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Foreclosure in Norfolk : Real Estate Advice

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  • Home Buying78
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Activity 12
Wed Apr 6, 2016
Aubrey Wiggins asked:
Thu Dec 22, 2011
Bill Eckler answered:
Jordan,

If the property has been foreclosed it's likely that the new owner(bank) will be disclosed as the owner on the local tax records. So referring to your county tax records should provide you with clarification about the prorperty ownership. If the names of the previous owners are still shown on the tax records as the owners, the property probably has not been foreclosed on. If this is the case, the owners may find the vandalism of little consequence.

Good luck,

Bill
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0 votes 4 answers Share Flag
Mon Aug 29, 2011
Khopew answered:
Thanks for the replies, the house was foreclosed on in Jan of this year and has been on the market as a Fannie Mae owned homeopath house since feb, Fannie put it up for auction in aug and since it didn't sell it has returned to the market. ... The house can be repaired, it is non livable now but the foundation and basic structure is sound. But it would have to be almost completely gutted and renovated. As I mentioned my husband is a contractor so we would do this job ourselves for pretty much just the cost of supplies. ... more
0 votes 3 answers Share Flag
Wed Jan 12, 2011
Jason Baez answered:
Call a lawyer and never take legal advice from anyone that is not licensed to practice law in your area.
2 votes 7 answers Share Flag
Thu Aug 19, 2010
Scott Miller answered:
Hi Ghentgal. Here's the law. Review it and see if it pertains to your situation.

TITLE VII—PROTECTING TENANTS AT FORECLOSURE ACT

SEC. 701. SHORT TITLE.
This title may be cited as the “Protecting Tenants at Foreclosure Act of 2009”.


SEC. 702. EFFECT OF FORECLOSURE ON PREEXISTING TENANCY.
(a) In General.—In the case of any foreclosure on a federally-related mortgage loan or on any dwelling or residential real property after the date of enactment of this title, any immediate successor in interest in such property pursuant to the foreclosure shall assume such interest subject to—

(1) the provision, by such successor in interest of a notice to vacate to any bona fide tenant at least 90 days before the effective date of such notice; and

(2) the rights of any bona fide tenant, as of the date of such notice of foreclosure—

(A) under any bona fide lease entered into before the notice of foreclosure to occupy the premises until the end of the remaining term of the lease, except that a successor in interest may terminate a lease effective on the date of sale of the unit to a purchaser who will occupy the unit as a primary residence, subject to the receipt by the tenant of the 90 day notice under paragraph (1); or

(B) without a lease or with a lease terminable at will under State law, subject to the receipt by the tenant of the 90 day notice under subsection (1),

except that nothing under this section shall affect the requirements for termination of any Federal- or State-subsidized tenancy or of any State or local law that provides longer time periods or other additional protections for tenants.

(b) Bona Fide Lease Or Tenancy.—For purposes of this section, a lease or tenancy shall be considered bona fide only if—

(1) the mortgagor or the child, spouse, or parent of the mortgagor under the contract is not the tenant;

(2) the lease or tenancy was the result of an arms-length transaction; and

(3) the lease or tenancy requires the receipt of rent that is not substantially less than fair market rent for the property or the unit’s rent is reduced or subsidized due to a Federal, State, or local subsidy.

(c) Definition.—For purposes of this section, the term “federally-related mortgage loan” has the same meaning as in section 3 of the Real Estate Settlement Procedures Act of 1974 (12 U.S.C. 2602).


SEC. 703. EFFECT OF FORECLOSURE ON SECTION 8 TENANCIES.
Section 8(o)(7) of the United States Housing Act of 1937 (42 U.S.C. 1437f(o)(7)) is amended—

(1) by inserting before the semicolon in subparagraph (C) the following: “and in the case of an owner who is an immediate successor in interest pursuant to foreclosure during the term of the lease vacating the property prior to sale shall not constitute other good cause, except that the owner may terminate the tenancy effective on the date of transfer of the unit to the owner if the owner—

“(i) will occupy the unit as a primary residence; and

“(ii) has provided the tenant a notice to vacate at least 90 days before the effective date of such notice.”; and

(2) by inserting at the end of subparagraph (F) the following: “In the case of any foreclosure on any federally-related mortgage loan (as that term is defined in section 3 of the Real Estate Settlement Procedures Act of 1974 (12 U.S.C. 2602)) or on any residential real property in which a recipient of assistance under this subsection resides, the immediate successor in interest in such property pursuant to the foreclosure shall assume such interest subject to the lease between the prior owner and the tenant and to the housing assistance payments contract between the prior owner and the public housing agency for the occupied unit, except that this provision and the provisions related to foreclosure in subparagraph (C) shall not shall not affect any State or local law that provides longer time periods or other additional protections for tenants.”.


