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Foreclosure in Madison : Real Estate Advice

  • All323
  • Local Info36
  • Home Buying102
  • Home Selling23
  • Market Conditions22

Activity 9
Wed Sep 13, 2017
Stacey Gharbi asked:
Wed Dec 18, 2013
Linda Zivney answered:
Great question!
When a property does not sell at the Sheriff's sae, it becomes an REO, Real Estate Owned by the lender.
The lender typically has the property appraised, winterized and hires a Realtor to sell it.
The price is dependent upon the condition of teh property,
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Tue Dec 17, 2013
Seth Peterson answered:
you would be responsible for all liens on the property. you can contact a title company and pay for a title search prior to the auction, so you know all the current liens prior to placing your bid. ... more
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Tue Oct 29, 2013
Annette Lawrence answered:
Chris is correct.
The data appearing on Trulia has NO RELATIONSHIP to what a real estate agent enters into the local MLS. Trulia receives data from ListHub. Both ListHub and Trulia, change, remove, substitiue, suspress, replace, modify, and misrepresent information as it suits their business purpose.
Furthermore, this information will now EXIST FOREVER on these sites. Interior images, maybe floor plans, vido tours, all avaialble for anyone who might mean harm. Citizens need to hold real estarte professional repsonsible for not advising the buyer or seller of the residual risks this presents.
Your next step needs to be to go to Google Maps and blur the image of your home. Google Street maps has proven to be the favored resource of rent scams and 'too good to be trule' lease options.
Best of success in getting your Trulia/Realty Trac issue fixed.
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, FL
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Fri Sep 21, 2012
Guy Lofts answered:
Steve, we have done a fair few short sales. just got back from the KW short sale mastermind in Austin.
FHA is tough but i would be happy to discuss with them their options. call me 608 513 1123 ... more
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Fri Nov 18, 2011
Dennis Kindschi answered:
You have received a lot of advice to this question. Some good and some a little less. As a broker who has handled a lot of foreclosure listings as well as a buyer broker who specializes in finding good foreclosure buys, I will give you some fee advice. 1. Not all foreclosures are good buys. 2. Most of the good foreclosure sales are sold almost as soon as the property comes on the market. Prior to the listing going on MLS the listing broker has already been given a contract to manage the property for the selling bank. During this period the listing broker (property manager) supervises getting the property ready to show, works with the lenders agents who have to enter to appraise and value the home, etc. The point is that the future listing agent has access to the home and knows what kind of property it is for about 6 weeks or more before it is actually listed. If is going to be a good deal it will be gone within a few days at most.

I had a property recently where I represented the buyer. We had an appt to see the house 2 hours after it was listed, wrote an offer at the house. (we were one of 6 parties to write an offer that day) Ours was accepted. Your buyer broker needs to know how and what the banks are looking for and how to submit the offer and how to respond.

In direct answer about secondary offers. Everyone that I know off is flat rejected with written orders to the broker that we will keep the name and if it falls apart we will call you. Never seen that happen. The secret is to get an accepted offer. If you lose out on one have your broker find you another and work to be first in line.
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Thu Nov 17, 2011
Dennis Kindschi answered:
I have handled a ton of foreclosures both as a listing agent for the bank and as a buyers broker. NO LENDER will even look at an offer without a full disclosure of buyers ability to get a loan (attached) to the offer. NEVER waive your inspection. Almost all banks want you to do the inspection as much for their protection, as yours. Remember, all foreclosure sales are being sold "AS IS". If your inspection shows substantial problems, walk away or renegotiate the price. If your broker is a good one, they will know how to write the offer so you can walk away, but the lender can't. ... more
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Thu Apr 3, 2008
Rachel Baehr answered:
Here is the latest and greatest from the Realtors Association of South Central Wisconsin on the latest statistics in the South Central WI MLS. Please note in towards the end of the information what it states about mortgage rates vs. housing prices...perhaps that will help you....

The February statistics are now available, and are positive. Although year to date sales volumes are down for residential homes and condominiums in Dane County from last year, you have to remember that we just finished a record setting snowfall season, and we all remember the problems that created.

Sales are up over 30% from last month, showing a substantial rebound from the January numbers. Historically February, although usually a shorter business month, does generate more reported sales than January, but that increase had been only about 9% last year, and 11% in 2006. The reports of activity in your offices seem to have culminated in actual closings, and signs are looking good for March as well.
Possibly more important to our customers are the average and median sale prices. Dane County remained solid in both areas, and supports the local contention that homes here have not lost the value that is being reported in the national media.

The idea that consumers are better “waiting until prices drop” is hard to justify. Consumers need to do the math: It takes a 10% drop in the selling price of a home to offset just a 1% increase in the mortgage rate. Mortgage rates are very competitive right now, and waiting to find a “bargain”, may ultimately cause their monthly payment to increase.

With nearly 400 fewer residential and condominium active listings in Dane County than this same time last year, the market is set to maintain values as we move forward.

Information provided by: J. Deininger, EVP, RASCW
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