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Foreclosure in Northville : Real Estate Advice

  • All54
  • Local Info2
  • Home Buying22
  • Home Selling2
  • Market Conditions0

Activity 8
Tue Mar 10, 2015
RonS answered:
John pretty muched summed it up. Yes, it's "Legal" to foreclose in the absence of payment post BK.
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Thu Jan 29, 2015
Corinne Madias answered:
The home went pending for the second time on October 22 2014. Short sales require third party approval(The Bank!) They can take up to a year to close. The problem is generally that home owner owes more than what is on the Purchase Agreement (hence its "short.") The bank has to decide if its happy accepting the loss. If there are complications like divorce or bankruptcy the process can take a while. When foreclosures were more of a deal(2010-2012) it was worth the wait. The people whom bought those are the folks with the absolute most equity in their homes now. On a short sale a buyer could wait 6 months and the bank decline. As the market appreciates the bank might decide to just hold out rebounding prices. I am a long time resident on Main Street and Specialist in the Northville area. Its my pleasure to assist further. Corinne Madias ... more
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Tue Jan 7, 2014
Keith Brandt answered:
Go to the sheriff sale auction. You can go with me and I will show you how it is done.
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Wed Apr 24, 2013
Keith Brandt answered:
Don't waste your time... you'll get the run around.
1 vote 14 answers Share Flag
Sun May 20, 2012
Wisewoman3 answered:
If everything else is good like your job history, credit since bk, income, etc...you would be able to buy a new home with FHA now ...and could have 2 years after your discharge. one thing that could hang you up though is not having post bk rental history. You might still be able to get a mortgage, but you might not, depending on the underwriter. Also, go to a lender, not a broker, because brokers often add more requirements in order to lower their risk. You will not be able to get conventional financing for 7 years post bk. Also, you need at least a 620 FICO now with FHA, and some lenders will want a 640 - mid score. ... more
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Fri Mar 2, 2012
Eric Michael answered:
Carol,

The 3rd party is the bank/investors who actually own the lien on the property. They pay the agent's commissions. The brokerage fee is probably the listing agent and/or listing broker trying to make a few extra dollars on a transaction, usually a few hundred dollars. Remember, everything is negotiable. ... more
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Wed Feb 29, 2012
Eric Michael answered:
Selling your home as a short sale is one of the ways to avoid a short sale. I'm not a lawyer, so I'm prohibited to give legal advice, so you might want to contact a real estate attorney and a CPA about the potential recourses. ... more
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Sat Oct 30, 2010
Keith Brandt answered:
It will mean that you are going to wait a long long time for an official answer to your offer? Learn how to get a house quick and cheap at www.BuyBELOWmarket.net
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