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Foreclosure in 95828 : Real Estate Advice

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  • Home Buying24
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Activity 15
Tue Apr 28, 2015
Charles Jones VA Specialist answered:
,,:to Close" certainly means different things to different people. Buying a Foreclosure is a process, and can be lengthy. Closing, typically means once you are in contract and the offer has been accepted. That time can be quick for the all cash buyer, perhaps as fast as 2 weeks to close. As for the process, there are may factors which delay paperwork and stages, So not all Foreclosures are the same. Some are in or will be going to an auction. If the Bank does not sell it in auction it comes back to them and they somehow determine the price which may be far more than what you see. If it was a government loan such as a VA , FHA or a few others. Then the process can take even longer.
There are even different stages of Foreclosure where the previous owner can redeem theirselves and re-acquire the home. No doubt there can be advantages of purchasing a Foreclosed home. Equally so there can be pitfalls as the home in question typically is AS IS and many disclosures may not be there to protect you. You also have a huge chance of investors out bidding you as they do this for a living. Point is to answer your question," How Long" that simply depends!.. Find a realtor who deals who foreclosures, their commission should come from the bank side and a free service for you.
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Tue Feb 17, 2015
Randy Stoker answered:
It appears the time to save your house is long past, you should have taken action months ago. Maybe a real estate attorney can do something for you, but then you only have hours before the actual auction deadline. ... more
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Tue Feb 17, 2015
Randy Stoker answered:
Home owners have 5 years to pay their property taxes current before the county initiates a property tax sale. Then the homeowner has 1 year to redeem the back taxes and get the property back. Title insurance companies will not issue title insurance on tax lien sales for that reason. Are you sure you want to but a tax lien property? Contact your local Realtor who will have access to REO and Foreclosed houses offered for sale. ... more
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Thu Oct 3, 2013
mfclayton1949 answered:
I purchased a foreclosure, it was a HUD home. It took 30 days. I am now in the process of purchasing another home but it is a conventional loan and don't have a clue how long it will take. It has been 11 days since they have accepted my offer but I still don't havea projected closing date. ... more
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Fri Sep 20, 2013
Michele Wilson answered:
Are you the owner or a tenant? The rules are different, but in either case you will need to vacate at some point for the new owner.
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Tue Aug 20, 2013
Tammydee43 answered:
how long do i have to get out of my house after it goes to court for the forclosure in Louisville, Ky.
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Wed Sep 12, 2012
Santiago Kensel Sanchez answered:
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Mon Jul 4, 2011
Ron Thomas answered:
Which is more likely to happen:

Senario #1.) A bunch of Banks admit wrong-doing and Modify a few million loans to help homeowners.

or

Senario #2.) A bunch of Banks file Default Judgements against a few million ex-homeowners.

If Vegas was running a book, I know which way I would bet!
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Wed Jan 5, 2011
. answered:
Listen, slow down. Digest what i say ....then see an attorney
Upon sale they issue a transfer deed...deed upon sale Read it when it’s made available (county recorders main office

1) Beneficiary is the grantee
2) Grantee is the highest bidder
3) Grantee paid full price of mortgage or 80 % of mortgage
4) Grantee brought by credit bid

Please -
Rigged bid /cannot credit bid full amount /credit bid requires an entry of thrid party bid
Grantee is beney meaning left hand buys from right hand /conveyance for consideration and bone fide transfer by sale

No condition precedent - who brought the foreclosure (FDIC) it does not Hive and compliant requirments to perfect title in a non judicial procedure / its a Reverse Repo as I recall and that will void a transfer deferrig teh matter to a unlimited jurisdicition -

Expert.witness@live.com
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Mon Dec 28, 2009
Keisha Mathews answered:
@Michele, thanks for the clarification. Did not mean for it to sound as if they were handing out unlawful detainers (eviction notices) at the door, out the gate. Have a prosperous week! :) ... more
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Sun Oct 11, 2009
Brian Frank answered:
All active Foreclosures are listed through our Metrolist. Find a good agent to set you up on a automated search. Short Sale/ preforeclosures should be considered as well.

Brian Frank
916-402-4697
Lyon Real Estate
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Tue Apr 28, 2009
Jennifer Young answered:
Hi Ricky, I know you're not in our area, but I thought a note about our market may help just for information purposes. My team was a top listing agent/seller of foreclsures in the DC Metro area last year and now working into this year. In short, our sellers, the banks, order broker price opinions (BPO's) and ask us to list based on the market value. Typically they will price it anywhere from 10-20% below market for a quick sale, but their main goal obviously is to try and make as much money as they can. The key to getting a contract ratified by the bank is to plan your offer well (and quickly after list) and have a full pre-qualification letter ready to go. Now, what I mean by planning your offer...the banks are most concerned about the net they will receive if and when a loan goes through. So, cash offers are obviously GREAT, but when that isn't an option, then they look at whether appraisal and inspection will actually pass for other types of loans like FHA and VA. Ask your real estate agent for more info on why the type of loan is so important.
Now, as for auctions - the houses sometimes go up for auction right away, or they go up for auction if they have not sold quickly when listed with an agent. At least that's what's happening here. To bid, just find out the auction house, go to their website and read CAREFULLY their criteria for bidding. And know this, you can get your real estate agent to register and represent you at auction at no cost to you in many cases. Just look for the "Registered Agents" section or something like it on the company's website. I wrote an article recently on my blog about what some of the houses were going for in our area compared to what they were listed for months ago. A good deal will range in the 30-40% off of list price. You can read about that at http://jenniferyounghomes.blogspot.com/ . Just go down about six articles to find it. Happy hunting....I hope you find a great home!
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Thu Apr 23, 2009
Jim Walker answered:
Sue Archer is right. It depends on the seller. There is no standard response time.* I have experienced offers that were accepted after ten months of negotiations and offers that were accepted within a few hours.

I will rephrase your question to what is the average - or median - response time.? Here is a clue. The standard expiration clause in the CAR residential purchase contract is three days. I think that time period was chosen for the default time period (A shorter or longer period can be chosen by the buyer) because it is a reasonable length of time for an offer to be sent to a seller, reviewed, considered, and analyzed by a seller, and a response or acceptance written and sent back to the offeror.
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Wed Nov 5, 2008
Annie Nguyen answered:
Hi Adebola,

All the offers for foreclosures will be approved by the lenders. Most of the time they tried to get the properties sold as much as the current mortgage owed by the owners. The process will be long and complicated. If you have patience enough then you might get the good deal but there will be a lot of bumping during the transaction. You need to work with an experienced agent who knows how to handle the foreclosure transaction properly from a to z. Good luck. ... more
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