Trulia Community - Advice from neighbors and local experts

Find Your Community
We couldn't find that location. Please try again.
Get Expert Advice

Foreclosure in Raleigh : Real Estate Advice

  • All777
  • Local Info78
  • Home Buying289
  • Home Selling48
  • Market Conditions22

Activity 20
Mon Nov 17, 2014
Ernie Behrle answered:
I have to assume you've already been taken care of but if not, please contact me. We have a specialist in our office!!
0 votes 2 answers Share Flag
Sun Mar 23, 2014
GAumon answered:
I am viewing a HUD foreclosure tomorrow. I want to know if I can make a cash offer on the property to the realitor tomorrow? Gil
0 votes 8 answers Share Flag
Wed Mar 19, 2014
Venita Peyton answered:
You and the competition will be asked, 1) Are you bonded; 2) Are you licensed? 3) Do you have references?
0 votes 5 answers Share Flag
Tue Dec 17, 2013
Victory Property Management answered:
You would definitely have to consult a lawyer but in a lawsuit there must be damages, and I dont know that you would be able to prove that there were any damages since the sale did not happen.

It seems like a bad situation but also since they didnt accept your money or anything it may be hard to show that you were damaged in the transaction.

Ask your Lawyer that you are working with !
... more
0 votes 1 answer Share Flag
Tue Nov 13, 2012
Wayne Collier answered:
Type your answer here...I do not know anyone who would clean a home for free. Most of the junk that's there is not worth anything. You may find some valuables sometimes.
You should sign up with some national companies first and they will try you out doing little things first till you build a reputation with them. ... more
0 votes 3 answers Share Flag
Mon Sep 10, 2012
Venita Peyton answered:
If you cannot afford an attorney to begin straightening out your problem, I recommend immediately talking with a HUD housing counselor. Keep calling until you find someone who can meet with you today! http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm?webListAction=search&searchstate=NC ... more
0 votes 3 answers Share Flag
Wed May 16, 2012
Tim Burrell answered:
Go to www.RealtyTrac.com and look at the upper right corner. Click on Free Trial. However, you may not be happy with the results. Realty Trac is good in other parts of the United States, but they have a large lag time here. In other words, there are other ways to get more current information. The easiest is to get a Realtor who lists a lot of foreclosures, and let that Realtor do the work. In other words, let the Realtor send the ones you might like ot you. I represent Fannie Mae, Citi Mortgage, US Bank, PNC Bank and a number of outsourced companies. So, I know what is going to hit the market before nearly everyone else. YOu can go to www.TeamForYOUrDreams.com and click on the button that says "Good Deals Buying Foreclosures", then let us know what you are looking for. Our team will send you the properties that will make you happy. Also, if you want to learn how to get great deals with Short Sales, go to www.CreateAShortSale.com because they are frequently better deals than foreclosures. Good luck. ... more
0 votes 1 answer Share Flag
Wed Oct 12, 2011
J answered:
The owner can appeal the tax value. More than likely the county will refer to FMV in the area only. Foreclosure properties are special purchases notably below FMV in most cases. Be prepared to include a BPO or CMA with your request to show credibility. Good luck! ... more
0 votes 8 answers Share Flag
Thu Jun 30, 2011
Nathan Wolf answered:
You should sue them in small claims court. You can file a claim at the Clerk of Courts for $50, stating that they have erroneously credited your payment to their fees, and not toward the amount you owe. Your payment should have been made to the HOA and not to the attorney. So I question how they credited it toward the attorney fees.

If then they fail to show up, you can get a summary judgement against them, as they have not shown up.

You can do this without an attorney, and I am not an attorney. And you should consult an attorney for legal advice. Prepaid Legal offers low cost attorney representation.
... more
0 votes 4 answers Share Flag
Thu Jan 20, 2011
Margaret Horst answered:
Who sent you the letter saying that you can short sale your home? Mortgage lenders do not solicit short sales - they are losing money on a short sale and they don't want to do it. You have to work hard, with an experienced professional REALTOR, to get them to accept your short sale offer. It sounds to me like the letter you received is from one of the many vultures flying around these days taking advantage of homeowners in difficulty. An "expert" telling you that you can do a short sale without direct knowledge of your specific circumstances is just looking for a commission.

