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Foreclosure in Washington : Real Estate Advice

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  • Home Buying267
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Activity 32
Teddyfields, Home Buyer in Washington, DC
Fri May 6, 2016
Teddyfields asked:
Bruno Tarqui…, Real Estate Pro in Greenbelt, MD
Wed May 4, 2016
Bruno Tarquinii answered:
Hi Keisha,

Did you find the answer you were looking for? I'd be happy to look up the property for you. Give me a ring at 240-418-3809 and I can find out.
0 votes 1 answer Share Flag
Hhekmat, Home Buyer in McLean, VA
Wed Apr 13, 2016
Hhekmat asked:
I have properties in DC that are erroneously listed as foreclosures. I have checked with the DC government and they confirmed that neither property is on foreclosure. How do I correct the…
0 votes 0 Answers Share Flag
Karen Peyton, Real Estate Pro in Chandler, AZ
Sun Nov 29, 2015
Karen Peyton answered:
Trulia is not a real estate company, therefore Trulia does not list properties for sale.
Trulia only "advertises" properties for sale.

To get the information you want, you will have to find a local agent willing to send you a list. Since banks won't work with the public (only real estate professionals) you'll need an agent if you intend to purchase a short sale or bank owned home.

Auction? It's likely agents in your area will have these listed for sale too. You can Google for others. But...auctions are not for the novice buyer.

Good luck.
... more
0 votes 1 answer Share Flag
Dan Tabit, Real Estate Pro in Issaquah, WA
Sat Dec 20, 2014
Dan Tabit answered:
Phill,
Find out who their asset manager is and see what you can find out. Most of the time they will not sell without a completed foreclosure process and listing with one of their approved agents. ... more
1 vote 1 answer Share Flag
Lanre Folayan, Real Estate Pro in Washington, DC
Sat Feb 15, 2014
Lanre Folayan answered:
Hello Valerie. I didnt find the link. But if you are looking for DC foreclosures,please click on this link http://www.freelistofhomesforsale.com/listing?address=910-M-ST-NW-119-Washington-DC-20001&mlsno=DC8249829&idx=85288 ... more
0 votes 3 answers Share Flag
Pierrescott23, Other/Just Looking in 20020
Tue Nov 19, 2013
Pierrescott23 asked:
Akil Walker, Real Estate Pro in Upper Marlboro, MD
Tue Nov 12, 2013
Akil Walker answered:
Hi Kendra,

you contact a local realtor or visit the site below if you are searching for housing information.
0 votes 2 answers Share Flag
Raman Mehra, Real Estate Pro in Washington, DC
Mon Nov 11, 2013
Raman Mehra answered:
Sarah,
I see many agents have explained to you what a Shortsale and a foreclosure is. The answers are all right but nobody should advice if you should or should not buy a Shortsale. Their is no risk involved in any type of distressed sale if you manage it well. Both sales give you a clean title. Now the only issue is the repairs. When owners are in financial distress the homes get into a prolonged state of disrepair. The buyer makes a decision to get into the transaction based on their own personal scenario. If time is of the essence one may not want to buy a Shortsale. If one has no time or understanding for contractors and repairs they will shy away from them. But the fact of the matter is that Shortsales are the best deals in town. There is a gain to the pain. I will stress it again. There is no risk to ownership in such a transaction. Good Luck!

Vibha Mehra, SFR
Keller Williams Metropolitan
55 Madison Avenue
Morristown, NJ
973-216-0090
VibhaMehra1@gmail.com
... more
0 votes 5 answers Share Flag
brent mendel…, Real Estate Pro in Bethesda, MD
Tue May 28, 2013
brent mendelson answered:
Yes you can with a score that low but we need to know why it's low and if there is anything that can be done to improve the score. If you were late in the last 12 months on payments that makes it tougher. It would be as Troy mentioned an FHA or VA loan with scores in that range. If you would like to chat I can take a look and see what steps can be taken to improve the score and pre approve you for a loan amount. Please let me know any questions.

