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Foreclosure in San Antonio : Real Estate Advice

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Activity 76
Fri Jun 4, 2010
Josh M. Boggs answered:
Daniel,

Actually the best way is "google" Bexar County Clerk, then set up a free registration to Land Data. Pull it up there!

Hope that helps,

Josh
0 votes 3 answers Share Flag
Tue Mar 23, 2010
Ralph Buller answered:
From your questions I am not sure if you were renting the property in the past or a past owner. Others have answered that the property sold. You need to contact Fannie Mae to determine what the policy is regarding previous residents as policies seem to change as rapidly as I change shirts.
Ralph
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0 votes 5 answers Share Flag
Sun Mar 14, 2010
Josh M. Boggs answered:
Yes, what a monster SS's can be!

I gave Cindi, Keith, Patricia and Danny a "thumbs up" because they are all on the right track in my opinion.

I've personally turned around a Wells Fargo SS from offer to acceptance letter within 3 weeks and a Chase SS from 65 days from offer to acceptance. There are soo many loose threads in such a chaotic system, that just by pulling one slight, will turn any possible success to certain doom!

For example, a certain negotiator in charge of almost 15 new SS files a day slapped on her desk alone decides that since the Realtor who wasn't very nice and polite over the phone turned in the SS packet in not the specified order; turns the file back to the bottom of her stack or on another pile that keeps it from getting reviewed. That can happen very easily and certainly does. I usually laugh when I hear some agents on the phone to the lenders demanding aggressively for that person to put their file on top priority. These people may get paid $18/ hour and could care less who I or any other Realtor is that only has one, maybe two files working with that lender... little alone that negotiator.

Look at Cyndi's time frame and she's right on the money as to what I "normally" see on a daily basis. Also, documentation for each and every single time you speak with ANYONE is crucial if you're going to have any shot at proving to ALL parties that things are being done timely and completely from your side.

Most Realtors will always believe they know more and don't have the time to be doing the 30 minute follow up on files you should do every day; and they may be right. That's why if anyone is going to take on a SS listing, they have better have a system in place and many support channels available to keep up with all the necessary communications and homework that these banks will need.

Additionally, I've turned down a handful of sellers upon our initial consultations. Not because I'm an speaking on behalf of the bank for an acceptance, but because I usually have seen what most banks are looking for and can decide whether i've got a seller that's truly in a hardship, or they simply are "claiming" a hardship. Big difference when you're dealing with a successful outcome.

Until there can be a large agreement upon policies, procedures and systems on how these SS should be handled, I believe that they're still going to be such a tough transaction to tackle if you're not ready to be patient, learning based and have a slight enjoyment for pain! ;)
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0 votes 11 answers Share Flag
Mon Dec 28, 2009
Lawrence Sotoodeh answered:
Hello my fellow agents-this answer business is so foolish. There's got to be a betrer way. We're all jumping whenever soneone asks a question. Any Ideas anyone?-Larry Sotoodeh
0 votes 11 answers Share Flag
Tue Dec 1, 2009
Yvonne A Russell answered:
Hi Moses,

Well it's been about 4 months, if you don't mind, please share with us (in general terms) what course you decided to follow. We need your feedback to help us do our job better. It would be a great way to give back to those in this community that gave you some valuable advise.

Btw, I agree with my fellow REALTORs as well as CDPEs (one of many great distress property designations) you shouldn't go it alone in a short sale.

Hope you chime in.
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0 votes 15 answers Share Flag
Mon Sep 28, 2009
Tony Z - In The Field answered:
These are all great answers and they are all correct... look at other options, get pre-approvals, and the best foreclosure deals are usually taken by Investors like me before they hit the market.

There is no "easy way" to buy a foreclosed (or one going through foreclosure), you've got to have the skills to find them, contact owners, evaluate each situation, and construct a solution that is profitable.

I train my team to start at the Rex Report: http://www.RexReport.com. Buy the current foreclosure list and you have something to work from. Sort the list by zip code, and you have target properties in areas you are interested in.

You'll need to then contact the owners by phone, direct mail, or going and knocking on doors. That's the easy part, after you talk to an owner who is willing to work with you, you've got to evaluate their situation to see what the best strategy is... cash offer, subject to, wrap, etc.

This is how I start those on my team who want to do what you do. Let me know if I can help, I can work with you one on one here in SA. Good luck!

