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Foreclosure in 44122 : Real Estate Advice

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Activity 2
Thu Mar 26, 2009
Elizabeth Campbell answered:
The concept can be very confusing. The bank is simply to note holder, but does not actually own the home. For example....you loaned your neighbor $2,000 to buy a car, but he never made any payments to you. You can't sell the car, because it's not in your name. So....(assuming you have a lien on the car), you ask a judge to allow you to sell the car at auction to recoup your money (i.e. judgement). the court orders (upon your request) that the car be sold at a car auction. You don't want it to sell too cheap, so you go to the auction. Only 1 person bids on it, $500, and that's not enough for you, so you bid $600 and win it. You give the auctioneer $600. The auctioneer sends the money to the courts, they take out fees, and send you a check for $525 (only an example) since you are the person who asked the courts to auction the car in the first place. Now you actually OWN the car and can sell it on the open market, but probably will not get out of it what your neighbor owed you. Hope that helps a little........Visit my website! I serve all of northeastern Ohio for rural, urban, or city residential properties. ... more
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Thu Mar 26, 2009
Amy & Dan Schuman answered:
De,

There are a ton of websites that offer free foreclosure lists but these are not always very accurate. These lists often contain homes that already sold on them or homes that are not in foreclosure. Most homes that are foreclosed will get listed with agents at some point, so the MLS is critical in your search.

If you are specifically looking at Solon or surrounding areas, you should find an agent in the area that you are are comfortable with and have them send you automatic emails every time a new foreclosed home comes on the market.

One thing to keep in mind is that well-priced bank owned homes have been selling very quickly, at least in Solon. Therefore, you need to make sure you find out about homes immediately as they go on the market so you can get in right away. Then, be prepared to make an offer if you like it.

Check out a few of my recent blogs showing lists of foreclosed homes in Solon and Beachwood:

http://www.clevelandhomeexperts.com/channels/home_buying/topics/bank_owned

http://www.clevelandhomeexperts.com/channels/home_buying/topics/bank_owned_homes

I also know of several coming on the market in Thornbury in Solon within the next 30-60 days. I can make sure you get in immediately.

Lynn911 below gave good advice.


Dan Schuman
danschuman@kw.dom
www.clevelandhomeexperts.com
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