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Foreclosure in Williamstown : Real Estate Advice

  • All61
  • Local Info4
  • Home Buying20
  • Home Selling5
  • Market Conditions0

Activity 7
Mon Oct 31, 2011
Richard Bradford answered:
The bank will not take a contingency. The bank is about numbers and money. If you are not ready to settle, the bank typically will not wait. They probably won't even look at your offer. Once your home is sold, and you have a solid offer, then you can proceed with an REO. Wish you all the best. Hope your home sells quickly. ... more
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Mon Oct 31, 2011
Richard Bradford answered:
There are a lot of options for purchasing an REO house. You need to know that where there's a great deal with REO's price wise (sometimes), that they present a whole lot of risk on the part of the buyer. The buyer is responsible for obtaining the Certificate of Occupancy and for all repairs. This might not sound big, but you could spend thousands of dollars prior to settlement. You need to make sure that you cover all of the bases and that you are ready for the journey. You need a good real estate agent that will walk through the process with you. It's a rough road, so make sure you hire someone that knows what they are doing. There are options for FHA 203k financing as well as other financing if you don't need money for repairs. 203k financing allows you to get extra money for repairs. There are programs to streamline this process, but you have to realize that it takes time, money and a lot of patience. If you choose the FHA 203k route, you want to make sure that you choose a lender and mortgage rep that specializes in the process. When a lender understands the program, it makes it so much easier for the buyer because with any government program, you have to watch every detail. Make sure you get references. An experienced 203k lender will make it a lot easier on you. I hope this helps. Send me an email if I you need any further information. ... more
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Tue May 12, 2009
Marc Paolella answered:
Brenda,

If the the home you want to bid on is not an REO, then you are not going to be able to get it for the same price. REO properties typically are in bad condition and need a ton of work. You are not going to get a regular well-maintained property for an REO price. It's apples to oranges. If however, the property you are bidding on IS an REO, then it sounds like you are in business.

Good luck.

-Marc

Marc Paolella
Relocation Director
Member, Worldwide ERC
Licensed Realtor NJ
Licensed Appraiser NJ & NY
Century 21 Joe Tekula Realtors
Agent of the Year 2008
Owner: Sands Appraisal Service, Inc.
Phone (direct): (973) 584-4235
Search the Garden State MLS: http://www.marcpaolella.com/SearchMLS
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Mon May 11, 2009
J R answered:
Determine the market value of the property and make whatever offer you like. All cash is the strongest offer. Don't expect to lowball the bank and finance 90% and have your offer accepted straight off. ... more
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Sat May 9, 2009
Francesca Patrizio answered:
Brenda,

There are many differences, but most notably there is no real agent commissions involved.

Love and Peace,
Francesca
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Sat May 9, 2009
Francesca Patrizio answered:
Brenda,

A tax reduction is based on current market comparables, which here in Monmouth County does not include foreclosures. There is a chance that the answer is yes, but that would be based on the "common level range" of taxation in Victoria Lakes.

I would suggest you google "tax appeal" "glouchester county" to see if there are any instructions online for you to determine eligibility.

Love and Peace,
Francesca, Realtor, ePro
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Mon Feb 9, 2009
Larry Sarlo answered:
You should contact your mortgage company to consider working out better payment. Try and stay in the house if you can. The banks will usually work with you. They will attempt to get as much out of you as possible so be firm with the amount you can afford and most of all sound sincere. Make yourself out to be trying to resolve rather than hide and run. Also consider putting your house up for sale. If you can walk away with any equity, it is better than nothing at all. A professional can help you with that if you cannot figure it out.

About lease purchases, there are alot of traps out there(not all are traps) to line lessor's pockets only. They provide a lease with option asking to put 1000 2000 3000 and usually lots more up front. Then your monthly payments are set at market. Allowing the upfront money and a portion of your monthly payment to go towards the purchase price if you excersize your option in a year, (they'll tell you it will give you time to get your credit back in shape and the money used will look like a down payment... to entice the deal) they sound sincere too like they are doing you a favor. Meanwhile a year goes by you paid your rent, the option expires and they renegotiate more money and will give additional incentives for more money upfront for the new agreement. You won't want to see all the money you just paid go away so you make another deal... It goes on and on... On some cases it can work, but mostly it is a way for these people to make big bucks the chances of most people with bad credit to be better in only a year almost next to impossible. Lots of these deals are done with cash too... and cash is king. I seen them done.

Your best options
Work your deal with the bank,
try and sell your home to get equity out.
At last resort a short sale may work just to protect your credit. And in case of foreclosure a short sale will help your credit over a foreclosure...

I don't know your entire situation, but watch out for scams...

If you have interest in calling and talking with me more please call me. Would be happy to discuss more with you.

Good luck!
... more
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