Are you looking to purchase a home at a foreclosure auction or just a REO home? Any agent should be able to assist you with a REO home. Besides a good Realtor I always advise to make sure you get a home inspection!... more
Like Sheryl mentioned, I don't see a link to a particular property. It looks like it might be a foreclosure based on the category of the post though. I'd be happy to do a market analysis and pull up tax records for the property if you'd like. Feel free to contact me any time and we can discuss it further!
I'd be happy to help you research this listing further if you could give me a bit more information. Based on what you've said (the street, price and size of the home) I'm guessing that $50k is a starting bid price or a type-o and isn't the actual price you would pay for the home.
In addition to being a real estate agent, I work with an LLC that renovates properties and have had experience with this type of home and sale.
That being said, foreclosure properties, short-sales and trust-sales can definitely be great deals if the potential for some needed renovations doesn't scare you away. Please contact me via my profile and I'll help you out.
Your contract to pay rent on the home you are renting is totally independent of the owner's contract with the bank to pay their mortgage. So yes, you are obligated to pay the rent.
More importantly, the laws that protect you - the tenant - are only applicable if you are NOT in default on your rental obligations. If you have a lease and that lease still has 9 or 10 months left on it, the foreclosing lender and/or investor buyer must honor that lease. However, your lease is null and void if YOU default on it.
Good luck. It is never easy to move. However, not paying your rent will only complicate, and potentially accelerate your need to move.
Shel-lee Davis BRE #01817412
Real Estate Consultant
International Real Estate Specialist - IRES®
Senior Real Estate Specialist - SRES®
Certified Home Seller Advisor - CHSA®
Certified Home Buyer Advisor - CHBA®
Member - National Association of Certified Expert Advisors - NAEA®
Certified Distressed Property Expert - CDPE®
RE/MAX Estate Properties
If you found the property listed for Casa Grande Road on a foreclosure website, you may be looking at values for an auction listing, that can only be bought at auction. Let me know if I can help with a further explanation.... more
Buyers interested in purchasing a property through foreclosures as home loans are low interest. Depending on the condition, year of construction, facilities of appliances included, location and other property-related details are effects on prices of foreclosed homes. With their reduced prices & various financial reasons, investing in a property through foreclosures makes for an ideal real estate venture for home buyers as well as investors.... more
Hi there Gail, The loan process is the same even though it is a foreclosure. There are no restrictions for foreclosure for loans because a home is a home. There may be some hoops you'll jump through if there are inspection and repairs needed. I recommend you speak with a lender like myself to get more information about your home buying process. I would be glad to speak with you to help you get the loan that you need. Good Luck! Brian Nguyen Sr. Mortgage Banker NMLS # 659743 Phone: 949.667.2887 email@example.com... more
The other answers do apply but if you are looking to buy a home sooner than later and you have a decent down payment to work with or other existing equity, you could get a Hard Money loan right away. My husband and Broker of Sun Pacific Mortgage & Real Estate offers Hard Money with just 2 criteria: #1. At least 25% down on a purchase or existing equity and #2. Ability to repay.
In the 25+ years we've been in business we've helped many, many people buy a home despite recent short sale, foreclosure, bankruptcy, property condition, etc.
Just thought I'd let you know about this type of loan program too.
Owner/Realtor - Flipper Chick
Many would-be Buyers make the mistake of only focusing on distressed property due to a belief they are cheaper and less difficult to buy than non-distressed property - this simply is not the case.
Here's a quick relative risk/difficulty scale for distressed property (1 being the most risky):
1) Trustee Sale-
You personally go to the County court house and bid on a home you probably have never seen the inside of, nor will have the opportunity to fully investigate. Seasoned investors need only apply. Cash/Cashiers check only, no financing.
2) Auction Company Sale-
A little better, at least you have a seat in a packed room where the auctioneerâ€™s primary job is to get the highest offer from a much larger group than #1 above has. You are buying â€œAS-ISâ€. Do you have the ability to gauge cost of repairs you might see? This option is best for those who can walk a home and calculate refurbishment costs on the fly IF an investigative period has been allowed. Perhaps, you might even attend one to see â€œhow the sausage is madeâ€ and how comfortable you would be if you went this route.
When a property does not sell via #1 or #2 above you eventually see it come on market via a RealtorÂ® MLS. You will still needs the skills to evaluate property condition and the good news is your RealtorÂ® will be helping you to do so along with professional property inspectors you hire. The downside of an REO is the Bank typically only sells "AS IS" (meaning, the Bank will not typically make repairs even if you identify an issue) and the Seller's property disclosures are limited to what is statutorily required by law.
4) Short Sale-
While there is nothing chronologically short about this option (plan on 60-90+ days before a Lender approval) it nonetheless is the closest relative to the non-distressed sale. The only real risk with these transactions is the underwhelming boredom and the overwhelming mystery of why it takes so long to obtain an Approval(s).
If you are serious about buying a home find a RealtorÂ® and ask that a custom automated MLS search agent be set-up to make sure you are seeing property that is actually for sale. Hereâ€™s what I would advise as being your first step: http://www.Steven-Anthony.com/GettingStarted
Thank you for your question,
I would estimate it in the high 200's without having seen it and considering today's market. There is a high demand for homes such as this on the market, however you do not want to be stuck over pricing the home. Its condition and location will play a large roll in the price you can get as well as the showing ability of the unit. If you live in the home and can easily leave to show the property you will have a much easier time selling, as opposed to having tenants in the unit that may not be interested in keeping it clean or letting it be shown conveniently.
If you are interested in a more accurate estimate, I would like to meet you at the property and discuss some of the comparable properties sold that would justify your asking price. Please call or email me so we can set up a time to meet.