Thanks,

Brent Mendelson
Senior Loan Officer
1ST Mariner Mortgage
O-240-235-5314
C-301-412-0259
F-240-235-8236
Bmendelson@1stMarinerbank.com
Lending in all 50 states
nmls#111407
... more
0 votes 6 answers Share Flag
Suzanne MacD…, Real Estate Pro in Morristown, NJ
Thu Apr 11, 2013
Suzanne MacDowell answered:
I am assuming you are the owner of this home. I would strongly, strongly suggest you talk to a local realtor who is experienced in short sales. I don't know anything about Washington State foreclosure laws, but it would be well worth your while to find out if you can still list the house as a short sale, avoid foreclosure, which will be devastating to your credit rating, and have a more planned, smooth transition into a rental. PLEASE do yourself a favor and find out what your options are before just letting the hosue to go into foreclosure. ... more
0 votes 1 answer Share Flag
Ericka S. Bl…, Real Estate Pro in Washington, DC
Tue Jun 12, 2012
Ericka S. Black answered:
Hey Valerie,

Let me know if you are interested in these places. Go to this link http://mrislistings.mris.com/DE.asp?k=3041248b01b&p=DE-170149949-664

If not, it's ok. Just send me your email address and I will send you more places in that area. My email address is ErickaSBlack @gmail.com.

Talk to you soon,
Ericka
... more
0 votes 4 answers Share Flag
Elena Wyman, Real Estate Pro in Foster City, CA
Fri Feb 17, 2012
Elena Wyman answered:
Cash offer is the best, of course.

If no cash is available, then:

large down payment
strong prequalification letter
short inspections period

Hope that helps. :)
0 votes 10 answers Share Flag
Erica Glessi…, Real Estate Pro in San Jose, CA
Thu Jun 30, 2011
Erica Glessing answered:
I'm not seeing this answer, I apologize if it's redundant -- sometimes there are listings of the "amount in default" on a home. Let's say someone owes $10,000 and the home is worth $100,000. The default is $10,000 so that can be the amount shown -- however, if it foreclosed, a bank would list it for around the market value (not the $10,000). So that can be confusing. See if you can note whether the home is a "pre-foreclosure" situation OR a true "list price" on a home for sale. ... more
0 votes 11 answers Share Flag
Don Tepper, Real Estate Pro in Burke, VA
Thu Jun 2, 2011
Don Tepper answered:
Start with a Realtor who knows D.C. There are such properties. The rowhouses typically need a fair amount of rehab. But I've known plenty of people (investors and others) who've bought, rehabbed, and have done very nicely. Also, I know a number of wholesalers who specialize in such properties, some of which don't make it on to the MLS. Finally, don't limit yourself to foreclosures. There are quite a few properties that people just want to dump, or sell for a little. (Family home, now run down, etc.)

Hope that helps.
... more
0 votes 2 answers Share Flag
James Firkser,  in Washington, DC
Fri Apr 8, 2011
James Firkser answered:
I have a client in the same situation but so far, and it's been 6 months, B of A has not made a modification but has moved forward on foreclosure on this home while another department says they are working a possible modification. For purchases, they've been very good and now there is talk that the government is going to crack down on banks who don't actively seek modifications but nothing solid has happened on this yet.


Jim
... more
0 votes 5 answers Share Flag
robert leary, Real Estate Pro in Washington, DC
Fri Feb 18, 2011
robert leary answered:
Are you looking to purchase a foreclosure property in Columbia Heights? Unfortunately if that is the case you can't get one even if you have the best credit on earth unless you are an all cash buyer. I have a buyer with a credit score of 804 and a pre-approval up to $500,000 that has made 4 offers in the past 6 months and in every case the banks said they would not even consider an offer with financing. I also have an all cash buyer that is also looking in Columbia Heights and he is getting kicked around too. Always multiple, all cash offers.
If you are able to make all cash offers your credit doesn't matter, but I assume you are like the rest of us that cannot do so.

Now about your credit, "bad" subjective term. Do you know your score? I would suggest talking to a lender at USAA or NAVY Federal or somewhere that does a lot of VA loans and see what they say. VA loans are awesome! They have great rates, no downpayment requirements and I think are more lenient with credit scores.
If you are looking to buy in Columbia Heights, I am your man. I just did 2 deals with veterans getting VA loans too so I can help you contact the lenders that do them. Give me a call at 202.669.8493 or email me at Robert@robertleary.com
... more
0 votes 4 answers Share Flag
Zaza Pasori, Real Estate Pro in Washington, DC
Thu Jan 13, 2011
Zaza Pasori answered:
We are seeing examples of this situation more often now days. Once you get foreclosed on, then you may not be able to secure a rental to move into although you prove your employment but your credit was already impacted negatively. A lot of landlords are very picky with this economic conditions. ... more
0 votes 3 answers Share Flag
Kthomas, Home Buyer in 20002
Sun Jul 25, 2010
Kthomas asked:
offer as a % of the asking price?) The house is already removed, but there is a large tree in the center of the property that would need to be removed as well.
0 votes 0 Answers Share Flag
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