Whoever you have been speaking with you should maybe stop. Buying a bank owned home is not hard or impossible, in fact it is pretty straight forward. Once the bank owns it and decides to list it there is not a lot of difference in buying in or Mr Jone's house. REO is a bank owned home, the bank now owns it after the foreclosure is over and they can sell it and lenders will give you a loan to buy it. You just need to speak with a lender to see if you can get a loan and then speak with a Realtor who will guide you on the way to do it.
Buying a short sale is a royal pain sometimes, but bank owned can be easy.... more
It is my understanding that an Investor has the same option period for inspections as Owner/Occupants. However, Investors Earnest Money (not Option Money) is at risk of being lost if they back out from the purchase, regardless of the inspection results.
AS-IS covers a lot.
Is there no way to convince them to do a deed-in-lieu? It would be much less expensive and much more timely. Fees can range dramatically but make sure your attorney helps you follow the letter of the law when foreclosing or you may be on the losing side of the equation big time.
As distasteful as it sounds, it is often less expensive to pay the borrower to deed the home back to you and avoid the time, energy and risks involved in foreclosing.... more
If they disagree with the BPO valuation they might order a second BPO. And if the 2nd BPO is wildly different than the 1st, they would ask the agents that did the BPO's to justify their work.
If there were title issues it is doubtful they would've requested the 2nd BPO. And if there was a sufficient time between BPO 1 and 2 (30 or more days) they would request a 2nd BPO prior to listing. So it sounds like it will be hitting the market soon.
Is the listing agent aware of your interest in the property? And are you working with a buyers agent? In most MLS systems an agent can set up an auto email for a specific property which will notify them (and their buyer) when a property hits MLS. They can receive an email in as little as a couple of hours of the home hitting MLS.... more
Way too many variables to answer this question on this forum, your Realtor should be able to professionally advise you. If you are referring to tax value, just remember, the house is listed at 115K, it is not worth 140K, it is just over valued on the amount it is taxed. You are just trying to reasonably ascertain how much less the real value is below 115K now. Trust your Realtor. If you don't have one, I would say it could be very beneficial to helping you find a real value in your home purchase.
Best Regards,... more
Yes, they can Deed the house to you but if the loan(s) attached to the property is not paid and brought current, the lender(s) will still foreclose. If you don't want them to foreclose, you will need to bring the loan current and keep it current.
Ask. It's unlikely, though they may offer a concession. You might also ask your agent to search public records, see if a survey was filed or find the title company who performed the last closing - might have one in a file.
Good luck.... more
Get an Austin realtor to help you identify the properties that meet you criteria and have him/her put offers for you and follow it through.
With foreclosures, we are usually in a waiting game with the banks as they usually have a wait period before they look at the offers and pick up the ones that meets their criteria.
I hope this helps,
JB GOODWIN REALTORS®
"The finest compliment I can ever receive is a referral from past clients and customers. Thank you for your trust."... more
Banks are horrible property owners! Sometimes foreclosures are clean and sometimes they aren't. The only thing you can do is hope that both agents keep in contact and there is a good relationship established with the representative at the bank. Good luck!... more
Here is a link to Travis County's foreclosure list and additional information from the County Assessor's office. It states that the Austin Chronicle publishes auctions of distressed properties 21 days before they occur and on-line 15 days prior. The auctions take place the first Tuesday of every month on the west steps of the County Courthouse at 10:00 a.m.
Check it out as it has some helpful information:
Good luck to you!
Prudential Connecticut Realty... more
There are deficiency judgments in all 50 states.
In Texas, they usually come by way of a 2nd mortgage or an equity line of credit that was not paid.
The best way to avoid them is to do a short sale on your home and find a qualified Realtor/Broker who knows what they're doing to handle the short sale. Through the short sale process you should be able to have the first lien shorted as well as the second lien/mortgage. If a homeowner fails to do a short sale and lets the property foreclose, they could face not only a foreclosure on their credit, but additional set backs with possible deficiency judgments. For this reason, most agree that a short sale is a better alternative.
It is up to the mortgage company to file a deficiency, they do not always file. The amounts are based on the loan balance owed. I recommend you contact the credit bureaus (Transunion, Equafax, Experian) directly to inquire about the length of time they will remain in your record. In judicial foreclosure states (not Texas) deficiency judgments have more serious consequences. If your property has not been foreclosed on, I highly recommend a short sale. Feel free to call or email me for further questions.
Best of luck,
Keller Williams Realty
Because I am not a lawyer, I don't think I can formally answer your question. I do think, however, that the purchaser of the condo at the foreclosure auction needed to keep up the original loan, or the bank can foreclose.
I do think you might want to contact a lawyer so that you can understand your rights in this case.
Sounds like that happened.
I've linked in the Texas Uniform Condominium Act in case it has something that can help you.
(512) 585-4758... more
The mortgage company that now owns the property should be sending out an agent to offer you what is called a Cash For Keys. Unfortunately you don't have too many rights as of right now, but my suggestion is to get as much as you can and ask for at least 3 weeks to be out. Most of the time they will start at offering you $500, but I have offered some tenants in your position up to $1500 and 3 weeks to vacate the property. Good luck and if you have any questions please email me or call me.
Atlantic & Pacific Real Estate