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Foreclosure in Lawrenceville : Real Estate Advice

  • All429
  • Local Info50
  • Home Buying112
  • Home Selling4
  • Market Conditions17

Activity 21
Thu Feb 25, 2016
Gavin Fraser asked:
I had a foreclosure in October 2014. I am now $1,632.00 away from being completely debt free. How long do I have to wait to get a $30,000.00 loan to buy a mobile home and a piece of land?…
0 votes 0 Answers Share Flag
Sun Sep 6, 2015
Jeri Patrick answered:
I would contact a local real estate agent to help you search for a home. Best of luck
0 votes 1 answer Share Flag
Thu Jun 5, 2014
Bevbunninglis answered:
I am in the same situation. They have 14,000 earnest money from me and now are trying to penalize me each day I don't close even though the close date (set by FM) is not for two weeks. Why are we all getting screwed here? ... more
0 votes 14 answers Share Flag
Fri Mar 14, 2014
Kirsten Wellborn answered:
Hi Dilshod_nahm,

Please provide which house you are asking about, and I would be happy to answer.

Kirsten Wellborn
Garrett Realty
404-867-5662
0 votes 1 answer Share Flag
Wed Sep 25, 2013
Jmayfield answered:
I put in a contract on a forecloser at the start of the year. Now September is almost over and I haven't heard anything from the bank or their realitor in about 8 months. I can't get any information. Tried to hire a lawyer, not one would respond. I don't know what to do. This system is messed up. House has been sitting there forever. I don't have the guts to go see if it has gotten anymore damage. It makes me feel sick everytime I think about it. I moved four times so far because I was too afraid to sign a lease but just said to hell with it and signed one recently. ... more
0 votes 6 answers Share Flag
Sun Apr 28, 2013
Mayra Muret answered:
Hello Veronica,
If you need your elevation certificate for flood insurance. I know a great agent that can help you review your certicate and help you same money in your policy. I have actually called Gwinnett County Zooning and Developement Department asking for a copy of it. My client's home was built in 2006 and I was told they do not keep records anymore. If you need a good surveyer let me know. I should have their contact information in my records. ... more
0 votes 2 answers Share Flag
Tue Sep 18, 2012
Jamie Parker answered:
I can help you possibly avoid the foreclosure. Call me at 404-483-7816 and I will see what I can do for you. I am a Certified Distressed Property Expert.
0 votes 3 answers Share Flag
Sat Jul 7, 2012
Bob Modesitt answered:
Call me. There may be something you can fit in, but here I cannot be 100% sure this is a fit. This is not based on a credit score, but trends in how you have paid. There are many things that factor into a credit score, but this program tends to work around this problem. (864) 546-0137, hope to hear from you soon. ... more
0 votes 3 answers Share Flag
Sat Sep 10, 2011
Robert A Whitfield Broker answered:
Lamabuyer,

You are 100% correct - you should interview your agent before you hire them - no matter what type of property you seek - it just makes it more critical when Banks are invloved. There are indeed strong and weak agents - there are even a rare few who have additional or unique competancies that compliment thier service offerings which can offer major advantages to their buyer "clients".

Some new and or misinformed buyers do a few things that are not in thier own best interests:

1. They do not do adequate (or any) research before choosing their agent - it is a huge mistake to choose an agent for any of the following reasons:

A - The agent was referred by a friend or relative - they can certainly tell you they had a "good" experience with the agent, but are they really qualified to tell you the agent made all the right moves, and that there is not a better agent?
B - The agent agreed to work with you without asking you to (really misguided buyers will say "Make You") sign a Buyer Brokerage Agreement! Any agent who doesn't explain why a buyer wants to have thier agent represent them as a "client" (immediately BEFORE starting to work for the buyer -NOT merely at the time of submitting the offer) is doing a diservice to the buyer, is uninformed - and by default an extremely weak agent which you don't want.
C - The agent works for a certain firm which you perceive as a top firm - the agent, not thier firm is the one who will make or break your deal - always choose an agent based on their personal abilities, not their firm.

