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Foreclosure in Richmond : Real Estate Advice

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  • Home Buying130
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Activity 24
Wed Aug 24, 2016
Thairhussen asked:
2-3 bd and 2 bath
My email is( thairhussen@yahoo.com)
0 votes 0 Answers Share Flag
Tue Dec 29, 2015
Dan Tabit answered:
Raine,
Most of these auctions require cash in hand, do not allow previews or inspections and all sales are final. I'd also encourage you to speak to your agent about your interest. They can assist you in countless ways through research, market knowledge etc and you may just have to pay them yourself for this. It is not uncommon to have a buyer's agency arrangement. ... more
0 votes 3 answers Share Flag
Wed Jul 24, 2013
Carolyn Liddell answered:
I concur with the advice of the others. Stay there until there is a knock at the door requesting you to move. At which time, they often offer cash for keys, which usually entails being out in 30 days. And just because the bank takes the house back on a certain day, it may take them quite a while to come by. If it is less than the remaining 3 months on your lease, you can generally stay until the end; however, they may negotiate with you to depart. And in some cases, remain and pay them.

Some tenants do not like the uncertainty, and they choose to find another place, based on their own timing rather than wait it out.

Good luck,
Carolyn Liddell, Broker
Sun Realty of F'bg
... more
0 votes 5 answers Share Flag
Sun Aug 12, 2012
Deborah asked:
Wed Jun 27, 2012
Rupali Pendse answered:
Fannie Mae and Freddie Mac both have wonderful websites - www.homepath.com and www.homesteps.com. HUD also has a couple of properties.
They usually have a couple of brokers in the area who market their properties and list them with MLS.
By clean - I am assuming properties that you can start the renovations/rent/living in as soon as you close. Also assuming clean title.
... more
0 votes 2 answers Share Flag
Wed Jun 27, 2012
Rupali Pendse answered:
Visit Fannie Mae website - HomePath.com or Freddie Mac wesite - HomeSteps.com.
They both have a great website where you can see pictures of homes in the areas you are looking at.
They both list their homes through brokers in the area so the information is available on the MLS as well as their sites.
Freddie Mac and Fannie Mae both clean out the houses, do minor repairs if needed and the closings are usually smooth.
... more
0 votes 1 answer Share Flag
Wed May 9, 2012
Robin Adair answered:
I would highly recommend Timber Creek Construction. They specialize in Kitchens and Bathrooms, as well as doing home renovations of their home properties to fix & flip. Contact is Shawn Adair, 804.337.9665. ... more
1 vote 2 answers Share Flag
Sun May 6, 2012
Pam Davis answered:
Roberto
If you will tell me your needs and price you are pre-approved for I will be happy to find you a home in the area you are interested. I actually have a spacious home off Harrowgate that you might be interested in.....contact me at pam.davis@lnf.com. ... more
0 votes 3 answers Share Flag
Sat Apr 21, 2012
Denny Phipps answered:
Your query has gone without an answer for a very good reason: you need to talk with a qualified legal advisor with a review of the specific documents for this case. The situations that receive the strongest forebearance are for personal residences, to keep people in the home they live in.

Do you have a lawyer you can talk to? Would you like for me to help identify someone for you?
... more
0 votes 1 answer Share Flag
Wed Mar 30, 2011
Mike Ryan, Jr answered:
Marie,

Greetings and sorry to hear about your situation. The bit of good news is that you are not alone and have nothing to be ashamed of. "There but for the grace of God go I...and a bunch of other home owners". Okay. First, call your lender and talk to them. The percentage of folks who don't even call their lender facing forecloure is staggering (something like 75%). They really don't want your home and might be willing to work with you. Second, if you can find it, pull out your Deed of Trust from when you bought your home. That should name a substitue trustee who might be sending you love letters. Call them. Lastly consider either a short sale or, if you have any equity, finding a buyer who will loan you money for your home in exchange for some of the equity. There are people out there who will work with you who are not loan sharks but you need to have some equity in the property (if you bought in 2005 or later you might not have any). With a short sale you need to be in a position of "hardship". If you have money or can pay your mortgage, the bank will most likely not work with you. Lastly, is this your principal residence or an investment property? That can make a big difference whether the lener will work with you AND if you will have to pay income taxes on any amount forgiven by the bank. By the way, if you are looking for the published ad, look in Style Magazine too. They arguably have more posting than the Richmond TD. Let me know if I can be of service and wishing you and your family the best.

MikeRyanJr.com
Associate Broker
RE/MAX Commonwealth
804-359-4943
... more
0 votes 3 answers Share Flag
Wed Mar 30, 2011
Joseph Domino answered:
Geri,

Your best source is your Broker. He/She is responsible for the actions of all agents in the brokerage. They must have a policy with regard to these rules.

