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Foreclosure in Erie : Real Estate Advice

  • All151
  • Local Info7
  • Home Buying41
  • Home Selling8
  • Market Conditions7

Activity 4
Mon Mar 20, 2017
Rdht412 asked:
Sat Apr 14, 2012
Jim McCall answered:
Average sale price past 12 months is $133,830 with an average days on market of 96 days. This is ALL residential solds in the Greater Erie Board MLS sourced. Sale price of foreclosed properties would be on a case by case basis.

Jim McCall
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Tue May 12, 2009
Cynthia Bilal answered:
Absoultely, even though every bank has differant criteria. This repair amount should be calculated on estimated HUD-1 and presented to lender. We have been sucessful in a situation like this before. If current buyer feels nervous about the whole scenario, encourage them that they will be enjoying the benefits of all new plumbing! ... more
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Sun Jan 13, 2008
Dirk Knudsen answered:
OK AUTUMN! I keep answering this one lately.

You have a home lined up? Than you need to get a Title Report showing all the liens and encumbrances. I would get a signed contract with this seller. If you try to buy direct you have to have a Title Insurance Policy to guarantee you what you are getting and to make sure the Liens are paid off. This home may have more debt on it than it is worth and therefore you and the seller and their attorney or agent should attempt to negotiate their balance through a SHORT SALE where the bank will take less.

This way you get the home for sure and the Seller avoids foreclosure. If it goes to Foreclosure you will be competing with many other investors at the Courthouse Steps. So there are some things to work through here. If you like this home try and work things out with the Sellers. They are likely not getting anything out of this anyway. Their bank will not negotiate with you or them dircetly unless there is an signed purchase agreement. That is the way thiings work. The Bank will not want to take this back either so you have to work at this but it can be done.

I hope that helps!

Dirk T Knudsen
"The Real Estate Doctor"
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