Trulia Community - Advice from neighbors and local experts

Find Your Community
We couldn't find that location. Please try again.
Get Expert Advice

Foreclosure in Morris County : Real Estate Advice

  • All66
  • Local Info4
  • Home Buying20
  • Home Selling1
  • Market Conditions4

Activity 51
Sally Grenier, Real Estate Pro in Boulder, CO
Sat Jul 2, 2016
Sally Grenier answered:
You can, but you need to hire a pro, and you need to do it asap. You should also let the bank know that you're wanting to sell, and hopefully they can delay the foreclosure proceedings. If you owe more on the house than what you can sell it for, you'll have to do a Short Sale, which can take extra time. Call a local Realtor who specializes in this situation. ... more
0 votes 1 answer Share Flag
Danny Genetin, Home Buyer in Massillon, OH
Tue Apr 26, 2016
Danny Genetin asked:
I am looking to buy my first home in the Navarre,(Stark COunty) OH area. Upon looking around I found a vacant home that I have become very interested in. I took the home address and put…
0 votes 0 Answers Share Flag
lakermom, Home Buyer in Waterford, MI
Wed Feb 10, 2016
lakermom asked:
They have it now listed at 50k less than a short sale offer we had 6 months ago, it fell through because we had a 2nd lien holder and the 2 banks couldn't work it out!
0 votes 0 Answers Share Flag
Garry Caswell, Real Estate Pro in Montclair, CA
Wed Jan 27, 2016
Garry Caswell answered:
Dear First Time Buyer, If you're looking for a bargain on an REO property think again. Most Banks are just like any other seller, they want to get the most for the property as possible and most will require the property to be advertised in the MLS and online for a number of days (7 to 10) before they will even look at offers. While they will list below market value they expect the property to sell at or above market value. I've been listing REO properties for more than 20 years; I have also been on the inside of the Bank as an asset manager. If you want this particular property for some reason your best bet is to contact a local Realtor near the property and have him/her comp the property and come up with a reasonable value, that way you are ready once the property is listed and don't worry about someone else gulping it up, those days are long done...Banks are wise to unscrupulous realtors. Most of my REO listings received multiple offers. BTW - I can't give a buyer specific information about the property other than what on Public records, most of the time I have not seen the interior of the property. Here is more information on me...https://www.linkedin.com/in/garrycaswell. Good luck and happy house hunting. ... more
0 votes 9 answers Share Flag
Diane Christ…, Real Estate Pro in Sarasota, FL
Sun Nov 29, 2015
Diane Christner answered:
Trulia reps rarely visit this forum, try contacting the Customer Service department. However, that may not fix the problem as Trulia gets syndicated data base info from other sites, which is probably the source of the incorrect information. If you get your info removed here once, it may show up yet again as incorrect info from that original syndicated source. ... more
0 votes 1 answer Share Flag
Kathleen Ben…, Home Buyer in Goshen, NY
Sat Aug 22, 2015
Kathleen Bence asked:
Editanlaurel, Home Owner in Minneapolis, MN
Tue Jul 28, 2015
Editanlaurel asked:
After almost two years of negotiation, bank sold it, accdg to Sheriff US bank bought it, checked US Bank they dont have it and asked if it was US Bank trustee only. What recourse do I have?…
0 votes 0 Answers Share Flag
vin-yelena, Home Buyer in Morristown, NJ
Sun Nov 30, 2014
vin-yelena asked:
Christopher…, Real Estate Pro in Tarrytown, NY
Thu Nov 27, 2014
Christopher Pagli answered:
Teresa Dente, Real Estate Pro in Livingston, NJ
Sun Dec 29, 2013
Teresa Dente answered:
Lousie,
I listed 2 homes recently on Ivy and both sold in the mid 700,000 range. There are no homes in foreclosure on that street listed.
Regards,
Teresa
0 votes 3 answers Share Flag
Terry Farnsw…, Real Estate Pro in Lisle, IL
Wed Sep 25, 2013
Terry Farnsworth answered:
As stated below you'll have to wait until the bank decides to put it on the market for sale.

They will not field any phone calls or requests for these properties until they are listed for sale, at which point you will need to contact the real estate agent responsible for the listing.

REO properties almost exclusively use local real estate agents to dispose of their properties, because they would never be able to manage all of the inventory in all the different locations internally.

Once a property is listed for sale, you would need to enlist the help of a buyer's agent who can guide you through the process and submit an offer. Your offer will then go to the listing agent, who will submit it to the asset manager working for the bank for review.

