there are various liens that exist beyond the sale at a county tax deed auction. county or city issued abatements are just one form of post-sale debt that survives the tax foreclosure. mechanics liens, there are a few other ucc registered liens that may also be tagged on your purchase as well as various supplemental tax debt from previous years. another thing, if there was an apn change; some debt associated with the previous apn could still be applicable.... more
we had a bankruptcy discharge the home was not reframed we were working with the lender to modify but they said they didn't have time too evaluate and sold the property through foreclosure sale what do we do now?... more
Technically you are still responsible unless they discharged it in bankruptcy. You may want to call your bankruptcy attorney. As far as signing a deed in lieu of foreclosure, just make sure they release you of liability, you may need to have a lawyer review this before signing... more
Hello Tsunamisue49, yes you should be eligible for the cash for keys program thru the bank that owns the home. They usually offer up to 120 days to find another rental without paying rent or cash for keys to move out within 30 days.
You should check with the local rental management companies for their inventory. How much do you pay in rent for you and your brother?
The rentals in Riverside 92503 zip code start from $850 for 1bd 1ba apt, $1,095 for 2bd 1ba apt and the single family homes start from $1,295 for 2bd 1ba home.
The purchase start from 170k for 2bd 1ba condo and up which you could buy with less than it cost for any rental.
You should study RENT vs BUY options as you may qualify to buy and pay less than rent in many local cities. You may qualify to buy with minimum out of pocket expenses and pay less than rent.
Beware of the many rental scams out there these days on all sites. The scams are on all of the rental listing sites except one that us agents/broker use such as mls, multiple listing service.
You should not give anyone any funds or personal information without confirming with a licensed agent/broker or management company to find out whom you should be dealing with and the status of any address of interest.
If you decide you want to buy you will need to be pre-approved to be able to meet an agent to view and submit offers on any homes of your choice. You will need to gather some documentation for each applicant.
Your qualifications will be determined by your credit profile, debt to income ratios, fico scores, loan program and how much you want to invest into the down payment and closing costs. Your fico scores can be raised within 3-4 days in most cases to qualify for programs, rates and terms as necessary.
You could consider a down payment assistance program such as CalHFA or Sapphire Grant which can cover your down payment and closing costs. You may close with minimal out of pocket expenses. You may consider the CalHFA from a minimum 640 fico score and the Sapphire Grant from a minimum 620 fico score up to 424k.
You may qualify FHA from fico scores between 500-579 with 10% down or minimum 580 fico score may qualify FHA 3.5% down up to 424k. You may consider 3% down conventional from a minimum 620 fico score or even 5% down conventional with NO Mortgage insurance (Lender paid MI) up to 424k.
Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
Veteran and VA/CalVet Loan Specialist
REO and Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
24+ Years Experience
NMLS# 297251... more
Foreclosures are just a house owned by a bank. If the house has not been thrashed out of spite by the old owner you simply need to write an offer through an agent directly to the bank and financing is available.
If the house is in disrepair you will need to pay cash or obtain a loan that will allow for repairs. FHA has a good program for that the 203K program.
If the house has not been taken back by the lender then you write the offer to current owner.
Many real estate agents can't or wont help you write offers on these as they are not listed with the MLS. As a broker I can help you. If you have a house in mind I do not mind helping you buy it.
it is most likely that home values will continue to drop, However i agree with Mr. Zorn as well you are talking about your home. If you wait and purchase at a latter time you might not be able to purchase the home you want. Interest rates could rise and move you right out of the market place. At the present time there are a lot of homes for sale on the market so go pick out the cream of the crop and make your offer you just might get the home of your dreams for the price you want to pay.... more
Sorry i meant to say ...how much time do the previos owners have to vacate the home once it is sold at auction ? Do they they go through with being evicted or thrown into the street if they have no place to go.?... more