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Foreclosure in Bothell : Real Estate Advice

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  • Home Buying22
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Activity 9
Fri Oct 2, 2015
Kimmi Nguyen asked:
I want to purchase my neighbor's investment property. I have heard it was nearing foreclosure and he is trying to sell it because he doesn't want to go file for bankruptcy. I want to purchase…
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Mon Feb 17, 2014
Karen Zehm answered:
Your best bet right now is purchasing at the county auctions or tax auctions. I am happy to tell you what I know about both. Short sale are another good option or sometimes you can just get lucky with a well priced resale in the right location. Purchasing retail or short sale is a little difficult right now. There are a number of auction properties but you have lots of completion with other flippers right now. I have two investors I am currently working with. Feel free to contact me for more info. azehm@windermere.com or 206-999-3724 ... more
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Mon Feb 17, 2014
Karen Zehm answered:
The bank cannot just kick out without proper notice. You have rights as a tenant or as an owner who home is being foreclosed. Every situation is different. Most banks I have worked with will allow the tenant or owner to stay for a reasonable amount of time. Have you received a "Notice of Trustee sale" on your door or via mail? This gives you the first timeline for when the bank can first foreclose on the property. Before this gets too involved I would seek the advice of an attorney and/or call the HUD housing line. They will be able to give you more advice. Banks do not typically change locks on a property unless the property is found to be vacant. If you have more concerns about this contact an attorney or feel free to contact me. ... more
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Tue Feb 11, 2014
Kary Krismer answered:
Agents should not be giving legal advice. Assuming this property is actually in the 98012 zip code, and not in Stockton CA, and that this was a non-judicial foreclosure, the answer is generally 20 days following the sale. http://apps.leg.wa.gov/rcw/default.aspx?cite=61.24.060 (RCW 61.24.060).


It is also possible that if the bank bids at the sale that they will give you longer, or that they will even pay you a small sum if you leave by a certain date and leave the property in good condition. This assumes Hope4lucy is the owner. If she is a tenant then there are federal and state (if Washington) laws which may allow even longer periods measured in months.


Hope4lucy should consult an attorney about her specific situation. There are legal services that might be able to help if she cannot afford to pay.
... more
0 votes 2 answers Share Flag
Tue Feb 11, 2014
Kary Krismer answered:
Agents should not be giving legal advice. Assuming this property is actually in the 98012 zip code, and not in Stockton CA, and that this was a non-judicial foreclosure, the answer is generally 20 days following the sale.

http://apps.leg.wa.gov/rcw/default.aspx?cite=61.24.060 (RCW 61.24.060).

It is also possible that if the bank bids at the sale that they will give you longer, or that they will even pay you a small sum if you leave by a certain date and leave the property in good condition.

This assumes Hope4lucy is the owner. If she is a tenant then there are federal and state (if Washington) laws which may allow even longer periods measured in months.

Hope4lucy should consult an attorney about her specific situation. There are legal services that might be able to help if she cannot afford to pay.
... more
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Mon May 16, 2011
Susan Romei answered:
If Fannie Mae is the owner then the property will probably be listed on their Homepath website. This level of work may require a rehab type loan. Check out the website at: www.homepath.com ... more
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Mon Sep 20, 2010
Gerry Eagle answered:
You need to contact an attorney. Many people are in the same boat and it is no fun. Certainly not what you made the investment for. Dale Galvin of Galvin Realty Law Group could possibly answer your questions. 425-248-2163. ... more
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Sat Sep 18, 2010
Felix Hung answered:
Yes. Depends on different factors like: what happened to the first offer and how long has the property been on the market.

Know that anything like this could go back for approval and could take 2-8 weeks. Best bet: All cash. Anything else is highly unlikely unless you can show your offer price is the fair market value for that property. ... more
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