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Foreclosure in Canton : Real Estate Advice

  • All137
  • Local Info3
  • Home Buying59
  • Home Selling7
  • Market Conditions4

Activity 11
Wed Feb 22, 2017
Bernard G. answered:
Hello,

I have emailed you regarding this concern.

Regards,

Bernard
Consumer Care Advocate
1 vote 1 answer Share Flag
Sun Apr 13, 2014
Ruth and Perry Mistry answered:
You will be fine, congrats that you did sell your home though first.
It will help during the redemption period.

Good luck
Perry
0 votes 6 answers Share Flag
Sat Apr 5, 2014
aftervince1973 answered:
Don't let a foreclosure stop you from buying a new home. See Comstock if you have a buyer in need.
0 votes 10 answers Share Flag
Wed Apr 10, 2013
Kathy Koslovsky answered:
I would check with a real estate lawyer.
It sounds like the homeowner has lost the home either to the city or the bank.
A lawyer will be able to tell you and to advise you as to whether you should continue to pay rent or not.
IF you need a name and number give me a call.
Kathy
RE/MAX
734-634-7674
... more
0 votes 3 answers Share Flag
Fri Mar 15, 2013
Cheryl Nothnagel answered:
Hi kevin,

This home actually sold in Jluy of 2012. There are other homes out there for sale and it would be my pleasure to assist you in finding one. Please give me a call at 734-323-7596 for any questions or concerns you may have,

Warmest regards,

Cheryl Nothnagel
Keller Williams
734-323-7596
... more
0 votes 6 answers Share Flag
Tue Feb 5, 2013
Simon Campbell answered:
Wow, "approval" since August. What a mess! As if foreclosure wasn't hard enough, lenders have to drag their feet and torture home owners even more.

If you cannot get them to postpone the auction, I would advise your buyer to attend the auction if they want the home. As long as their purchase price is going to cover the loan amount (or maybe a little more) then they will just be competing with the bank (which they are doing right now anyway).

Another option is that if the property is sold at auction. The State of Michigan allows a 6 month redemption period. So what you do it get the money from your buyer (needs to cover the redemption costs), payoff the amount owing and then transfer the deed to the Buyer.

Good luck!
... more
1 vote 6 answers Share Flag
Sat Mar 26, 2011
Dp2 answered:
There isn't a 'normal' process. Each bankruptcy case is handled differently. Yet, typically, if the court appointed trustee approves a request for sale, then the banks often will go along with that. However, the bank's decision also will depend upon their bottom-line at that point. ... more
0 votes 1 answer Share Flag
Fri Mar 19, 2010
Wov asked:
I am divorced and have a lien on the property, I just saw it listed as a sherrif deed 12/9/2009. I was not contacted, I need to contact the attorney to tell him of my financial interest…
0 votes 0 Answers Share Flag
Sun Nov 8, 2009
Renee Badall answered:
Hi Netman,

The bank that owns the particular foreclosure home that you are interested in is asking for assurance that the buyer from whom they accept an offer is actually going to be able to go through with the purchase. You are probably more familiar with the "pre-qualification" letter. This is very easy to come by and simply states that if everything you have disclosed to your lender is true, then you will be qualified to purchase the home. You then proceed through a more lengthy process-- after the offer is accepted -- (3-4 weeks) in which all of your documentation is submitted (in a physical format) to your lender at the end of which you get a "clear to close" (final lending approval) from your lender.

Since the banks now own more homes than they know what to do with, since it costs them money/time to hold these properties, and since they, too, have stockholders to answer to, they are evolving towards a business model that will allow them to proceed with greater confidence towards their desired end result – a closing!

The length of time that this type of "commitment" takes is a proper question for a lender to answer (since lending requirements, too are evolving). I am happy to provide you with a few references if you would like. Please contact me via my Trulia profile if you are interested.

Please keep in mind that whether you go after this particular bank-owned home or not, it is prudent to properly qualified yourself now so that you will be prepared to move on a property when the time is right!
... more
0 votes 2 answers Share Flag
Tue Mar 31, 2009
Derek Bauer answered:
Pete,

I agree with Andy in that there are other alternatives than walking way. I never, ever advise anyone to walk away. For legal (and I feel ethical, also) reasons, you should explore every alternative.

There is a fair amount about short sales on my website at www.DoorToDreams.com. Feel free to visit at your convenience, and I would appreciate the opportunity of speaking with you further about your situation.

Thank you, Pete, and I hope to hear from you.


Derek Bauer, Associate Broker / Realtor
Real Estate One
734.678.4745 - cell
Derek@DoorToDreams.com
... more
0 votes 3 answers Share Flag
Fri Jan 2, 2009
Robin Kay Cooke answered:
Yes, prices in Cherry Hill Village and throughout the southeastern Michigan area are continuing to fluctuate. I would recommend that you continue to monitor the market for a few more months and would be happy to set up a direct MLS search that comes to your email daily to accomplish that task. This is a very unique community that has a lot of attraction for many buyers but, in my opinion, was initially overpriced. As a result, there is a lot of opportunity to snag a good deal. A local Realtor can update you on recent sales (comps) to help ensure you get the best deal and don't overpay. I'd be happy to help if you've not chosen someone. If not, good luck with whomever you choose. As a 16 year resident of Canton, you're sure to enjoy living here! ... more
0 votes 9 answers Share Flag
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