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Foreclosure in Lake County : Real Estate Advice

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  • Home Buying7
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Activity 22
Wed Nov 9, 2016
Neil Roxas answered:
Hello,

Upon checking on the property address that you have provided, it shows that the property in this particular address is in public record status or is off market. That being said, we can no longer provide any information regarding this home.

For future reference, you can feel free to contact us about this type of inquiry through our contact form here:

http://www.trulia.com/help/ask/

Thank you for using Trulia!

Neil
Consumer Care Advocate
... more
0 votes 2 answers Share Flag
Mon Apr 18, 2016
Lynn asked:
1822 Central Avenue, Whiting IN is listed as up for auction when in fact in sold last month. . . and is NOT for sale or up for auction.
0 votes 0 Answers Share Flag
Thu Feb 11, 2016
wankeek asked:
Mon Mar 30, 2015
Josh Barnett answered:
One Option:

Wait for the Sheriff sale, bid, win, purchase, then let the tenants know you own the home.

Best of Luck,

Josh

Subscribe and Like our YouTube Channel for all your Oklahoma Real Estate Updates. 2013 Metro First Realty of Edmond Top Producer. 2014 Best of Trulia Top Agent. 2014 Metro First Realty Top Producing Team. ... more
0 votes 2 answers Share Flag
Sat Mar 28, 2015
Jessica Peterson Rogers asked:
There's a home that I'm interested in. It was for sale for a great length of time, and has recently been set to be auctioned off. What's the process if the foreclosure is…
0 votes 0 Answers Share Flag
Sun Jan 26, 2014
Anna M Brocco answered:
When looking at such ads, keep on mind that some of those properties may not be for sale yet, and some may never be, if the default is satisfied by the owner. If you are interested in pre-foreclosures, work with an agent, as most do end up being listed by a broker--he/she will have access to reliable information--also don't overlook traditional sales as some may turn out to be a much better bargain than some of the foreclosure properties. ... more
1 vote 2 answers Share Flag
Fri Dec 13, 2013
Rita Schlotman answered:
Hi Brett! I see that Flagstar has an REO in Sioux City, IA that is not currently listed. Are you handling this area? I have listed and sold many REO properties and I am very familiar with the process. I am with Coldwell Banker Associated Brokers. Our company is a listing company for both Fannie Mae and HUD properties. I would love the opportunity to work with you on Flagstar REOs.

Rita Schlotman
712-898-8137
rita.schlotman@gmail.com
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0 votes 7 answers Share Flag
Tue May 28, 2013
answered:
Hi Melissa, typically with cash only sales the property more than likely will not be able to obtain financing because of the condition and/or so forth. Sometimes there could be other issues with the property as well. This is a property that I would highly recommend getting an inspection done. There are more homes being put on the market every day, I would suggest taking a look at other homes with the same characteristics that you and your family are looking for. Feel free to contact me with any further questions Melissa, Good Luck! :)

-Ed Stojancevich
219.973.6644
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0 votes 5 answers Share Flag
Wed Apr 25, 2012
Irina Karan answered:
The key to your question is if you have a hardship - to do the short sale, which is usually the best way out in case of investment property. If you prepare your Profit & Loss, as well as your net worth sheet, you might be surprised - and found to be insolvent, even despite your assets. This is because your mortgage is a huge liability, and the value of the property is much less than what's owed.

I have seen many people thinking that they didn't have a hardship, while they actually did.
This is a question for your CPA, who needs to understand your overall financial situation and your goal of ridding yourself from your investment property.

That's how luxury property short sales are done - it does not matter what income you have, if your expenses are bigger than the income...just to give you an example.

Other options are: having the buyer contribute to your "deficiency" amount, having "soft note" that you slowly repay to the lender after the short sale (if you are not able to obtain the waiver of deficiency), some people move into their rental properties to have the benefits of principal residence tax exemptions...Making this property your principal residence can open other options for you also (short refi, HARP).

You got to meet with your local CDPE (Certified Distressed Property Expert) realtor, a few of local attorneys (but not bk attorneys - as those might point you in the wrong direction), your CPA (if he is knowledgable about short sales and their tax consequences - because some aren't)...

