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Government Tax Foreclosure All Locations : Nationwide Real Estate Advice

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Showing results for Government Tax Foreclosure [Clear search]
Sun Jul 6, 2014
Rena Levy answered:
Hi Jay,

Thats a good question and we can only guess/speculate the answer.

Here are the facts that drive the current inventory low in Las Vegas.

1. Banks are having more challenges foreclosing properties since the new law that came into effect last October requiring the banks to provide the court original notes when filing for forclosure.

2. Banks realized that by dropping homes on the market, it creates over supply and drive the prices down. We have seen banks letting homeowners stay in their houses and delaying the foreclosure process

3. The banks are trying to re-finance some of the current loans and adjusting the loan balance to current market prices. Bank of America is Re-financing about 200,000 loans.

4. Many local investors and from all over the world are taking a huge opportunity of the low prices and high return on their investments and buying properties for cash. That creates bidding war .

5. Home owner's are fighting the banks back and banks are facing with lawsuits around the country. Banks are realizing that its better for them to work with the homeowners and in some cases keep them as renters.

There are many more reasons and politics involved. In my opinion..the market has shifted and I don't expect the prices to go down more than 5% if any. In some of the areas I have seen prices go up as high as 10%. Keep in mind that the interest rate will not stay low for a long time and its better to take advantage of the low prices below construction and low interest rate.

I will be happy to assist you with the purchase and provide you with an excellent service. Please call me at 702-612-7099 or email at cvegashomes.com

Rena Levy
Broker/Associate
Realty Executives
702-612-7099 Direct
cvegashomes@gmail.com
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0 votes 13 answers Share Flag
Tue Mar 27, 2012
Fred Yancy answered:
A tax lien certificate is nothing more than a lien on a property for not paying taxes. Essentially, each and every year owners of real estate have a tax lien (aka financial obligation to pay taxes) placed on their real estate. If the property taxes are paid on time the tax lien is removed. If they are not paid in due time, the county will allow investors to pay on behalf of the real estate owner.

The winning bidder at the public tax lien auction receives a tax lien certificate as proof of purchase. As the owner of the tax lien certificate the investor may expect one of two possible outcomes, 1) An annualized return of 16%, 18%, up to 50% per year on what they paid to obtain the tax lien certificate or 2) Through foreclosure, become the owner of the real estate free and clear of any junior liens (aka mortgages and mechanics liens).

Once you become the owner of the tax lien certificate all you must do is sit back and wait. When the property owner finally decides to pay his tax obligation he / she must pay a visit to the county tax collectors office where he/she will repay what you paid to acquire that tax lien certificate plus interest. At this point the government will contact you, ask you to return the tax lien certificate and upon receipt of the tax lien certificate the government will generate a check in the amount you paid to acquire the tax lien certificate plus interest.

For those of you who are investing in foreclosures, this is another great investment that compliments foreclosures. For those of you that know lien priority you know that property taxes get paid first above everything else, even mortgages. Therefore, tax lien certificates are a very safe investment. So, next time you come across a foreclosure and you run a title report and find unpaid property taxes, you may want to see if you can invest in the certificate. It may be worth your time. The best part about Tax Lien investing is that they are available in every county in the U.S. The most popular county is Maricopa, in Arizona. The only challenge with tax liens is that the auctions occur once a year so if you miss your local auction you have to go somewhere else or wait another year.

When you buy tax liens, it's important to do your homework before you bid at the auctions. Although tax lien investing is extremely safe, you want to be certain you bid on the best. There are a few things you might consider when you start your tax lien investing. First, make sure the property is located in a good area that has value. I've been in some areas where the home is not even worth what is owed in back taxes, so you'll have a hard time getting paid quickly. Secondly, stay away from hazardous material that might be located on the property grounds. Clean up could cost a lot more than what it's worth. Lastly, certain states are way better to buy tax liens in than others. Go to a local auction first so you get the feel for what to expect, then find the states that give the best benefits so you're not wasting valuable time. In some states you can even buy tax liens online so you don't ever leave the comfort of your home. However, you need to know how to do the due diligence when buying a certificate site unseen.
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0 votes 1 answer Share Flag
Mon Mar 26, 2012
Michael Koenig answered:
Have you considered doing a short sale instead? It would lessen the impact and longevity of a foreclosure on your record.
0 votes 17 answers Share Flag
Sun Mar 25, 2012
Suzanne MacDowell answered:
Typically all liens will have to be satisfied prior to closing of title. This is a tricky question, however, since the home owner probably does not have the money to satisfy those liens. It's all part of the negotiation process. Tax liens must be satisfied first, then mortgage liens starting with the first mortgage and then any junior mortgage liens and finally any unsecured liens. I have seen circumstances where the homeowner just cannot manage to satisfy the liens and from time to time the buyer is faced with paying more for the property in order for those funds to satisfy the liens or simply walking away from the deal and allowing the home to go into foreclosure. ... more
0 votes 4 answers Share Flag
Tue Mar 20, 2012
James Taylor answered:
Mon Mar 13, 2017
Nick Rafello answered:
Since 2008, it really doesn't matter what year it is. And now, I take the 5th.