I personally have been to several training classes that discuss this topic and have heard several different interpretations. One thing that has been universal is the need to disclose the risks of attempting a short sale, something I think many agents have attempted to downplay as soon as they start having success doing short sales.

If your broker does not have a consistent policy, bring it up at your next meeting.
... more
0 votes 2 answers Share Flag
Fri Dec 24, 2010
Mike Curley answered:
Ty Dwyer, I totally agree with you. At 5%, I'm happy to do both jobs; at 3%, it's ridiculous. Additionally, listing agents have long been getting by wih extortion particularly when a selling broker let his/her NAID number lapse; 5% in those cases quickly went to 2.5% and still the buyer's agent pulled the entire load. Finally, isn't this arrangement a bit in conflict with the Realtor's Code of Ethics and most Board & MLS rules? Just asking...
Mike Curley, Broker (36 years), Richmond VA
... more
0 votes 13 answers Share Flag
Thu Aug 19, 2010
Tom Fleming answered:
Kathy,

ive worked with Debra before and if your looking for a top notch agent who will give you 100% then look no more she is a real pro!!!!
0 votes 4 answers Share Flag
Fri Aug 6, 2010
Ann Mullikin answered:
Will,
I have several investment properties in and around the Richmond area. One of them might fit what you are looking for. Prices range from $30K up to $125K now with ARV's ranging from $78K to $170K. Call me at 804-385-2775 to get more information.

Ann
... more
0 votes 11 answers Share Flag
Mon Feb 16, 2009
Vicky Chrisner answered:
Nicole, it also depends on if you are talking about a foreclosure auction or a public auction after the bank already owns the properties. Perhaps my blogs on auctions will help you?
1 vote 2 answers Share Flag
Sun Feb 15, 2009
Diane Wheatley answered:
The estimated bid amount is the opening bid to be declared at the foreclosure sale. this estimate is subject to change upward or downward when the auction actually gets underway. Call the trustee the morning of the sale to acquire the most recent bid amount of record and your safe to say it will be offered at that price at the sale. The final price will be determined once all the bidding has been closed.

The bid amount is determined by the trustee for the beneficiary and includes the principle balance of the outstanding loan, all unpaid past due mortgage payments, property taxes due, trustee fees, foreclosure attorney's fees and accumulated late fees all subject to any senior liens on title. It is not based on market value, only the amount of the debt accrued.

Diane Wheatley, Broker
diane@moveupproperties.com
... more
2 votes 2 answers Share Flag
Tue Dec 9, 2008
Tina C. Wong answered:
Dear Ida,

You have some general questions regarding foreclosure which leads to many quesitons such as what happens to the HOA dues, it depends on the CC & R, rules & regulation of the HOA and the decision of the board how much the HOA fee is being past due & when it a lien should be filed against the homeowner. The property taxes is always on the first lien position or getting paid regardless if it is the one who is proceeding the foreclosure. There are also other questions that which lienholder is foreclosing the property, 1st loan? 2nd loan? or the HOA? Which state of foreclosure is the homeowner is in right now? Does your client want to stay in his home? Is the CC1695 applies on his case? You should advise your client to start consulting HUD of foreclosure proceeding for FREE, http://www.hud.gov/foreclosure/index.cfm and consult with a CPA / tax attorney of whether he/she is qualified for the Mortgage Cancellation Tax Relief Act regarding the personal debts or note from lienholders.
www.car.org could also lead you to many answers and learn more about foreclosure.

Best regards,
... more
0 votes 2 answers Share Flag
Tue Dec 9, 2008
Cameron Piper answered:
Reba,

I was stop paying rent immediately, the chances of you getting your deposit back if you pay through the last month is slim to none, consider that if the person won't pay the mortgage they probably won't honor you by returning your deposit. Each state is different but it is unlikely that they will have time, let alone go to the trouble for kicking you out for not paying the rent.

There won't be much you can do about getting more time to move unless there is a person with a heart working for the bank who makes those decisions. Keep in mind that in most states (Any Virginia agents out there that want to weigh in on this?) your lease survives the transfer of ownership. Meaning that the person who buys the property at the Auction must honor the lease after they take ownership. That doesn't mean that they must renew the lease or allow you to stay longer. I have also heard of banks offering tenants of recently foreclosed properties money to move out.

I would start looking for another place and if money is as tight as you say, I would not recommend buying a home. A home will not be a blessing to you if you are not in the financial position to buy one. The best thing that you can do for yourself and your four kids is to keep your expenses low and your options open, and the best way to do this is to rent rather than own.

Cameron Piper
... more
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