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Foreclosure in Warren County : Real Estate Advice

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Activity 12
Sun Mar 20, 2016
Psmorton asked:
Mon Jun 30, 2014
Dan Tabit answered:
Talk to a lender about either a construction or rehab loan. These products are designed for just such situations. They take longer to close, as you need to get bids in on all the work. The work must be done by a licensed contractor, but you are able to finance both the cost of the purchase plus the finish work all in one loan. Depending on what needs to be completed and how much it will cost, this could be an option. ... more
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Tue Feb 8, 2011
James Gordon ABR SFR SRS answered:
Sally normally clients search when they think that they are not getting everything from their Realtor®. This property is a realty track posting so is not in the MLS and not available for sale. ... more
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Fri Sep 17, 2010
David Hale answered:
HI James,

Most agents that list bank owned properties get started by signing up to complete BPOs (broker price opinions) for banks or REO companies. You can buy lists or REO companies online or you can just find them one at a time with google.

Once you start completing BPOs your job is to find a way to make your name stand out with those companies. I completed about 70 BPOs this year and listed 3 bank owned properties that came directly from those BPOs. The listings were hard work. The BPOs were hard work. But I'm still glad I did it and I'm being told that I will be listing 2 more REO properties in January. I never believe anything until I have it in writing but I think I'm making progress.

Check out
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Tue Aug 24, 2010
William Polack answered:
I have to agree with Joanna. People just don't know and there are a lot of people out there giving bad advice. Loan Officers tell people to modify because many do the modifications themselves and get paid for it. Sadly, I've talked to many people who modified their loan and Bob pointed out, their scores tanked. "Obama said my scores wouldn't drop if I modified my loan", said a friend of mine who voted for him. No comment. Anyways, short sales are something that I see Realtors push as a way to get people to sell their homes instead of foreclosing. However, banks are reluctant to do so because they are losing money. There are banks out there that made an agreement with the government to get paid on short sales to help make the short sale into a profit margin.

Short sales do affect the credit and sometimes the lender can require the owner pay the difference. So, after a person is told that they can't modify because they make too much, they can't short sale because the bank wants the difference, they are living on one income, depleted their life savings trying to hold on to the house, the bank is not helping them after all the money they sucked from the government, NACA is still 6 months away from coming to a city near them, it's too late for a deed in lieu of foreclosure, they don't have the income to get approved for a partial claim (put the past due payments back into the loan) or the equity is toast, they turn to an attorney to file bankruptcy.

Why? Because when a person defaults, bankruptcy attorney's go to the public records and send letters to the home owner's by the hundreds telling people that for as little as $495 they can avoid foreclosure and keep their home. Of course it will cost more than that when all is said and done.

Ah, but there are 2 places to go where many are unaware: CCCS and HUD. Consumer Credit Counseling is a non profit organization that will help people facing foreclosure. They have resources that can help the client receive aide in order to keep their home. Housing Urban Development will also help homeowners who have FHA loans. There is a pool of money sitting at HUD available to people under certain circumstances. If approved, money may be paid to the lender to help the homeowner. Why? Because FHA backs loan 100% against default and HUD doesn't want to give that kind of money away. So, it benefits them to help homeowner's.

So, I don't think it's so much the fact that people don't care, I think it's that they don't know the truth. They don't know what's out there and no one is spreading the word on where they can go for help.
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Tue Jul 14, 2009
Dee Nofziger answered:
I would suggest finding who th elisting agents are who list foreclosures in your area. While it is true that the banks are losing money on these properties, they are also becoming more realistic in regards to repairs.

I am closing today on a lender-owned property. The bank DID fix water valves (by hiring a plumber) in order to facilitate inspections. They are starting to realize that if they want something to sell, then they have to make it easier for buyers to buy. Many buyers' loans are FHA, which require utilities to be on and systems to be working in order to close.

I know the listing agent for that property has a plumber he uses for all of his needs.

Good luck and warm regards,
Dee Nofziger
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Tue Apr 28, 2009
Christina Cavins answered:
Hi Anne!

I'd love to help explain the Mortgage Forgiveness Debt Relief Act for you! Please check out this article for complete details and please let me know if you have anymore questions at anytime.

Christina Asad Edwards, Realtor
Office 937-573-0082
Cell/Text 937-205-4741
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Sun Apr 26, 2009
Keith Sorem answered:
You need to find a Realtor with short sale experience. From the lender's point of view, it is better for them (that means costs them less money), for a short sale than foreclosure.

Sometimes if a sharp Realtor contacts the bank they can negotiate the best outcome for your family. This means if they, as a professional, contact the bank, the bank knows that you have made decision not to just walk away , but to try to do the right thing.

There is such a thing as honor. You have a debt. A mortgage is a promise to pay. Let them know that you are honorable people and are not abdicating your responsibility. You may be surprised. They may honor your commitment and help you.

If you need a referral let me know.
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Wed Feb 6, 2008
J R answered:
Unfortunately it can take the bank as many as 120 days to make their decision, and there isn't anything the agent can do to hurry them along. Every short sale expert I have heard has said the key is explaining to the buyer they have to have patience. Good luck!

And it is the bank who decides what to take, as far as the price goes. You should have all the inspections your agent suggests. In my area that would be an engineer inspection and a termite inspection. Sometimes there are water tests. Your area may be different.
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Fri Jan 4, 2008
Mark Ryan-Mark Ryan Group answered:

Did you ever find a trustwrothy advisor to assist you in avoiding the foreclosure on your credit and loosing the equity? I would love to hear back on how you are doing.


Mark Ryan
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