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Foreclosure in Collin County : Real Estate Advice

  • All26
  • Local Info1
  • Home Buying9
  • Home Selling3
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Activity 53
Tue Sep 6, 2016
George Felan answered:
It is best to talk to an attorney.
0 votes 3 answers Share Flag
Wed Jan 27, 2016
Susie Kay answered:
I would suggest that you consult with an attorney.
1 vote 3 answers Share Flag
Wed Jun 10, 2015
Jilida answered:
It is a very frustrating process sometimes dealing with foreclosure red tape and the process just to speak with someone. Do you have a realtor representing you? Typically there is a case manager or someone you can get through to in a timely manner. Are you the buyer? The bank must have signed authorization from seller permitting them to speak to anyone about anything,

Reference Link: http://reohomes.org/directory/
... more
2 votes 8 answers Share Flag
Thu Jan 29, 2015
Susie Kay answered:
Naeem,

You absolutely need an attorney to help you. There's due diligence that needs to be done before you purchase a home at this type of auction as too many things can go wrong. I would suggest consulting more than one attorneys as they have different expertise.

Good luck!
... more
0 votes 2 answers Share Flag
Tue Sep 30, 2014
Kenneth "Kenny" Bebensee answered:
It is never a good idea to break a lease. Did you not know the area your were moving into BEFORE you moved to it? You should do your due diligence before choosing a place by searching on the internet about crime and anything else you want to know. There is no such thing as a perfectly safe place. Also your budget will determine mostly where you live. ... more
0 votes 1 answer Share Flag
Thu Sep 4, 2014
Amy Arey answered:
This home has now sold, but if still looking....are you wanting this particular neighborhood, or just looking at that particular home because of a "great deal"?

Feel free to contact me if I can be of any assistance! :)

-Amy S. Arey, Realtor
Halo Group Realty, LLC
214.901.1341-Cell
www.MckinneyRealEstateInfo.com
... more
0 votes 3 answers Share Flag
Fri Jul 25, 2014
Susie Kay answered:
Check my website at www.dfwdreamhomes.net for the most updated info on homes available on the market.

Susie Kay
United Real Estate
469-371-2899
www.dfwdreamhomes.net
0 votes 2 answers Share Flag
Thu Jul 24, 2014
Amy Arey answered:
Mary--
Has anyone answered your question directly? I see it was several months ago but do contact me if I can be of any assistance. I can search for foreclosures, nonforeclosures, and practically anything that's on the market.

-Amy S Arey, Realtor
Halo Group Realty, LLC
214.901.1341-Cell
www.Aarey.HaloAgent.com
214.9011341-Cell
... more
0 votes 1 answer Share Flag
Thu May 29, 2014
Annette Lawrence answered:
This question posted Oct 2009

Now we know it's the same, but different.
:)
0 votes 4 answers Share Flag
Mon Feb 24, 2014
Gail Polo answered:
This home is not a short sale nor a foreclosure. The owner is selling it through me with Edina Realty. It is priced to sell and compete with foreclosure homes. It is a great deal as it is a double lot and the house is huge enough to have up to 6 bedrooms if the buyer would chose to install egress windows in the basement. There are 3 entrances- and if the basement were finished off - one could practically have another separate apartment. This is nice for extended families living together.
The advantage is that we can close immediately and the seller is offering a one year home warranty.
... more
0 votes 3 answers Share Flag
Mon Feb 24, 2014
Melissa Hailey answered:
If no one else bids on the property at the courthouse auction, then the foreclosing bank becomes the owner of the home. The new owner/bank will begin the eviction process, but based on the number of files they have the timeframe can vary significantly.

Please let us know if we can be of further assistance.
Melissa Hailey
Coldwell Banker Jane Henry Realtors
North Texas Top Team, Realtors
214-418-0180
Melissa.Hailey@ColdwellBanker.com
... more
0 votes 3 answers Share Flag
Mon Feb 24, 2014
Pacita Dimacali answered:
Here are three stages where you can look

1. Short sales where homeowners are selling property for less than what they owe on it. Although seller can accept an offer, it's the lender who makes the final decision. Lender will have to approve the short sale. Sometimes the Seller and the Realtor list the property before the lender approves the short sale. This could be rather risky as the lender may not agree with the price. Additionally, it can take 45 days or longer from the time the offer is forwarded to the lender before the lender accepts, rejects or (rarely) counteroffers the offer. If you have the time, and if you are confident about your offer, this is a good place to start.

2. Trustee Sale. If the property was not successfully sold during a period of time, the lender can issue a Notice of Trustee Sale which is recorded with the County Clerk's office. The sale is held at the court steps, and is open for bid. Sometimes, a minimum bid is announced. Some astute buyers/investors come prepared to raise their bid in increments, and come prepared with certified checks for each increment. However, one may be caught up in the fervor of the moment and overbid.

