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Foreclosure : Nationwide Real Estate Advice

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  • Home Buying254K
  • Home Selling41K
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Activity 26,040
rich.smith341, Home Buyer in Austin, TX
Yesterday at 8:23pm
rich.smith341 asked:
rich.smith341, Home Buyer in Austin, TX
Yesterday at 8:21pm
rich.smith341 asked:
rich.smith341, Home Buyer in Austin, TX
Yesterday at 8:11pm
rich.smith341 asked:
Michelle00278, Renter in Greenfield, WI
Yesterday at 12:15pm
Michelle00278 asked:
Doug Johnston, Home Buyer in Fort Worth, TX
Yesterday at 10:36am
Doug Johnston asked:
When I click on "Find a Foreclosure Specialist" on Trulia, it routes me to a page that says to research realtors, which doesn't seem like too much help...like shooting in the dark.
0 votes 0 Answers Share Flag
Coleyrae78, Renter in Middleburgh, NY
Fri Jan 20, 2017
Coleyrae78 asked:
under water mortgages and claiming its foreclosure which it never was, get your cheap attempt to make money with my personal info off of here
0 votes 0 Answers Share Flag
Angelica P, Home Buyer in Seattle, WA
Fri Jan 20, 2017
Angelica P answered:
Hi,

I have emailed you regarding this concern.


Thank you for using Trulia!

Angelica
Consumer Care Advocate
0 votes 1 answer Share Flag
Bernard G., Home Buyer in Seattle, WA
Fri Jan 20, 2017
Bernard G. answered:
Hello,

I have emailed you regarding this concern.

Regards,

Bernard
Consumer Care Advocate
0 votes 1 answer Share Flag
Rich Reed, Real Estate Pro in Arcadia, CA
Thu Jan 19, 2017
Rich Reed answered:
Many Realtors can provide clients with a property profile report from a title company, which may be adequate for your needs. We offer as a service to our clients in the San Gabriel Valley, a full preliminary title report. Perhaps you can find a local Realtor in your desired area that offers similar service. ... more
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Rgalindo57, Home Buyer in San Leandro, CA
Thu Jan 19, 2017
Rgalindo57 asked:
Nanoustawil, Home Buyer in Hingham, MA
Thu Jan 19, 2017
Nanoustawil asked:
Nanoustawil, Home Buyer in Hingham, MA
Thu Jan 19, 2017
Nanoustawil asked:
Nanoustawil, Home Buyer in Hingham, MA
Thu Jan 19, 2017
Nanoustawil asked:
Edward Figgi…, Home Buyer in Ashland, KY
Thu Jan 19, 2017
Edward Figgins asked:
I had the receipt that I had made the 2nd payment. When my third payment was sent, I discovered I had been kicked out of the program as I missed the monthly timeline on the 2nd payment.…
0 votes 0 Answers Share Flag
Lamoureuxbk, Home Buyer in South Fort Myers, FL
Thu Jan 19, 2017
Lamoureuxbk answered:
WE HAVE SOLD A PROPERTY, BARE LAND UNDER A OWNER CONTRACT. THE BUYER IS BEHIND ON PAYMENTS, TAXES, CLUB DUES AND WATER BILLS. THIS IS IN WASHINGTON STATE. AT WHAT POINT CAN WE REPOCCESS THE PROPERTY? THE BUYER SAYS THEY WANT TO SELL THE PROPERTY, EVEN THOUGH WE HOLD THE CONTRACT. CAN THEY DO THIS? ... more
0 votes 12 answers Share Flag
Bradwhitcomb, Home Buyer in New York, NY
Thu Jan 19, 2017
Bradwhitcomb answered:
Lori B.,
Not sure of your financial situation, but there are several options to consider. Depending on the health of the real estate market in your area, banks will view their holdings differently. For instance, in Bend, Oregon the market tanked in '08 and banks unloaded their inventory while they could. But now the market has fully recovered and prices are well above pre-recession levels. As a result, banks are not willing to give homes away, and are more savvy regarding pricing. Nationwide, banks were allowing some people to stay in their homes for three years, mortgage-free just to ensure the home didn't suffer from deferred maintenance due to vacancy.
So to your question about options. It is in the bank's best interest to take offers. If the home has been on the market for over 70 days you are likely to see the listing agent ask for a price reduction. Ask your real estate agent to check with the listing agent regarding what comparable were used for the bank to set the price they have in place. It is the listing agent responsibility to inform the bank of any changes they believe need to be made to get Buyers to make an offer.
Foreclosure: Bank owns the home, but the original Buyer has a period of time to reclaim the home if all back payments, and fees are paid. Quicker process, Buyer has responsibility to turn on utilities for inspection, then turn them off. Most Banks require a 10 Business Day inspection period.
Short Sale: Long process and paper intensive (Banks often do NOT like short selling their homes unless it is a medical hardship).
Seller Carry Contract: Depends on the willingness of the Seller and Buyer to play well together. There are no shortcuts! Use all of the standard real estate contracts, addendum, and lean heavily on the Title and Escrow companies for critical fund protection, and title insurance...
If it were me, I would likely go the route of Foreclosure. If you have the cash you can also do an Auction purchase, or Sheriff Sale.

Hope this gets you started,
Brad Whitcomb, Broker
John L Scott - Bend
... more
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