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Foreclosure in Cypress : Real Estate Advice

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  • Local Info6
  • Home Buying10
  • Home Selling2
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Activity 4
Thu Feb 23, 2017
Aaa5aa answered:
The house could be one of which is up for auction, in which you would have to have cashiers checks to pay, if you are the highest bidder.

If the REO is still listed, you would have needed to pre-quailify to determine your amount of affordability.

In most cases, the bank owning the REO will give you allowences off of the asking price for repairs. If you have ever seen foreclosed home pictures you would know the house is usually destroyed by the former owners. A/C units can be missing water heaters, and built in appliances gone.

If you check the local online tax or real estate records using the address of the property, you'll determine the current owner. If it's a bank call, and ask for the REO department. They will give you the status of the property.
If the property still shows an individuals name check that name online at the Register of Deeds website. The name will show the current lender .
... more
0 votes 13 answers Share Flag
Tue Sep 18, 2012
Morcos Azer answered:
They there is a concern about foreclosure if no one wants the property. The property is the collateral of the note, and that is why the lender wants to foreclose on the property. But as far as the impact of the foreclosure such as credit issues and deficiency, the only person(s) that will be affected is(are) the one who sign the note or guarantied the note if any. ... more
3 votes 6 answers Share Flag
Wed Aug 20, 2008
Sharon Parker answered:
no, this is property that being sold at that price. You would need to get a agent that is working for you, and they should make sure you are not getting into a nightmare .
0 votes 8 answers Share Flag
Wed Aug 20, 2008
Sharon Parker answered:
no, do not. You need to found out who home it is and see if they are going to lease or sale, if sale you need to found a home to lease before they put a pad lock on the door, (REO) agent. ... more
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