3. REO (real estate owned/bank owned). The lender has foreclosed and owns the property. They engage realtors to list the properties as REOs. They are not in the business of owning or keeping inventory, and will likely price the properties aggressively so that they will sell. REOs are generally AS IS sales, no credits, no repairs. So buyer beware. Fortunately, the buyers can still have the opportunity to check out the properties --- even after they have an accepted offer, they can have the loan/buyer inspection contingency. If the repairs are deemed too extensive by the buyer's standards, the buyer can back out.
... more
0 votes 8 answers Share Flag
Sun Feb 16, 2014
Kenneth "Kenny" Bebensee answered:
Rhonda, not sure what property your wanting info on. Just pick any 1 Realtor to work with only on getting any info on this property and any property you are interested in.
www.tcrdallas.com ... more
0 votes 1 answer Share Flag
Fri Jan 24, 2014
Dallas Texas answered:
You posted this question in TX not in California forum. OR confer with real estate attorney

_________________________________________
Lynn911 Dallas Realtor & Consultant
Multimillion Dollar Sales Producer
972-699-9111
http://www.lynn911.com 100's of Dallas homes listed for sale or lease

Follow me on Facebook and Twitter
www.facebook.com/lynn911dallas
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(If my answer is helpful indicate by THUMBS UP or BEST ANSWER. Thank you )
... more
0 votes 1 answer Share Flag
Sat Sep 21, 2013
T.E. & Naima Sumner answered:
You seem to have 3 questions here:
Can you buy a house from someone in arrears on taxes & HOA?
How long can a homeowner take to redeem a foreclosure by HOA?
How long can a homeowner take to redeem a foreclosure for real property taxes?

You can always buy a property from someone, but it may come subject to existing liens. Normally, Realtors sell houses where the title is treated as clear of encumbrances ("treat as clear"). Most Realtors don't think beyond what a title company will tell them.

Title insurance can be issued subject to liens - it's done all the time. But that may be a waste of your money to get it. The title search which the insurance is based on will tell you if you have other encumbrances you weren't aware of, like other owners, etc. So, at a minimum get a title search report from a title company.

Redemption is a concept that applies to certain types of foreclosure. HOAs and sheriffs sell houses subject to superior liens, like Federal taxes and so on. Usually, the mortgage lien is inferior to the tax lien, which makes mortgage companies want to pay those taxes to avoid foreclosure by the sheriff.
Usually the HOA lien is inferior to the mortgage lien by action of the subordination clause contained in most CCRs. This means the HOA can foreclose but gets the property with the mortgage lien intact and owing. The mortgage company can then foreclose on the HOA for non-payment. Most HOAs are ignorant of this and can lose the cost of the foreclosure to the mortgage foreclosure.

A homestead can be redeemed in most cases by making a demand of the party who foreclosed as to the exact amount owing and tendering that before 2 years have expired. Non-homestead usually has only 6 months to redeem. Costs of redemption can be calculated by adding the statutory 24% to repairs and improvements plus costs of legal actions.
Once the redemption period has expired, the property title is not clouded by redemption any longer, and title insurance can be obtained.
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0 votes 4 answers Share Flag
Tue Jun 4, 2013
Hava Johnston answered:
Good morning Edgar,
Sounds like you have gotten some pretty solid answers here. are you looking to purchase your primary residence, or an investment home? When working with foreclosures and short sales, it is important to remember that you are dealing with banks and not individuals. An agent with SOLID experience will be able to walk you through the process buying one of these REO (real estate owned) properties. I am an accredited buyer's representative with short sale/ foreclosure certification. I would be happy to speak with you about your goals and see how I can help you achieve them. This is a highly competitive market right now, so hiring the right agent to represent you and your needs is more important than ever. Please let me know how I can help you buy your new home in Collin County. ... more
0 votes 8 answers Share Flag
Tue Jun 4, 2013
Hava Johnston answered:
Sounds like you are wanting some help with foreclosures. I would be happy to help you, but will need some additional information. IF you will give me a call I will be happy to walk you through the process as well as provide you with a list of homes that meet your criteria. Depending on weather you are looking for a primary residence, or an investment property, foreclosures may or may not be the thing for you.

Honestly, a short sale listing might be a better option for you if you have the time to wait to close.

why don't you give me a call and lets talk about your plans and goals and Ill see what I can do to help you.

Your REAL friend in REAL estate!
Hava Johnston
ABR/SSF
RE/MAX town & country
214-994-4782
www,havashomes.com
www.facebook.com/northdallashomes
... more
0 votes 7 answers Share Flag
Mon May 13, 2013
Syed Rizvi answered:
It depend, if bank receive more offers then it takes longer than usual.
2 votes 5 answers Share Flag
Fri Mar 8, 2013
Kobe answered:
There are lot of procedures when you are in a foreclosure state, if I would have been in that situation then certainly would have consulted the attorney to resolve it as soon as possible. As attorney is the only person who can help you to find the way out and most probably the best one according to your situation. Well you can clear all your debts while going for a new loan (http://www.12monthloans.co.uk) which would be quite helpful and you would stay back in your home. ... more
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