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Foreclosure in Cary : Real Estate Advice

  • All248
  • Local Info24
  • Home Buying118
  • Home Selling10
  • Market Conditions8

Activity 15
Mon Apr 4, 2016
renamuhsen asked:
Thu May 14, 2015
Dan Tabit answered:
Get to an attorney tomorrow. If you are contemplating bankruptcy you'll need one anyway. We don't know enough details to answer any better than this.
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Mon Aug 4, 2014
Tracy Santrock answered:
It is in your best interest to hire a Realtor to represent you. The seller pays the commission for the listing side and also the buyers side. Realtors are also held to a higher standard than the general public and provide you sound advice on the purchase of the home. ... more
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Mon Aug 4, 2014
Tracy Santrock answered:
This home is a Foreclosure. It is in your best interest to hire a buyers agent to represent you for properties like these. All offers must be presented and reviewed by the bank for approaval. ... more
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Sat Jun 21, 2014
Alain Picard answered:
If the home was foreclosed on by the lender then most likely they will list the home with a local real estate agent when they are ready to sell it. Most likely you won't be able to talk to the bank directly to discuss purchasing it. The best thing for you to do in my opinion would be to talk to a local real estate agent and have them set up an automatic email that will let you know as soon as the home is listed for sale. ... more
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Mon Jun 18, 2012
Michael Colvin answered:
I see you have gotten a lot of answers, a lot is determined by the property you are interested in ie: a short sale or foreclosure as compared to a HUD owned property. I would suggest finding a property you are interested in and letting your Agent and Loan Officer determine the best way to move forward with an offer including CC determined in some instances with the type of property.
... more
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Thu Jul 28, 2011
You are welcome.

At the time you were dealing with them you were probably dealing with their loss mitigation department - you should now be dealing with a department with a quicker response time, relative to the previous process, perhaps even just the general customer service. Figure a couple weeks after you contact them it should be updated - if not give them a follow up phone call. I am not quite sure about the date on the 1099 relating to the foreclosure sale date, however if you are applying for a mortgage the new lender will not care about the 1099, only the foreclosure sale date documentation... so from what you have, it'll look as if it's December of 2008 until you can get it corrected on your credit report and/or get the foreclosure sale documentation (which is public records, you may have to pay $10 or so to get a copy and for it to be mailed to you). ... more
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Sun May 30, 2010
Sheri Moritz answered:

In NC only a licensed attorney can consult you on your rights and obligations in this situation. Regardless of the experience any of us agents have we in NC we don't have the legal ability to advise you. As you can see there are a variety of opinions on your obligations and the banks recourse. I would advise contacting Clifton and Singer Law on Falls of the Neuse Rd. in Raleigh. Mr. Clifton and Mr. Singer have been practicing real estate law for over 30 years in the Triangle and deal with a large number of foreclosure properties. They may even be able to answer your question over the phone. Best of luck to you! ... more
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Thu Feb 18, 2010
Keith Manson- Metro Milwaukee Wisconsin answered:
It happens all the time on early payment defaults. If someone defaulted in the first 12 months there is a lot of interest way. Everyone wants to transfer the liability. The servicer does not want the loss, the pmi company does not want the loss and the investor does not want the loss. It is the blame game to see who is responsible and if their was fraud and who comitted the fraud.

Keith Manson
First Weber Group
Certified Distressed Property Expert
Metro Milwaukee
... more
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Sun Dec 20, 2009
April Crowder answered:
I don't have your list so I can't tell you where the properties are located. If you have the addresses you should be able to find them online. Also, who is auctioning the properties? Is it at the courthouse or is it an auction company? Either way, you would need earnest money in the form of certified funds in order to bid. If the sale is through an auction company, then you need to pre-register with them prior to going to the sale. Some auction companies require you to pay a small fee ( $25) to get their packet which includes information on the properties as well as the bidding process. If the sale is at the courthouse, then you can just show up. You said you want to go there just to watch which is a good idea. You can learn a lot that way. If the sale at the courthouse is for tax liens, be aware that whoever buys those properties takes them subject to any and all liens on the properties. If it is a bank foreclosure, be aware that the bank foreclosing could be in second position. Before making any offers at a courthouse, you should have a title search done to protect yourself. Also, note that even if a bid gets accepted, that there is a 10 upset bid process. If a bid is upset in those 10 days, then there starts another 10 upset bid process. In theory this can go on forever! Good luck with bidding in the future! ... more
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Tue Jun 23, 2009
Dave Jezierski answered:
Hi Debbie, hope all is well.
You have received some good information from my fellow Realtors, I most like the response that "any Realtor" can help you find them, while true, I think you need a Realtor who will stand up and help you. I'm standing up! Too funny.

I specialize in distressed properties, I list and help buyers in Short Sales & REO-Bank Owned properties, so I know how these transactions work inside out, backwards & forwards. You need someone who can advise you properly, and that is only a broker who has success time in this particular niche of the market.

If you have not already "hired" a broker to work with you, please contact me, and I would be very happy to share my knowledge with you. I would love to help you find just the right home for you, and help make the process as stress-free as possible.

I look forward to hearing from you. All my contact info is on my website
... more
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Wed Mar 18, 2009
Krista Abshure answered:
I absolutely agree with Mike, be certian that you are allowed to get a home inspection. Many of these auction sites will allow you to have a realtor represent you, that is another really important option. There are many things to know about short sale and foreclosure properties and also there are items that a realtor would know to ask about to the auction site. With all that being said be cautious with your bidding and good luck to you! ... more
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