you need help putting a packet together. Good Luck!... more
If it is a secone mortgage or equity line secured by a mortgage and note, they do have the right to foreclose if you do not make your payments, they would notify the first lien holder as required by TX state law. You may not get a copy of that notification though. you should consult a lawyer to protect yoru rights and your home.... more