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Asked by A_garcia, Kansas City, KS Mon Nov 21, 2011

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Answers

7
Maria Morton, Agent, Kansas City, MO
Fri Nov 25, 2011
A, in Kansas, the homeowner being foreclosed upon has 1 year to exercise their right of recission; in Missouri, it's only 1 month. Depending on the situation, that can be important. Some foreclosures are good deals; others are not. The banks do sell properties not on the market - they sell them in packages of 100+. To learn more about the buying process, including foreclosures, please meet with a local agent who will explain everything to you during your initial consultation. There's no way to do that in these short Q & A forums.
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Shawn Hickey, Agent, Kansas City, MO
Mon Nov 21, 2011
A_garcia, the foreclosure process can be a complicated thing - full of variables. A "killer deal" is very much an individual perspective as anything else. One man's trash is another man's treasure and all... There are many parties to satisfy in a foreclosure & none of them are willing to accept less than they can or should get. Short of assuming someone else's loan to keep it from the foreclosure process, these "deals" aren't going to be ready for general consumption any time soon. And mortgage assumptions aren't the name of the game here. The situations you mentioned aren't the typical way it works. I'd steer clear of anything like this. Often times I find after reseaching inquiries like this, that they end up not being real deals or listings and often times just teaser listings to draw consumers in to collect their info.

I work with all types of foreclosures every day. From Fannie Mae, Freddie Mac, & HUD, as well as short-sales & REO (bank owned). What I'd suggest is that you don't fall prey to all of those Other "foreclosure websites" out there. The TRUE sources for foreclosed properties don't want your contact info, or for you to sign up or subscribe in order to view their "exclusive" listings. They just want their listings in your possession so they can MOVE the properties out of their inventories! :)

As far as purchasing a foreclosed property goes, the process is really pretty simple, as long as you have an agent that knows how it works & is detail oriented!

If you'd like more info or the government direct websites where to find ALL of these properties, just let me know!

HUD is also offering a $100 down program right now for buyers who would like the assistance! And USDA also has their own $100 down program as well for rural areas. I can also direct you to loan officers who are familiar with these programs & how they work and would love the opportunity to get you pre-approved so that you'll be ready to go look at these properties and take advange of the good deals. (The really good deals don't last long, so having a pre-approval in hand is key so that you'll be ready to act when you locate your good deal!)

Best Wishes!
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Rich DeGeorge, Agent, Kansas City, MO
Mon Nov 21, 2011
The realtors before me gave you a lot of great information. It sounds like you're looking for a home in the northland. I work predominantly up north and would be glad to answer any questions and assist you in finding a house. Just give me a call if I can assist.
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Ron Thomas, Agent, Fresno, CA
Mon Nov 21, 2011
If someone is still living in the house, the odds are that they are still the owner.

A lot of people confuse the stages of a foreclosure;
a FORECLOSURE does not happen until the Bank owns the house.

It sounds like you are trying to work without a Realtor; WHY?

Good luck and may God bless
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Carrie Donig…, Agent, Overland Park, KS
Mon Nov 21, 2011
Most Likely the reason why there are people in the house still is because the bank has not forclosed on the home . Once the home is foreclosed and officially on the market you will not have people living at the property as

the bank will have title in their name. You can call the bank for information however they will most likely tell you when it is to be listed, auctioned etc... You can get great deal on foreclosures you just need to be ready when it's ready for sale. What's the address?
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Heather Wrig…, Agent, The Dalles, OR
Mon Nov 21, 2011
Hello
First I would recommend getting pre approved. Once those properties become available, then you will be in a position to jump. Banks will only look at offers with a pre approval. I have seen a few that require that you get pre approved with their loan officer. It just puts you in a good position. Next I would say to find an agent in the area that can help you pursue a bank owned property. These properties tend to move quickly so having an agent with their finger on the pulse is good. Since the hoilidays are nearing you will want to make sure that you find one that will be available during the holidays! I hope this helps!
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Anita Eaton, Agent, Independence, MO
Mon Nov 21, 2011
Without knowing the addresses of the properties it is hard to give a definite answer. However, I have seen cases where the Asset Managers have entered into rental agreements with the homeowner.

For me the question has been one of possession. Depending on the rental agreement, if that is the case, who is responsible for giving notice or evicting the current tenant? Still, knowing what properties you are talking about is the only way to determine the circumstances.
Web Reference:  http://www.fprec.com
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