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Buy Corporate Owned Home All Locations : Nationwide Real Estate Advice

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Showing results for Buy Corporate Owned Home [Clear search]
Sun Mar 20, 2011
Michael Friedman answered:
Hi Dahlia,

As a quick answer I would suggest 90 to 120 days before you want to leave. Best to check with realtors in your area to find out how quickly homes are selling and how hot the market is. Also, keep in mind that pricing will have a lot to do with the speed of sale. If you are under market the home will move very quick, if over market it will not sell, and at market will depend on the specific market conditions.

All the best,

Mike
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0 votes 19 answers Share Flag
Mon Apr 18, 2011
Julie Laten answered:
There are no additional fees associated with foreclosures unless the home has been foreclosed on and the owner did not pay the taxes. This can play out one of two ways. 1 The new property owner (bank or government) will pay those taxes for you or you will need to pay those upon closing. Typically those are paid for you. Also, if the homestead exemption has expired you may pay a higher tax rate for the first year but will get that money refunded when you pay your taxes the following year. When you close on your new home you will be required to buy title insurance (this is true with any house) which will protect you from any title encumberance.

Hope this helps,
Julie
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0 votes 11 answers Share Flag
Sat Jan 15, 2011
Michael Emery answered:
REO is an acronym for 'real estate owned' which by itself doesn't make much sense either.

An REO property is a home that has either been foreclosed on or returned to the lender that held the mortgage. These homes are also called 'bank owned' or sometimes 'corporate owned' properties.

Short answer, the home is now owned by a bank instead of a homeowner.
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0 votes 2 answers Share Flag
Mon Nov 28, 2011
Russell Benson answered:
There are lots and lots of repo's in this real estate market but that can be great for you, the buyer. As long as you get clear title and title insurance and you have the home well inspected, buying a repo can be a great experience. Get a good local Realtor® that is willing to take their time with you because you need to have a great first time experience and one wrong move can mean a bad one.

I would love to visit with you to see if you would like to work with me. Remember, you are the boss in the transaction even though you might not have a whole of experience so make sure your needs are listened to!

Russell Benson, Realtor®
Prudential Alliance Realty
405-641-4442
rbenson@okcrealtors.com
www.RealEstateOKC.com
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0 votes 8 answers Share Flag
Mon Jan 3, 2011
T.K. Dorsey answered:
Lenders will require you to have a certain amount of equity (ownership) in your home, before they’ll approve you for a refinancing loan. But when you are upside down, you actually have negative equity — you owe more than the property is worth.

If you are only slightly upsidedown, you might qualify for refinancing assistance. The federal government has a program called the Making Home Affordable program ... it is located at MakingHomeAffordable.gov, and part of it is designed to provide refinancing options for upside down homeowners.

One of the stipulations to this program, your mortgage loan must currently be owned by Freddie Mac or Fannie Mae. You can ask your lender about this, or you can look up your loan through the Fannie or Freddie websites.

I hope this helps ... good luck!
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0 votes 9 answers Share Flag
Mon Jul 14, 2014
Team Ernie & Jill answered:
I would contact the CEO James Dimon's office directly for help. You will then be assigned to someone in the Corporate Resolution Team. I have found this to be the most efficient way to get things done with Chase or any of their various branches/entities.

I have been working on a loan mod with them for a client it will be 2 years next month!

Good luck.
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0 votes 15 answers Share Flag
Thu Apr 7, 2011
Phong Lam answered:
Hi Bastied,

How are you? Thank you for your inquiry. "Corporate Addendums" are extra contract forms created by the Bank/Mortgage Companies that has special clauses on them that they would like buyers to include in addition to their regular sales contracts. It basically lay out the terms and conditions from the banks.

Hope that helps!

If you have any questions, please feel free to email or call me at (267) 918-1880.

***** If you like the answer - please consider giving it a Thumbs-up & making it a "Best Answer" ! Thank you! *****

Best Regards,
Phong Lam, CSM
REALTOR®
CENTURY 21 Advantage Gold
2010 Oregon Avenue
Philadelphia, PA 19145
Business: (215) 465-1400, ext. 508
Fax: (215) 336-7793
Mobile: (267) 918-1880
Email: Phong.Lam@c21ag.com http://www.c21ag.com
Professional Profile & Testimonials: http://www.linkedin.com/in/PhongDucLam
To connect with me: http://www.retaggr.com/AddMe/PhongDucLam
Buyers' Info: http://www.facebook.com/TriCountyPhiladelphiaHomebuyers
Sellers' Info: http://www.facebook.com/TriCountyPhiladelphiaHomeSellers