There are many alternatives to short sales, and you should investigate them before jumping into a long and difficult process that is so detrimental to your financial life in the future. Talk to a REALTOR who knows how to do short sales (it's not for the faint of heart or inexperienced), but be sure that the REALTOR can also advise you about other options. There is a place for short sales, but most folks are better off with other options.
... more
0 votes 5 answers Share Flag
Tue Dec 28, 2010
Irina Bennett answered:
Dear Buyer and Seller,
In this market everyone is looking for a deal, and for some it seems natural that the foreclosure will bring one for sure. Many just need to learn about the different stages of the foreclosure process and the rules on buying one. Of course one of the main parts of the buying process is financing that has become more complicated then ever with almost weekly news and changes to its rules and procedures.
So, many of my clients when wishing to buy a foreclosure get pre-approved with the conventional lender (which does not gurarantee the loan in these days), use private money lenders or get in the partnerships to be able to buy for cash. In any case, if you need some contacts, let us know, we have had many clients work with good people in the business that you may benefit from as well.
All the best to you,
Irina Bennett
Your Real Estate Connection!
(919) 868-1040
www.Trianglehomeowner.com
... more
0 votes 3 answers Share Flag
Tue Dec 28, 2010
Irina Bennett answered:
Rainy, you have all the great questions, first of all I suggest to get a great Buyer's agent on your side with experience in this market who will be representing you in the purchase of this or any other home that maybe of interest to you. The agent will have a duty and responcibility to you to find out facts and provide answers to all of your questions. Buying a home is not an easy process and definatelly it does not become any easier to buy it from the bank! So, get yourself professional help and you will be on your way to a great start.

PS: Your buyer's agent will research sales records of all the homes that are comparable in the area and will advise you on the possible sales value of this home, so you may have an idea what it may worth before you spend your money with the lender on the appraisal. The agent may also suggest to have a contractor to look at the home before finalizing your final offer as you may have unexpected repairs needed and most banks want you to sign an AS IS addendum and will not do or provide for repairs. Your great agent will also consult you on the value and the low cost of the Home Warranty that maybe included in the offer and will cover you for all major repairs. There are many other valuable ideas to consider and talk about when buying any home in the area and your agent should be a great resource!

Let me know if you have questions on how to find the best representation for you.

Irina Bennett
Your Real Estate Connection!
(919) 868-1040
info@trianglehomeowner.com
www.Trianglehomeowner.com
... more
0 votes 6 answers Share Flag
Tue Aug 10, 2010
Brandy Shelly answered:
Of course my standards my be lower than some, but I just had an offer accepted on a "dump" today. Wasnt even serious, I currently live in a mobile home and was just looking to maybe possibly buy some land to move my mobile home to get out of the dreaded trailor park. Got to looking at houses in the listings here on trulia while looking for land listings. Found a house listed at 29,900 with over 2000 square feet. Just for fun went and took a look at it, actually kinda hoping it would be totally horrible so we could put off this buying a house nonsense, haha. Yes it needs a new roof, some carpets are beyond salvaging with a cleaner, and some other pretty minor cosmetic things, but to our huge surprise it wasnt too terrible, again according to our standards, even had 4 bedrooms. Offered 24k yesterday and the bank accepted it this morning. 5k for the new roof and roughly another 3-4k for carpeting here and there and other minor cosmetic things and we're gonna have an excellent (to our standards haha) home for our family of 5.

While doing research on the property I discovered the previous owner lived there roughly 7 years, appears they didnt really tear the house up, but just didnt keep up with the little things that needed to be done, and after getting foreclosed on the house had been sitting empty for roughly a year or so. Couple years ago before everything crashed around here the property was valued at over 91k.
... more
0 votes 6 answers Share Flag
Sun Aug 8, 2010
Cassandra Black, Consultant answered:
It really depends on the services you choose to offer in your foreclosure cleanup business and your county's licensing requirements... call your County Clerk's office and tell them what you're planning to do. They will guide you...

