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Foreclosure in Belmont : Real Estate Advice

  • All54
  • Local Info2
  • Home Buying22
  • Home Selling5
  • Market Conditions1

Activity 6
Wed Jan 21, 2015
Jordan Pennington answered:
What is the address? You did not provide one yet.
0 votes 3 answers Share Flag
Thu May 27, 2010
Shannon Stockton answered:
Again, as a renter, you have rights to the use of the property. Generally the home owner has to give you at least 24 hours notice to enter the property unless it is an emergency. I would also use this as a negotiating point rather than argue about it. It may be that they have to have this removed in order to sell it. If you help the situation, they would likely work with you. ... more
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Thu Apr 1, 2010
Holder Real Estate Team answered:
Hi Rob.

Every answer below is pretty good. The Notice of Default is a legal action necessary to begin the foreclosure process. It is a notice that is recorded with the county, goes on the public record, and begins the countdown to a foreclosure/trustee's sale on the courthouse steps.

There are serval actions that can prevent the actual foreclosure/trustee's sale of the home including, but not limited to, a declaration of bankruptcy, paying all the delinquent loan payments, or forbearance.

Unless you are working with a Realtor who has a specific relationship with the foreclosing lender, which is very rare, it will be near impossible to contact the asset manager. Even so, the asset manager usually takes over in case of short sale or after the foreclosure has occurred. The bank will not have full control over the property until it is foreclosed upon, so you will just have to wait on the sidelines until it goes up for sale.
... more
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Sat Oct 3, 2009
Lee Ginsburg answered:
Raymond,

Congratualtions for understanding the market and realizing the value. I suggest having your agent run sold comps in the last 3 months. don't go back to far and if you do please adjust values for the market change.
After running the comps you will get a good idea of the REO's value. Of course factor in condition of the comparables. Make your offer with the assumption that every thing is in working order and there are no major issues. Save the condition issues for your inspections. Once in contract you could re-negotiate. If you don't get into contract you will not have that opportunity.
Maybe your agent can question how many offers they are expecting. Maybe there is not an offer date and first come first serve. I make the assumpiton that 30%-50% of the offers will be under the list price. Now you only competing against fewer offers. You could also review the percentage of over asking price recently sold homes have gone. Banks fo like good down payments, and short or no contingencies. Factor in all of the above and you should have a good chance. By the way this week I have heard of 2 top offers get cold feet and back out. so if you don't get it have your agent stay in touch with the listing agent.

If you don't have an agent, I am available. Lee Ginsburg 877-Lee-Sells 9650-358-3959
www.leesellsmore.com
... more
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Fri Aug 8, 2008
Don Tepper answered:
Check with a lawyer.

The initial response is: Check your lease. The lease should specify under what conditions, with what notice, the property may be entered or shown. However, judging from your comments, it sounds as if the situation has escalated to the point that outside assistance is necessary. ... more
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