2. Buyers who try to be their own broker - then struggle to find answers and solutions when they run into trouble - often here on Trulia - once it is too late! Buyer Brokers are FREE and you do not save money by trying to go it alone. Every buyer no matter how experienced, should have one, but it is really important to seek out the best and not just settle.

Regards,

Robert Whitfield
Broker/Owner - Realtor
Professional Buyers Broker
Relocation Expert
New Home Construction Expert
ICC Code Certified Building Inspection Expert
Advantage Realtors
678-585-9691
877-787-7167
“Luxury Homes, Investments, Property Management & Rehab… Incomparable Client Representation & Due-Diligence”
... more
0 votes 17 answers Share Flag
Thu Oct 28, 2010
Desari Jabbar answered:
If the foreclosure sale has already taken place, you will be contacted and receive a letter shortly outlining your options. If you have a lease, the bank has to honor your lease. If you don't, you can negotiate a financial relocation agreement with the bank. This is when the bank gives you a monetary settlement in exchange for you vacating the property, removing all personal property and handing over the keys to the property. If you are a month to month tenant, and can't negotiate a financial relocation assistance agreement, you are entitled to a 90 day notice before you'll have to move.


Please read my blog on this issue
http://www.trulia.com/blog/DesariJabbar/2010/10/tenants_rental_home_in_foreclosure_you_have_rights
... more
0 votes 2 answers Share Flag
Thu Aug 26, 2010
Robin Lanese answered:
Eric,

Hank has provided some of the best advice. Keep your expectations reasonable and secure a Realtor to do the work and supply you with listings. There are several sources available all over the web yet, you'll find in most cases the information is dated and/or inaccurate.

It has been my experience that buyer feel most confident with their purchase when they know they have shopped the whole market. How will you know you are receiving the entire current inventory? One example; not all agents can sell HUD homes.

Today's market everyone is looking for a great deal you must be prepared to compete. Having a strong negotiator who can extract background information and has knowledge of properties which are being prepared for market can place you "ahead of the game".

Robin Lanese, Realtor
ABR, Accredited Buyer's Representative
REOS, Real Estate Owned Specialist
HUD Registered Agent
Solid Source Realty

Direct Line: 678-231-1412
Office: 770-475-1130 x 6180
Robin@RobinLanese.com
... more
0 votes 4 answers Share Flag
Thu Jul 29, 2010
Alina Jenkins answered:
That is public information and you can find it by visiting the court house and look in the index room. However, you may need to wait some time before it gets filed in the county records. ... more
0 votes 4 answers Share Flag
Wed Jun 2, 2010
Emelia Sanchez answered:
They can not buy it as a short sale for the 70K because it needs to be arms length transaction. They can help pay off the whole mortgage amount with no problems but this would just be getting one loan to pay the other so it really doesn't make any sense. Maybe the parents can loan enough to bring the loan current. The property is not that far under water to just let it go. If he is having trouble renting it maybe he should lower the rent and pay the difference or your friend could just move in and rent out a few rooms for the next couple of years. ... more
0 votes 7 answers Share Flag
Tue Jun 16, 2009
Hank Miller answered:
You can write stipulations into the contract defining how/when/if earnest money must be deposited. There are ways to avoid having checks floating all over but you need a good agent that knows how to present those to the seller, not easy with bank owned homes.

Hank Miller, SRA, ABR
Associate Broker & Certified Appraiser
Prudential GA Realty
678-428-8276
... more
0 votes 3 answers Share Flag
Wed Jun 10, 2009
Mark Laycock answered:
As we all are learning, a short sale does not mean a short amount of time. Six months is out of line today because most banks are starting to streamline the process. You should expect closing to be a minimum of 45 -60 days out and you could expect it to stretch out as far as 9 weeks or more. This all is depending on how far along the home owner is in the short sale process and how far along the buyer is in obtaining financing.

Should you keep looking? This will depend on you and your current offer. I have heard of a buyer walking away from a great deal and their earnest money because they found another home they loved! They wanted the first home because it was a good deal and they were in love with the deal. But they kept looking for a better deal. What happened is that they ended up finding a house/home that they loved more than the deal itself. It is not always about the money. It became an emotional process determining which way to go. If you keep looking, be prepared to find the home that you can't live without.