SEC. 704. SUNSET.
This title, and any amendments made by this title are repealed, and the requirements under this title shall terminate, on December 31, 2012.

GOOD LUCK!

Scott Miller, Realty Associates, Boca Raton, FL
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1 vote 8 answers Share Flag
Fri Jul 16, 2010
Tina Merritt answered:
Yes. Here you go:

http://homes.longandfoster.com/Real-Estate/Power-Search.aspx?mode=cityCounty
(Select "foreclosure" at the bottom of the menu)

http://www.ocwen.com
(For VA-owned homes)

http://www.hud.gov/homes/index.cfm
(For HUD homes)

http://www.countrywide.com/purchase/f_reo.asp
(for Countrywide owned homes)

Hope that helps! Tina
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1 vote 2 answers Share Flag
Sat Jan 23, 2010
Gerard Dunn answered:
Where did you click on it? Trulia?

If so, send an e-mail to Trulia (Or whatever other site you were on) explaining the issue.

Be as specific as you can - include any reference to address you used, or MLS number.

They will correct it - but it may take up to 2 BUSINESS days to do so.

Good luck, and be patient!
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0 votes 1 answer Share Flag
Thu Aug 20, 2009
KK German answered:
Hi Tanya, This house WAS on the market as a foreclosure in March of this year, being sold for $109,900, but it was withdrawn after only 6 days on market. The tax record indicates title is still in the name of the owners, not the bank. I will see if I can find out more information about the property. I agree with other agents here that your best bet is to work with an agent who can send you foreclosure listings as soon as they hit the market, and that you should select someone who is familiar with helping buyers in a foreclosure purchase. If I can be of more assistance, you can contact me through Trulia, or at my website.
KK German
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0 votes 5 answers Share Flag
Sat Apr 18, 2009
Vicky Chrisner answered:
Yes. There are lots of good reasons to caution you before you leap into a short sale. How about this latest - we're seeing sellers disappear. That's right, the bank approves it, the buyer is ready, willing and able and the seller disappears off the face of the earth. Buyers are stuck, their deposit is in escrow and they can't move forward very easily. The post below will help you learn about the different types of sales.

Short sales are doable... but you can't tell from the house or the listing.. your agent needs to know their way around things and truly know how to interview the listing agent, and learn about the sellers. More than in other transactions, you need to rely on the listing agent and sellers to hold up their end of the bargain, PLUS get banks with unknown goals and methods to agree. It's seriously tough stuff.
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0 votes 10 answers Share Flag
Mon Mar 2, 2009
Polly O'Brien answered:
Hi Doug,

Todays market is great for flipping a home provided you can afford to live without the short term funds. Not since the early 1970's have the interest rates and home prices been low at the same time as they are right now! However I would suggest you get the best value/ price possible. A fixer-upper in a high value town is your best bet. Remember Location, Location, Location.

I work in Ridgefield, CT and am considering listing a total fixer-upper with an in-town location. I think that this property is begging for a buyer to get it for a good price, fixit and flipit.
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Sun Jan 20, 2008
Greg answered:
Because of the Media? Nice, blame them and not the Banks, mortgage companies, people that spent beyond their means, the Realtors that told them "Real Estate never goes down", Flippers, and more.

Yea it is the Media. Oh, and we will turn this around in 2009 and see the same prices even with no Sub-prime, higher rates on Jumbos, too much inventory, and tougher credit requirements.

How are you going to make lots of money? Buy low and sell high? You buy in 2009 and when are you going to sell high? 2015?

LOL.
... more
1 vote 11 answers Share Flag
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