Nick Rafello
Senior Vice President
Associate Broker
The Corcoran Group
RAFELLO ROSENBLOOM TEAM
nrafello@corcoran.com ... more
0 votes 87 answers Share Flag
Mon Apr 11, 2016
Mike Sullivan answered:
In a short sale, oftentimes the offer is accepted by the seller, forwarded to the bank, and "accepted'....it then goes to the 'investor' for a final approval......during the process the investor is provided with a net payoff amount, and all lien holders specify what they will accept from the sale...including the HOA. If all parties do not agree on the payoff amounts, unfortunately the worst result is foreclosure. If you are being asked to pay $15k to an HOA, you really need to consider what the house is worth to you...in this market I would think you can find another property. As to the reason this wasn't raised during the offer process, your offer should have been based on the market value of the home. The back HOA dues may have (should have?) been disclosed in the community disclosure document provided by the seller..... ... more
0 votes 14 answers Share Flag
Thu Mar 8, 2012
Ron Thomas answered:
I think the majority would say NO.
The political arena is playing games; making us think that they are actually doing something for us.
If Obama was going to give it to us, he would have done so already. ... more
0 votes 5 answers Share Flag
Mon Aug 29, 2016
Alistair Barrett-Powell answered:
Hi,

I hope this helps! Let me know if you have more questions :)

ap@miamiexec.com - 305.815.0880

-----

The Basics of a Short Sale

Banks grant short sales for 2 reasons: the seller has a hardship, and the seller owes more on the mortgage than the home is worth.

A few examples of a hardship are:

* Unemployment / reduced income
* Divorce
* Medical emergency
* Job transfer out of town
* Bankruptcy
* Death

The seller will need to prepare a financial package for submission to the short sale bank. Each bank has its own guidelines but -- with the exception of Wachovia, which is the best short sale bank in the world -- the basic procedure is similar from bank to bank.

The seller's short sale package will most likely consist of:
* Letter of authorization, which lets your agent speak to the bank.
* HUD-1 or preliminary net sheet
* Completed financial statement
* Seller's hardship letter
* 2 years of tax returns
* 2 years of W-2s
* Recent payroll stubs
* Last 2 months of bank statements
* Comparative market analysis or list of recent comparable sales

Writing the Short Sale Offer and Submitting to the Bank

Before a buyer writes a short sale offer, a buyer should ask his or her agent for a list of comparable sales. Banks are not in the business of giving away a home at rock-bottom pricing. The bank will want to receive somewhat close to market value. The short sale price may have little bearing on market value and may, in fact, be priced below the comparable sales to encourage multiple offers.

After the seller accepts the offer, the listing agent will send the following items to the bank:

* Listing agreement
* Executed purchase offer
* Buyer's preapproval letter and copy of earnest money check
* Seller's short sale package
* If the package is incomplete, the short sale process will be delayed. In this event, the bank might even shred the package.

The Short Sale Process at the Bank

Buyers may wait a very long time to get a response from the bank. It is imperative for the listing agent to regularly call the bank and keep careful notes of the short sale process. Buyers may get so tired of waiting for short sale approval that they may feel the need to threaten to cancel if they don't get an answer within a specified time period.

That type of attitude is self-defeating and will not speed up the short sale process. If buyers are the type with little patience, perhaps a short sale is not for them.

Following is a typical short sale process at the bank:

* Bank acknowledges receipt of the file. This can take 10 days to a month.
* A negotiator is assigned. This can take 30 to 60 days.
* A BPO is ordered. The bank probably will refuse to share the results of the BPO.
* A second negotiator may be assigned. This can take another 30 days.
* The file is sent for review or to the PSA. This can take 2 weeks to 30 days.
* The bank may then request that all parties sign an Arm's-Length Affidavit.
* The bank issues a short sale approval letter.

or.....The buyer cancels and the deal is dead.
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0 votes 9 answers Share Flag
Fri Mar 16, 2012
Steve Geving answered:
Spend within your comfort zone. Do not let anyone convince you otherwise. It doesnt matter if you can qualify for a larger loan amount, no one knows your lifestyle like you.

A seasoned agent that you feel comfortable with can also be a great asset. They should be able to guide you through every step of the process easily.