Cassandra Black, Foreclosure Cleanup, LLC, Atlanta, GA
... more
0 votes 2 answers Share Flag
Mon Jul 26, 2010
Sheri Moritz answered:
Have you had any luck finding foreclosures or property in your price range and area? New properties are listed every day. If you are not working with an agent currently I am happy to send you the updated list and set up a custom webpage for you to be alerted as soon as new properties are listed since properties priced great sell quickly.

Sheri Moritz
Broker/Owner
Real Living Realty Experts
919-387-4100
... more
0 votes 4 answers Share Flag
Mon Feb 8, 2010
Jennifer Brangaccio Marks answered:
I agree --get an attorney-- and bring not only a copy of your lease but any paperwork the bank has sent you and proof you have been paying rent to both the bank/landlord. Best of luck. If you need to move quickly let me know I would be happy to help :) Jennifer ... more
0 votes 2 answers Share Flag
Wed Oct 29, 2008
Devon Broughton answered:
Hi Sean,

You have a great question and have received lots of great advice here. My specialty is working with first time buyers and in fact, 98% of my buyers are first-timers. Getting a good grip on the financial picture is first and foremost. When you sit down with a mortgage broker or banker, you will need to consider your monthly expenses---everything and see how an affordable and reasonable mortgage payment fits in. You certainly don't want to overspend your budget, and you know your finances better than anyone else. When I moved into my first house, I found a roommate to pay half the bills and that helps A LOT! Secondly, I tell my buyers to buy first because you love the house and secondly for its resale potential. You have to be comfortable where you choose to purchase and need to know that you're also making a sound decision.

Now, more specifically to your question: if you are planning on buying in two years, you do not need to start looking now. What is on the market today will most likely not be on the market two years from now. I have had buyers find a house in 1 to 5 trips out at looking. Sometimes more...but the idea is to narrow down on what it is you're looking for and toss the rest out. Generally speaking, you could need a month to a month and a half for looking and a month to two for the closing period.

Even if you are thinking of a purchase two years from now, it's not a bad idea to talk with a mortgage broker now to see where you stand with everything--for a couple of reasons. One is that you might be financially ready to purchase now and not know it; thus, you can take advantage of the low interest rates and the First Time Buyer's Tax Credit that expires next year. Another reason is when you speak with the mortgage broker, he/she will have to pull your credit to help get the entire financial picture. In doing so, you want to make sure there aren't any "hiccups" on your credit, or things that shouldn't be there. Therefore, you have ample time to straighten that out.

I hope this helps in your journey to realizing homeownership. I commend you for starting out so young--that is fantastic! If you have any questions about my answers or would like to talk with me further, please feel free to contact me. 919-368-7011
... more
0 votes 8 answers Share Flag
Sun Jul 20, 2008
Tim Hoelle answered:
Yes, it can work. You have to understand several things before you start; (1) you will only be able to choose from certain homes so you'll have to be flexible on selection (2) the lender and the seller will control how far this process goes and (3) it will probably take 4-6 months to resolve. If you are planning to finance the purchase you will have to get your financing in order as the lender negotiating the short sale will want to see a "pre-qualification" letter on your behalf with the short sale package. If you're paying cash you may still need to provide written evidence that the funds are available. You can and should have all of the other "usual" pre-purchase work done, i.e. inspection, buy title insurance, etc.

I agree that it's a bit much to try to do this without someone working on it that knows short sales and what to do. I can recommend someone for you if you are interested. Good luck with it.
... more
0 votes 7 answers Share Flag
Thu Dec 20, 2007
Rebecca Savitski answered:
Heather - This is across the board right now with townhomes in the Raleigh area. The catch is the buyer wants to "get a deal" with all of the media hype buyers are looking for the best value. I would personally recommend you sitting down and crunching some numbers to see what works for you. The other catch is foreclosure just went pending in your neighborhood for $84,500. ... more
0 votes 12 answers Share Flag
Search Advice
Search

Followers

449