Speeding up the process - Cash is the king of speed! You can speed up your side of the deal by paying cash. If you do not have cash on hand, you can help things along by making sure all of your financial details have tied all the loose ends. Remember, even once the bank approves the deal, they will be waiting on you! This usually takes 15 - 45 days for your lender.

How many bids can you make? Again, this will depend on you and your current offer. I have worked with investors, and we would put in multiple offers. A well crafted offer was submitted, and the investor was able to buy several properties. It all depends on what your intention is and your financial abilities.

Your best resource is your real estate agent. If you do not have an agent, you may want to visit my website:
http://www.NorthMetroMLS.com.

Mark Laycock, REALTOR®
Metro Brokers/GMAC Real Estate
404.843.2500
mark.laycock@metrobrokers.com
... more
1 vote 6 answers Share Flag
Tue Mar 17, 2009
Lorie Gould answered:
I do not blame you for being overwhelmed. It is very unfortunate that you have been laid off. I am sorry for your circumstances. Know that you are not alone in your situation. There are hundreds of folks in the same or similar situation. It is important to note that there are solutions for you.

First and foremost, it is important to note that a foreclosure is devastating to your credit which I assume might already be impacted by paying your mortgage late. Make no mistake, A short sale is also devastating to your credit and lowers your score as a foreclosure does. There are benefits to a short sale over a foreclosure.

The true benefit to a short sale is that you can negotiate to reduce or eliminate the debt created from the difference between what you owe on the home between the two mortgages and what the homes sells for. With a foreclosure, the bank can get a deficiency judgement against you and it would be for a lot more than the debt created from the short sale because it would include legal fees etc.

Lastly, if you short sale your home you could obtain another mortgage in 1 to 2 years. Allow your home to go into foreclosure and you will have to wait 3 years for FHA and 5 years for Fannie Mae.

I think at the very least you owe it to yourself to meet with a professional that can provide you with the facts regarding foreclosure, short sale, and perhaps other solutions for your situation. Financial stress is very overwhelming... and you need someone that can help you through the situation. It would be my pleasure to meet with you to discuss your options so that you can make the best decision for you.

Lorie Gould
The Homes By Lorie Team

Call 678-428-5841
Text 678-428-5841
OR Email at Lorie@HomesByLorie.com

Broker Associate
Keller Williams Realty Atlanta Partners
... more
0 votes 4 answers Share Flag
Mon Nov 24, 2008
Frances Flynn Thorsen answered:
Cash for keys describes an agreement between the lender and the homeowner where the lenders offers a lump sum for timely vacancy in an orderly fashion. The amount of cash is negotiable and generally covers moving expenses for the homeowners' goods and belongings. The cash is paid after the property is vacated and inspected, assuming that the property is left in good order.

In many cases the agreements are negotiated by the real estate agent that represents the bank. In other circumstances, the attorneys for the homeowner and the bank come to terms on an equitable cash-for-keys scenario.
... more
1 vote 4 answers Share Flag
Tue Sep 2, 2008
Bill Eckler answered:
Lisa,

Continue to homor your lease agreement but you should also be looking for other rental options. We don't recommend waiting until you are evicted to begin looking.
0 votes 4 answers Share Flag
Thu Feb 28, 2008
Lorie Gould answered:
Joshua provided you with a fabulous and complete answer.

Homes are still selling when properly priced. If you have only owned your home for 1 year and your home is priced the same or higher than what you paid for it a year ago then your home is overpriced. Prices are correcting and prices are sliding. For those who purchased in 2004 and 2005 this may mean that are seeing less or no appreciation...for those who purchased a year ago this may mean they are actually going to experience a depreciation.

Communication is this situation is key. Perry is correct that you are not alone in this situation. There are Realtors that can help you by telling you where you home needs to be priced to sell before foreclosure and by communicating with the mortgage company for a short sale. There is also a Deed in Lieu of Foreclosure option; however, a short sale would be the best for your credit and the governement has lifted the taxes on the debt forgiveness of a short sale.

You have options Payton, the key here is that you need to act fast because the clock is ticking and time is running out. There are fabulous Realtors here on Trulia to call and meet with. Click on our profiles and email one us of so we can help you succeed.
... more
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