Newbie investor with a question about an REO in my area that I am hoping someone can assist with. To give some background, I have been searching my area for abandoned/REO properties that have not made their way onto the MLS yet, hoping to score a good deal. In my search, I actually found a home down the street from my primary residence that was foreclosed on last spring. All of the main real estate sites I check (Realtor.com, Zillow, etc.) list the most recent sales transaction as 1999, but performing a more robust search I was able to find a foreclosure deed from last year, with Citi Mortgage listed as the new owner.
Now, as I originally stated, I am a newbie and have no experience dealing directly with a bank, but is there a way to contact the bank to try to buy this house before it hits the MLS? The transfer price on the deed is WELL ABOVE market value, which is most likely why this property didn't sell at auction - is this an indicator that it is going to be tough negotiating a reasonable price?
Reference Link: http://Citimortgagereo.com... more
I would talk with a real estate attorney or credit company to see what steps you are able to take. Also, if you haven't already, try contacting the lender and see if you can get them to look into it and update your credit report. You may also be able to dispute that information on your credit report which makes them prove it's accurate or update it. Good luck!... more
This is a legal Landlord / Tenant question. Real estate agents don't practice law. Call the Oregon State Bar Association for a referral to a real estate attorney. I think the fee for a consult is $35. Ask an attorney.... more
Linda HAFA shorts schange over time, the government may decide not to cover different things. At one time Iwas haveing problems getting the transfer fee paid a it was considered a tax and the government refused to pay a local tax.... more
What makes you think they have no clue on condition? It's a bank owned foreclosure and they are selling "AS IS." If it's priced to sell, with the conditions known and unknown it might be a great investment opporunity for some savvy, lucky buyer.
The inspector quoted prices on repairs?!? There's a few inspectors floating around Portland who are notorious for doing this and . . . killing deals. I've had the same deal killer inspector on two bank owned properties who not only quoted outlandish prices for repairs, but just coincidentally had a list of his buddies that could do the work. He handed the names and contacts of his buddies to my clients. I found it borderline, if not entirely, unethical. Let me guess, while Mr. Home Inspector was quoting prices out of one side of his face, he was probably telling you all about the guy he knows out of the other and giving you their contact numbers.
The best inspectors offer unbiased reporting on the condition of the property and they aren't out trying to sub-contract work for their buddies, IMHO.
The property is currently priced at 1999 level pricing. When I represent my clients and if a property has over $100,000 in repairs (and I'm taking the home inspector's "quote" with a grain of salt) . . . I notice the stuff that's wrong. How could I not?? I'm not blind. My buyers aren't blind either. $100,000 in repairs is a lot to NOT notice. So my clients and I have the dicussion PRIOR to writing up an offer on an AS IS property. If they don't have the funds or wherewithal to do the fxing, then we pass. End of story.... more
This got posted in the Portland, Oregon questions. Did you notice if they were on an "auction" site? Not know the standard of practice in any area outside my local market, perhaps this is a way of starting out?... more
There are no limitations on who can purchase a short sale. All the bank cares about is the color of your money. Though many real estate agents have gone through some course and claim to be short sale experts, Ive found that you are best served by paying a true expert who has done nothing but loss mitigation and short sale negotiating for private buyers and clients of real estate brokers.
As a former 30 year mortgage company owner, I recommend Metro Mortgage Consultings Bill Kimmer. Contact me if you want his information---I dont want his email or phone here to be spammed. I will not try to solicit your business, as I dont take personal interests in mind when making a recommendation.
There is a fee for this type of help but its worth its WELL worth it.... more
I am not in Portland or I would love to help you. There are a lot of great agents here or you could contact reoprep if your targeting foreclosures. They will assign you a local foreclosure agent in your area at that point. Its a pretty good buyer program.... more
Talk to a lawyer, but I cant imagine a 2nd would try to foreclose when they have zero equity to collect. If the first is current, well then it would be more likely the second eventually sells the debt to collectors and pursues your father personally. If the 2nd foreclosed they have to pay off the first - makes no sense for them. If you're not on the 2nd loan, you dont have a responsibility to pay it.... more
I do my on searching but when I select a house I find an agent who will best represent my needs. Some agents will help the buyer and the seller, but this doesn't work for me. I don't want an agent to be torn between me and the seller. I want to be able to discuss things with my agrent that I don't want the seller to know that I know and you can't do that with an agent that is representing both parties.
You also want an agent who will take the time to answer all your questions and locate the small print that you might miss. Look into tax lien sales to, there is a lot of money there - if you don't get out bid. Try not to get into a bidding war on an auction for a piece of property. Sometimes it is better to walk away and bid on something else that may turn out to be a better deal.
You can check with banks for their forclousure lists and you can go to the tax assesor in the town you are interested in buying from and don't forget about drive by empty property. Take down the address and city and research it on line by going to the county and putting in the address at the tax site and it will give you details like owners name and address and sometimes a phone number.
Before I close any deal I have a agent look over the deal and get their opinion and pay them for their opinion and their research even if you end up buying from the owner without the agent. Always better to know what the deal consits of from a professional then to get blind sided down the road.... more
Several referrals below support him - Phil Querin is who I refer clients to, as well. The feedback has always been excellent. Only take the advice of an attorney specializing in real estate law.... more
Joe: In Nevada, they not only will follow you, but they become a proprity debt right behind the IRS, meaning they can't ever be forgiven if you file BK. It will effect your credit asnd your FICO score forever. I would call a BK attorney in Oregon, usually a free consult on the phone, and ask them how Oregon handles unpaid HOA in BK.
David Cooper Las Vegas Real Estate Investor in Bank Owned REOs with Cash Flow +1-7024997037
not a real estate agent... more
The first thing to do is contact a title company, ask for customer service and ask them if any of your paperwork includes a MERS assignment. If it does, use a search engine for 'robosigning'. robo signing', MERS lawsuits' etc and chose an atty to help you stop the process. Other than that, talk to an atty. Good luck---you are not alone for what good that does. I do price opinions for lenders taking properties back. Ive done over 1,000 and Im just one of several thousand brokers doing them. A HUGE percentage or Oregonians have lost and will be losing their homes. Its all part of the plan. The lenders want to forclose! They do not want to modify loans, and our government is paying them BILLIONS to stay in business while they tell people to stop making payments to be able to modify, then calling it all due after months of useless lies and paperwork.... more