Hope this helps,

Irina Karan
Beachfront Realty, Inc.
IrinaKaran@gmail.com
... more
0 votes 8 answers Share Flag
Tue Mar 20, 2012
Scott Gallagher answered:
alright, now i can tell you hit a sensitive question here, and I think it can best be explained like this. if i was a listing agent, and some customer or agent gave me a WRITTEN OFFER, then I would make my sellers sign the decline sheet, regardless of what anyone else thinks. iT'S MY REPUTATION ON THE LINE, AND I WOULD NOT ACCEPT ANYTHING ELSE BUT THAT.
However, if I'm the selling, agent, it's totally optionable. for example, what if you don't think your pre-approval letter is any of my business? Would you say it fair to assume your going to adhere to everything you have to do to make it a legit purchase bid offer?so that's my take on this.
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0 votes 7 answers Share Flag
Sat Aug 13, 2011
Global Real Estate Group, LLC answered:
Thu Jan 6, 2011
Amanda Pickett answered:
Agents are required to submit all purchase agreements to their sellers unless the lender (seller) specifies that there is a minimum amount they will accept and also specifies that they do not want to consider all offers. The offer would require proof of funds for the lender, or any seller, to make a decision on it.
These agents have it right, you need your own buyer agent to represent you so you can get the highest quality service possible. If you don't already have a local agent, give me a call. I may be able to help you.

Amanda Pickett
Real Estate Broker, GRI
McColly Real Estate
219-671-1009 cellular
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0 votes 7 answers Share Flag
Thu Dec 30, 2010
Marilyn Tolhuizen answered:
Some banks will only entertain one offer at a time. If the first offer is in negotiation they will not look at another. The listing agent is bound to summit your offer but must also adhere to his seller's wishes. It would be unfair if after accepting an offer the bank then changed their mind because they got a better offer. That is why they won't look at a second offer after one has been accepted. Some times the offer will be accepted as a a back up offer in case something goes wrong with the first. Each seller has their own rules and way of handling reos. ... more
0 votes 1 answer Share Flag
Thu Dec 2, 2010
C S answered:
know your numbers first and foremost.

what does your landfill charge for disposal fee's?
how many man hours will it take to handle the job?
factor in vehicle, maintenance, insurance, tolls, etc.
don't forget that if you're doing this as a business you also have marketing, advertising, telephone, licenses, insurances, taxes, cards, uniforms, etc.

keep a handle on your costs and bid fairly.
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0 votes 1 answer Share Flag
Tue Nov 9, 2010
Rain Silverhawk answered:
Hi, You want to talk to the lender about this. Banks typically will not loan on a home that has mold issues. They may however allow for mold remidiation and certification that the home is mold free before funding and the close of escrow. Another option is to ask about the HUD 203k program. You can find information on this HUD site. http://www.hud.gov/offices/hsg/sfh/203k/203k--df.cfm
Good luck,
Rain
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0 votes 3 answers Share Flag
Wed Jun 23, 2010
Denise Sinn answered:
I am in the Indianapolis area and can give you an insight into how it works here. If a property is indeed going to sheriff's sale the idea is that the property would be vacated by the date of the sale. However, I have represented banks that have had me check a property after the sheriff''s sale to see if anyone still lives there. If so, they usually authorize the realtor to offer "cash for keys" This is usually $500 to $1,000 and the property is to be left in broom swept condition with all trash removed. However other banks may just send someone in to change the locks on the property - if no one is home they drill out the lock and put a new lock on - then your daughter would no longer be able to gain access to the home and her personal belongings inside. The bottom line is - she should be able to stay in the home until the date of the sheriff's sale.
Denise Sinn
Associate Broker
Keller Williams Realty
Greenwood Indiana
317-893-1633
... more
0 votes 1 answer Share Flag
Wed Dec 9, 2009
Erik Armstrong answered:
If they are still the "Owners" then they are free to come and go in their home as they please. A Short Sale does not mean that the bank necessarily owns the home. It just means that the owners are going through some sort of hardship and the bank agrees to let them sell the home for less than what is owed on the mortgage in order to prevent going into Foreclosure status. Often times a Short Sale is a much more viable solution for a bank to consider. ... more
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