Hope that helps!
... more
1 vote 3 answers Share Flag
Jasmin Hende…, Real Estate Pro in Sewell, NJ
Wed Jul 24, 2013
Jasmin Henderson answered:
I service Morristown, and I would be happy to assist you.
My # is 267-767-3108
You can email me anytime at jasmin86h@gmail.com
My website is www.JasCanSell.com
0 votes 4 answers Share Flag
Debra (Debbi…, Real Estate Pro in Livingston, NJ
Fri Mar 8, 2013
Debra (Debbie) Rose answered:
F6768 - I just checked our MLS listings and there is nothing currently listed on Gina Ct.
Where did you see this "listing"?
0 votes 6 answers Share Flag
Simon Campbe…, Real Estate Pro in Miami Beach, FL
Mon Dec 10, 2012
Simon Campbell answered:
If you are selling the property through a short sale or foreclosure, renting it back is not an option. Every short sale regardless of lender requires the "arms-length transaction" certification that has wording like below:

"The Buyers and Sellers nor their Agents have any agreements written or implied that will allow the Seller to remain in the property as renters or regain ownership of said property at any time after the execution of this short sale transaction. None of the parties shall receive any proceeds from this transaction except the sales commission."

There are certain programs which allow homeowners to stay in home and either rent or buy back. A new supplement to the HAFA guidelines "amends this restriction to allow servicers the discretion to approve sales to non-profit organizations with the stated purpose that the property will be rented or resold to the borrower, so long as all other HAFA program requirements are met."

Simon Campbell - http://www.bankforeclosuressale.com
... more
0 votes 5 answers Share Flag
preachermanr…, Home Owner in Inver Grove Heights,...
Thu Nov 8, 2012
preachermanrob75 answered:
its a pain to get started but it pays off in the end dont fall for the scams where you gotta pay to learn
0 votes 13 answers Share Flag
Deborah Herr…, Real Estate Pro in Morristown, NJ
Thu Oct 18, 2012
Deborah Herridge answered:
I am a Certified Distressed Property Expert and you can find additional info on my website www.TheHerridgeGroup.com or feel free to message me Deborah@TheHerridgeGroup.com
Best of Luck
0 votes 3 answers Share Flag
Matie, Other/Just Looking in Boston, NY
Mon Jun 11, 2012
Matie answered:
http://www.indexpost.com/agents/ - you can search agent here by entering zip
0 votes 2 answers Share Flag
George Conkl…, Real Estate Pro in Fairfield, CA
Sat Jan 21, 2012
George Conklin answered:
CSTERGGION; JUST CAME ACROSS THIS GUIDELINE FROM ONE OF THE MAJOR FORECLOSURE, OUTLET SOURCES; FIGURED I COULDN'T SAY IT BETTER THAN THEM, SO I AM SENDING YOU THIS; PREWTTY STRAIGHT FORWARD INFO; HOPE YOU ENJOY THE READ;

Please read the following:
A foreclosed property purchasing process is somewhat different then a
traditional retail purchase. The process is as follows:

• The offer is submitted
• If there are multiple offers then there may or maynot be a highest
and best so do not expect it. Make sure your buyers is aware of that
potential situation. If there is a highest and best then the response
is due within 24 hours.
• The bank makes a selection or could counter, if they choose. If
they make a selection then the next step occurs otherwise the counter
process will continue forward.
• If your buyer’s offer is selected an addendum or rider to the
contract is issued by the bank to be completed within 24 hours.
• The buyer then completes this document and turns it in with the
earnest deposit. The earnest deposit has to be in certified funds
addressed to •
The bank requires the completed contract, addendum, other documents
(lead base paint, etc) and certified funds to be in the Properties Trust Account office WITHIN 24 hours after offer has beenaccepted. If this is not completed within the allotted time the bank may go onto the next
offer.
• Once your offer and addendum have been turned in and the bank has
signed them then there is usually a 7 day period of time to do
inspections. Also, if the property has been winterized there is a fee
to de-winterize the property if your buyers want to conduct the
inspections with the utilities on. There is also a re-winterization
fee.
• Even if the buyer chooses to an inspection the house is SOLD “AS
IS”. Do not set any other expectations with the buyer.

As a reminder, the buyer is responsible for all CO's. The CO process
should begin immediately when the signed contract from the bank has
been received. If the CO process is held up because it was not begun
on time then the buyer will be held accountable for the per diem rate.

Also, if your buyer’s lawyer is not familiar with this foreclosure
process it might cause a delay which in turn you may lose the deal.

Please read this and make sure you prepare your buyer prior to them
potentially winning the bid. If a buyer delays the process and the
bank chooses to move forward with another offer then you will loose as
well. You are responsible for the MLS fee.

Thank you,
... more
3 votes 7 answers Share Flag
1 2 3
Search Advice
Search

Followers

284