my daughter and her husband were in a bidding war with another person for a foreclosure, they were told by the listing agent that highest and best offer needed to be in by Friday at noon. They sent it in and their bid was higher so they won the bid, the papers were sent to the bank that day. On Saturday someone else came by the house without the listing broker, in fact without a broker at all, and without even going into the house to our knowledge, called the bank directly and offered asking price and got the house. That does not seem fair since the offers needed to be in by Friday noon and this person wasn't even involved with the original bidding. Shouldn't the bank have offered my daughter and husband the option to bid again if they chose to? There seems to be a lack of integrity amongst these people involved. And it seems that it was a stall tactic to let the house be seen for the weekend in case a better offer came in before Monday. That just is not right!... more
Banks vary on when they will foreclose after payments are missed. 3 months is not uncommon though. Then after that there is a 6 month redemption period, assuming you don't live on acreage. After that the bank will either have to evict you or they will offer you cash for keys. So about 9 months or more, total.
You might call the bank first and see if they will negotiate any principle reduction to save your credit and not have to move. I would also recommend you consult an attorney about the ramifications of foreclosure.... more
You can easily get out of this house. In fact, you do not need to be late on your mortgage at all to sell this home via a short sale. I have lived in Dearborn for 35 years and fortunately Dearborn is in demand; finding a buyer will not be difficult at all. Banks do look for some sort of a hardship when considering a short sale, but if the home is in Michigan, lenders will consider that the hardship; they are privy to our economic woes here.
I can email you a short sale package that explains the process and have the home listed as soon as you need it listed. Offers will come in quick. I have a team of negotiators that will work with your lenders and get you out of this home; it's all free to you. My commission as a real estate agent is paid by the bank. Call or email me and we can meet so I can explain more...313.461.4224 email@example.com... more
If you are in the State of Michigan, the owner has 6 months after the sale to redeem the property. During this period the rent must be paid to the successful bidder or the bank but the owner is no longer authorized to collect rent. Nonetheless, the landlord is allowed to live in the property during this 6 months period and can therefore make your life miserable if you develop a bad relationship.
Since this is a complicated process you need to be aware of the sale date, lender's information and foreclosing attorney contact information. You can receive this information here, http://www.worldclassmemberservices.com/foreclosureprotection.html or contact the county clerk in the county where the property is located.
Once you have confirmed the landlord no longer owns the property you should notify him/her by certified mail that you are aware of the sale and will no longer continue rent payments. It is important that you determine the details of the sale because you may also be approached by persons who falsely represent themselves as bank officials or the new owner. If you are in a situation where you feel this is possible you can receive information on how to communicate with the new owner here,
If you would like to receive additional information about the foreclosure laws in your state you can click the link here and select your state, http://www.worldclassmemberservices.com/ForeclosureLaws.html
As well, you can also review the rights of tenants living in foreclosed homes here, http://www.worldclassmemberservices.com/ForeclosureLaws.html... more
Most lenders today are asking buyers and sellers to sign an arms length affadavit. Plain and simple there should be no outside agreement between buyer and seller (like a rental agreement). Buying the house is not the issue, you should be able to buy it just as any other buyer. It gets sticky when there is an agreement to rent the home back to them. If unsure just disclose that fact from the beginning to be on the safe side.... more
Tell me what you think... I know a guy who is a private investor and this is our idea. Home in our area have declined in value by a little over 50%. He will buy the house via a short sale and at the same time, we will do a sale of the house back to me using a private party note. The private party note will be for $25K more than he purchased it for via the short sale. Both escrows are going to be setup to close at the same time. The private party note is at 10%, interest only and converts to 15% after 3 years. After 2 years when the short sale is no longer a burden on my credit, I can refinance this private party note with a bank. The benefit to him is he gets paid back $25K more than he purchased it for and also received 2 years of interest payments. The benefit to me is I have now have a mortgage balance at the value of the house.... more
Are you asking if the bank will take less for a cash offer than a mortgage offer?
Generally, the seller will accept somewhat less on a cash offer, because it's an easier transaction and can close fast.
A mortgage transaction can take over a month, so most banks try to stay away from that if there's a viable cash offer present.... more
Was the Sheriffs sale July 28, or was the end of the 6 month period for redemption July 28? As long as you occupy the home you have 6 months before you have to vacate. After that, it depends. I have seen cases where the banks have moved rather quickly and the owner has 30 days to leave or less. I have also seen cases where the homeowner has stayed in the home long (2 months or more) after the redemption period. Every bank operates differently as does their assigned agents. For your peace of mind and to protect your valuables, if you have decided to walk away, find a new place to live. In regards to "cash for keys", not every bank offers this.... more
This house was occupied by people who trashed it! However, it has a very deep lot, and if you actually want to live in it, and you have the money to clean up the trash the people did to the house (animal feces, blow-up dolls and other fun stuff...), you'd have a very nice home! But this one will require a lot of work. I know because I have been in it...!!! Gross.... more
I was the other person to inquire on that house. I asked my realtor about, it has major problems with the foundation amongst other things. And as of 2 weeks ago, the last I talked to her, the house had sold.... more
Although I am not in your market area, and cannot speak to specifics of your area.........I can make general comments about NJ and FL.
I am not aware of agents trying to keep properties, either in the foreclosure process, or as a bank owned property out of the public eye.
I have heard of some confusion on the part of the public as a result of looking at foreclosure lists online. When a property appears on a foreclosure list, it does not mean that it is for sale. It appears on a list as a property in foreclosure because there is a legal action. The property owner may seek other remedy to the legal action instead of selling. I have heard of buyers believing that a property on a foreclosure list is for sale, and being skeptical when a Realtor tells them that the homeowners have represented they are not interested in selling.
Once a property is foreclosed and becomes bank owned, there is usually a period of time before the bank makes it available for purchase through their REO dept. Local RE Pros can explain the appropriate waiting periods for redemption, etc. Those vary by area, and only a local RE Pro or attorney can provide these details for you.
It was my intent to simply explain that it is very rare for a real estate agent to withhold info on a property that is for sale and shed some light on some possible sources of confusion or miscommunication.
Please do consult with a local RE Pro for a better understanding of the foreclosure process for your area.... more