Century 21 Advantage Gold Top 21 Percent Award for 2009!
A referral from you would be the biggest compliment you could give me!
If you're interested, please ask me for your FREE Local Market Report for home values in your area!
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0 votes 10 answers Share Flag
Tue May 31, 2016
Steve Young answered:
Take a look at what was reported in the Charlotte Business Journal...
0 votes 25 answers Share Flag
Tue May 10, 2011
Bill Eckler answered:
Processing fees are considered by many as a"junk fee" and are not charged be all companies. Consider shopping around and/or negotiating this expense out of your transaction. Some consider this an amount that is in addition to the normal fee for professional services and excessive. ... more
0 votes 5 answers Share Flag
Tue Nov 30, 2010
Joanne Eckhardt answered:
The seller may be afraid of the property appraising for the purchase price. If this does not happen then you will not be approved for a mortgage. It really does not sound right. Ask your realtor to find out why they will only accept cash. ... more
0 votes 7 answers Share Flag
Wed Nov 12, 2014
Seth answered:
Jenny, it is always wise to consult a lender on questions regarding loan qualifications. I would say it is worth a shot and that you could possibly qualify for a loan, but I am by no means an expert on loan qualification. If you would like, I work with some very good lenders that could take your information and pre-qualify you for a home loan. If you are interested, please give me a call. ... more
0 votes 12 answers Share Flag
Fri Jun 17, 2011
Russ Garmon answered:
You may be able to find homes never lived in new construction built 2006-2010. Have an agent pull listings in this year range and you should have luck.
Although have it inspected as some that have sat vacant sometimes have issues. ... more
0 votes 26 answers Share Flag
Mon Nov 29, 2010
Bill Hays answered:
Investors frequently make offers on properties without the opportunity to go through the property. In short, you know what to offer because you have an agent who can show you similar properties in the area that have sold recently. Those sale prices help you formulate what you feel this REO you are interested is worth. At a minimum, your offer should be conditioned upon inspection at which time you make the real decision as to whether or not you want to buy it.

REOs can have problems especially since the previous owner didn't have money to pay the mortgage - which also equals deferred maintenance. Buyer beware.

Get a experienced professional to help you.
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0 votes 9 answers Share Flag
Mon Feb 21, 2011
Rich Homer answered:
M, Find a local Mortgage Broker you can help. Realtors can also recommend them but you should be able to find many in your area.
0 votes 14 answers Share Flag
Wed Nov 10, 2010
Barry Shapiro answered:
Hi "L",
The lender in a short sale is typically looking more at how much they will net, than whether or not you are paying cash, going with a conventional loan, or FHA. I would use a guide of 5% -- but there are a lot more factors to consider, such as how many other offers there are, whether there are unpaid HOAs, how much is owed on the 2nd lien, if any, whether the seller even qualifies for a short sale (not all do), condition and amenities... Good luck! ... more
0 votes 9 answers Share Flag
Tue Feb 17, 2015
Shawn Gibson answered:
Hello,

I'm currently working with several Canadian Investors and have 4 properties currently listed that k helped them buy. If you'd like my help please feel free to give me a call or shoot me an email. My contact information is below.

Thanks,

Shawn Gibson Realtor
Elite Premier Properties
Las Vegas, Nevada
(702) 806-6823
www.sgsellsvegas.com
sgsellsvegas@cox.net
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0 votes 11 answers Share Flag
Fri Nov 4, 2011
Allyson Ward answered:
I primarily work with investors. The main question any of us would have for you up front is will you be paying cash and what price range are you looking at?

Thanks!
Allyson Ward, Broker NC/SC/GA
704 622 9506
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0 votes 18 answers Share Flag
Tue Feb 18, 2014
James Hsu answered:
A person's decision to lease to you is completely up to them as long as they are not discriminating against you based on any of the protected classes. Bad credit and no job is not a protected class. Therefore it is up to each individual mobile home park and their approval process to decide. ... more
0 votes 8 answers Share Flag
Thu Oct 7, 2010
KC Horton answered:
You should be able to pull 150k or so out and that should buy you a fine fixer upper The best bet would be to try where you bank first and then explore the hard money lenders in your area. An ad on Craigs List will probably generate a lot of interest. ... more
0 votes 9 answers Share Flag
Wed Mar 9, 2011
Jeff Sams answered:
Amy,

Valid question, just not sure there is a specific one that you could get in contact with. Let me know what specifically you are looking for and I can see what resources are available. Is this regarding a purchase you want to make?

Thanks,

Jeff Sams
Prudential Peak Real Estate
303-519-7967
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0 votes 7 answers Share Flag
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