Tony Z
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0 votes 6 answers Share Flag
Tue May 26, 2009
Jim Mcninch answered:
At this point I suggest you contact me by phone so we can discuss the details more thoroughly. Don't put your phone number on-line. If you drop me an e-mail at info@trademarkforeclosureprevention.com with your phone number I will be happy to call you or you can call me at 832-330-4588.

Jim McNinch
Trademark Realty Investments
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0 votes 6 answers Share Flag
Sat May 9, 2009
Bruce Lynn answered:
Check for clear title addtitional liens.
Bring cashier checks in various amounts so you can pay on the spot.
Go at least once or twice before you bid.
Know inside and out what you are bidding on. ... more
0 votes 3 answers Share Flag
Sun Apr 26, 2009
Robert Graf answered:
I think you mean an REO or bank owned property. There is a misconception about the word FORCLOSURE; it as actually an auction that happens on the court house steps and requires a cashiers check. An REO or bank owned property is a very similar purchase to a regular transaction with a typical 30 to 60 day escrow period. You do give up some of your rights in an REO sale vs. a normal equity sale. 1) you cannot negotiate for home repairs (as-is sale) 2) you have a passive contingency removal (very important) from the passage of time your contingency goes away without you signing any contingency removal form, 3) there is typically a per diem charge if the escrow is delayed becsuse of the buyer side of the transaction (usually $50 to $100 per day). Other than these key items the REO transaction gives you all the protection through escrow including a clear title and title insurance. ... more
0 votes 13 answers Share Flag
Sun Apr 26, 2009
Isaac Bensussen answered:
Ng, Unfortunately you have two of the problems that the new Government is trying to fix. First, the very high cost of health. Seems that every month I have to pay higher rates for Health Insurance. Second, the loss of value of most homes and the unwillingnes that Lenders show to the "suggestions" from President Obama to help Borrowers like you.

I noticed that nobody in this panel asked you what is the value of your home and what is your mortgage amount. If you have enough equity, maybe you should try to sell the home ASAP.

If you want to email me, eventhough I live in San Diego, I will be happy to give you my advise of what I think it would be the best scenario for you. Obviously, completely free. Let me know what is your mortgage amount and what is the value of your home.

My website is www.besthomesinlajolla.com, my email is fancydog@san.rr.com and my cell phone is 619-392-4344.
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0 votes 7 answers Share Flag
Sun Apr 26, 2009
Get-smart answered:
if the house is still available you can contact the owner, or you can contact wholesalers in your area that might have deals to wholesale to you.
0 votes 7 answers Share Flag
Mon Mar 9, 2009
Josh M. Boggs answered:
Why foreclosure home for an investment? Why not seller finance or subject to w/ little down?
0 votes 5 answers Share Flag
Mon Oct 6, 2008
Matt Stigliano answered:
Jon,

Feel free to send me your email address and I'll send you what's out there.

mattstigliano@exitnsa.com
0 votes 1 answer Share Flag
Wed Oct 24, 2007
Josh M. Boggs answered:
Unfortunate things happen to good people.

My associate and I have an extensive background in financial advising and credit counseling as our family ran a 501 (c)(3) for over 10 years. Obviously this is somewhat of a personal matter, so please feel free to e-mail or call my company anytime and we'd be more than happy to do a free counseling session for you.

To generally answer your question, in your case time is really going to be one of the only major options you have at this point. Foreclosures, chapter 7's and repossessions are usually a MAJOR ding on your credit and can only take time to go away. There is a small, slim chance that there are some other possible solutions, but it will take alot of work and an extensive use of your rights given to you under the FCRA.

PLEASE DO yourself a favor and do not consider plopping down any amount of money right now until you get more case specific help. Again, we would be more than happy to at least see you on an initial counseling session absolutely free. Susan had some good advice, but at this point you would be better off starting w/ a FREE credit counseling session either with us or an accredited non-profit before seeking the advice of an attorney. I don't know too many attorneys that work for free! :) If you do know of one... please by all means send me his/her name! lol
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0 votes 3 answers Share Flag
Sun Oct 21, 2007
Deborah Madey answered:
Consistent w/ the prior answers, base your offer on comps and what it means to you. Disregard the prices paid for determining what the original owner paid, as the bank will not be using that number for any purpose either. ... more
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