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Foreclosure in Eugene : Real Estate Advice

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  • Local Info9
  • Home Buying45
  • Home Selling25
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Activity 8
Thu Feb 16, 2017
Karen Keller answered:
I think you may be referring to 215 Coachman Drive... according to County Records, this home was foreclosed on and went through the judicial foreclosure process. It was auctioned off by the Lane County Sheriff in September 2016. Because no one bid on the property at auction, ownership was assumed by the bank - Deutsche Bank National Trust Company. Oregon foreclosures laws entail a 6 month "redemption period" **after* the Sheriff's auction. The most likely scenario is that the property will be listed by a foreclosure specialist/agent in March or April, after the redemption period has expired. Approx $340k was owed on the property back in September. ... more
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Thu Sep 6, 2012
James Gordon ABR SFR SRS answered:
Wed Jan 25, 2012
Ed McKee answered:
I close "fix & flip" transactions consistently with a small institution with Private Money. Their rates start at about 71/4 and they never run out of money and will close up to super jumbos
All of my Borrowers that I have closed loans for are buying properties that are or have been listed, so listed properties are not a problem for us. You should check out our google places page reviews. Please feel free to contact me at 503-656-5848, I,m sure i can help you.
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Sun Dec 26, 2010
Dohn Riley answered:
I agree that most likely you do not have a legitimate contract. If a seller does not have enough equity to cover the primary and secondary mortgages plus the costs of the sale, that person cannot legally sell or option that property without written permission from the bank(s). No bank will allow an option to be sold. Never agree to anything outside of the written agreement. You might consult with an attorney to see if there has been fraud committed here. This one smells bad. Good luck. Dohn ... more
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Wed Dec 22, 2010
Robert Pratt answered:
In general foreclosed properties are priced to sell. Banks are at a point where they are trying to unload the property, at what is owed on the note or its market value or sometimes under, just so it’s off their books. It does not mean however, that the banks will accept any offer presented to them. Even banks have limits and may opt to hold on to the property.

These properties are a part of the available inventory in a particular state/area, and affect the pricing of all properties regardless of whether they are FC, SS or normal resale, thus judging its position in relationship to your particular area’s prices decline is hard to determine.

Each state and bank may have varied rules when in it comes to purchasing foreclosed real-estate, so your best bet is to contact a Realtor that is familiar with your state and has experience representing buyers (and seller) in such a transaction.
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Mon Dec 20, 2010
Scott Godzyk answered:
If it is a foreclsoure auction, the property itself does not need to be poste din most states,, but the auction simply advertised for the 3 weeks before the foreclosure auction in the major newspaper in that houses region. The auctions you see after the foreclsoure like redc are by the banks that already have taken back the houses at foreclsoure, they are now vacant and cleaned and then you see auction signs all over the place.

Please see my blog with tips and advice on buying a foreclsoure
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Thu Aug 20, 2009
Happyrenter answered:
Here is some additional information you may want to consider (Source: http://www.nrtoday.com/article/20090818/NEWS/908189996/1055 ):

Both Congress and the Oregon Legislature passed laws this spring to protect renters during foreclosure of the house they occupy. The most legally protective provisions of each law will apply to Oregon residents after Aug. 23, when both laws are fully in effect.

The new federal law requires banks or other buyers in foreclosure situations to allow tenants in the properties at least 90 days from the date of the foreclosure auction to move, if the tenants had month-to-month rental terms.

Under the new federal law, tenants with a lease can stay until the lease expires — six months or a year or longer — with a single exception. If the purchaser of the property intends to use the property as a primary residence, the renter must go after 90 days.

The new Oregon law allows tenants to choose to apply their deposit and other prepaid rental sums to their final months in the house, after they formally notify the landlord of their intention to do so.

The new Oregon law requires the bank, investor group or other foreclosing entity to notify the tenant as well as the landlord when it begins foreclosure proceedings. Tenants are required to give the bank or other foreclosing entity a copy of their rental agreement at least 30 days before the scheduled foreclosure auction to secure the protections.
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Sat Apr 4, 2009
Dirk Knudsen answered:
Phil.

Get cashiers check(s)... go to county courthouse... bid! Bid Bid!!

Biggest issue is the deed you get is not a really great deed and that you do not know usually what is going on inside the property. These are not for the faint of heart and I generally recommend buying a home that is on a short sale or bank owned to start with.

Best of luck!

Dirk Knudsen
Re/Max Hall of Fame
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