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Foreclosure in Rowlett : Real Estate Advice

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  • Home Buying22
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Activity 6
Sat Mar 13, 2010
Michael Russell answered:
It seems in good shape but it's still a foreclosure. Depending on the age of the home I would be concerned about hvac, plumbing and electrical. I would not be paying attention to the asking price but the comparables of other foreclosures nearby. You will many times find these houses "winterized" as an excuse for inspectors not to be able to check them over carefully. If your agent has done the research and $165k looks good then I would still offer lower and see if they counter. Depending on the lot size and age of the home that could be a very good deal! ... more
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Fri Oct 24, 2008
T.E. & Naima Sumner answered:
Michelle, banks operate on their own schedule and to achieve their own goals. Those may not line up with what you want. A short sale actually refers to the fact that the selling price is expected to be short of the mortgage amount. The banks are anything but quick about agreeing to take a shortage.
If the loss mitigation department accepts your offer, then they have to notify the foreclosure department to stop proceedings. We have actually been caught in a situation where the shortage was zero, so the foreclosure department did NOT stop.
You can attend the foreclosure auction with cashier's check in hand to buy it from the bank's trustee on the first Tuesday each month. The bank will bid the amount owed on the loan. If you bid higher, it's yours, but you have to pay right then and there at the courthouse. Usually, it is better to let the bank take it, and then they will offer it again later through a Realtor. You will have time then to do inspections and get a mortgage loan of your own, which you won't if you buy at the courthouse steps.
The bottom line is that the bank decides (sometimes strangely) and they can supersede a pending contract for sale by foreclosing the property. If your earnest money is being held at a title company, you will get a refund fairly easily.
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Mon May 26, 2008
Margaret T. Hatcher answered:
Becky,

I find no fault with RealtyTrac except it is not complete and it it much too difficult for you the buyer to use unless you want to make a full time job of it.
There is another site but mostly HUD homes http://www.BidSelect.com and there are some auction sites, but still a lot of work for the indvidual. That is why you pay an agent. Also let the agent pay for RealtyTrac and other sites, they use them for more than one home. Hopefully. Find an agent that does do more that 1 or 2 foreclosures, unless that is too difficult in your area. I will be happy to have my assistant run a search if you want a referral.

Margaret
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Tue Feb 12, 2008
Mp answered:
1. well how can someone find the note balance on a foreclosure to get an idea of what the bank is looking to recover. As i understand it i also wanted to ask. Banks do generally finance buyers on a property that will be used as a homestead, but are the financing terms more different or similiar?
2. After closing on a foreclosure can a seller/bank be held liable for any major foundation discovered within a certain time frame?
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Thu Feb 7, 2008
Craig answered:
There is a chance there might be some properties 15-30% reduced in the area if you are flexible with location. we can discuss it if interested at 918-261-7573
0 votes 6 answers Share Flag
Sun Jan 27, 2008
T.E. & Naima Sumner answered:
ok, SLP is SImultaneous Listing Period. This applies to VA foreclosures only. That is the deadline that they they look at all the offers. SInce that date is way past. That date doesn't apply anymore and they will look at offers as they come in.

It has just been reduced to 172,425. It's in a nice neighborhood off of Miller road. The biggest drawback is that it back to Miller road too, thus the drop in the price from 190K. Before it got foreclosed on, the owners tried to sell and they had it listed at 220K.

I'll be happy to show to you if you wish.
... more
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