Steve Geving
239-573-1400
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0 votes 7 answers Share Flag
Wed Jul 8, 2015
Raina Musser answered:
As with any public assistance, you can usually add 2 weeks on to the buying process. I have heard of the program and heard good things too! Please call me or email me directly with any other questions! Thank you for posting! Great question! Raina
Raina Musser
raina.musser@gmail.com
702-232-1287
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0 votes 9 answers Share Flag
Sun Mar 18, 2012
Jeff & Kelly Stafford answered:
Hi Just looking.
The negotiable costs are appraisal, home warrantee. Keep in mind there are prorations on fees that stay with the house like taxes and hoa dues. Some fees are dependant on the type of loan (or no loan)
When you are purchasing a bank owned home or a short sale, the bank will not pay these items.
Your lender will give you a good faith estimate when you apply for a loan. I always go over an estimate of cost sheet on my initial buyer meeting.
For a ball park number, closing costs are 4% (plus your down payment). Sellers can contribute up to 3% towards those fees.
Call or email me when you are ready to move forward.
Kelly Stafford
Prudential Americana
702-460-6034
Kelly@VegasHomeExpert.com
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0 votes 8 answers Share Flag
Thu Jan 9, 2014
Heather O'Sullivan, Broker answered:
Cleo,

Most likely if all parties have good credit you can all apply and be party to the same mortgage. If this is not a main residence it may be considered a 2nd home, but only if it is not being used for rental property. (you can't have your cake and eat it to) There are bank fraud laws that you would want to consider if you are not honest on the use of the property when going to closing. There are also tax laws to be considered if you are not honest about the use of the house when claiming the property.
most income property requires a minimum of 20% down.
I have a lender that I recommend to my friends and family around the united states (she works in multiple states) Give her a call to see what your options are - if she does not work your area she will guide you to someone that does.
Julie Corcoran
Wells Fargo
757 405 1102 x1102

Best of Luck!
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0 votes 20 answers Share Flag
Fri Mar 2, 2012
Jackie Bafus answered:
He should be able to. If the mortgage was never in his name or reported on his credit report then the bank would only be looking at his credit and not yours. Keep in mind though that the new loan would only be in his name and they would not be able to use any of your income to qualify. Lastly, if you reside in a community property state and are applying for a government loan (ie: an FHA or VA loan) the bank will most likely pull your credit report but they are only looking at your debts not your credit history.

Hope this helps :)

Jackie
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0 votes 8 answers Share Flag
Thu Aug 1, 2013
Jeremy Lehman answered:
Never heard of it. Sitting in to hear some answers.
0 votes 12 answers Share Flag
Fri Mar 2, 2012
Ron Thomas answered:
Loan Modification
Here is some information that might start you on your way to understanding what’s going on with Refinancing, Loan Modifications and in particular, Obamaâ€s H.A.R.P. Program:

One report I read, showed that during the initial HARP period, only about 10% of the goal was achieved for helping homeowners in distress. While 10% is a pitiful result, the scuttlebutt is that the actual number is considerably lower; possibly as low as 60,000 (3%)!

One explanation was that INTEREST RATES had fallen so low, during the life of the program, that the Banks were doing Loan Modifications on their own! (Unbelievable!)

I understand that the primary reason for the breakdown in communication, is a new-fangled problem called “OUTLYING”:
What this means, is that when a Lender declines a Refinance/Modification and they report the results to HUD, they do not have to give a detailed reason or explanation; they can merely say that the “APPLICANT WAS NOT QUALIFIED” or “THE REQUIREMENTS WERE NOT SATISFIED”. HUD has been blindly accepting these refusals as Gospel and has not looked into the details of what these phrases mean. The Bank does not have to justify anything, they do not have to explain themselves to anyone. When they decline an application; they do not have to give the Homeowner or the Government a reason.

In addition; the initial parameters for Fannie Mae were 80 to 105% of the Loan to Value ratio, which was ludicrous. With the recent extension, this figure has been increased to 125%, which means that if the property had DECREASED more than 25%, then the new loan will not cover it and therefore will not qualify. (Those of you who are Math Whizzes and Mortgage experts; please check me on this; it’s confusing).

There is absolutely no incentive for the Banks to give away anything; particularly PRINCIPAL!

There are two conclusions which can be drawn from this;
1.) Don’t expect to see a lot of Loan Modifications
2.) There should be a lot more investigation here.
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0 votes 3 answers Share Flag
Fri Aug 30, 2013
Gerard Carney answered:
You want to phase this in better diction so we can understand what you are really asking?
0 votes 22 answers Share Flag
Tue Mar 6, 2012
Shondrel Slaughter answered:
Shannon,

Now is NOT a good time to purchase a home in Oakland. In general, if you can get approved and have money to put down on a home or have cash and find a home that you want to live then that is a good time to buy.

There is NEVER a one size fit all time to buy. When someone ask if it is a good time to buy I normally say NO. Most ask why? I say because if you have to ask someone if it is a right time for you then you might not be ready.

Purchasing a home is personal and depending on what you are looking for dicates rather it is a good time to buy.

In this current climate people that are attempting to flee higher rental prices, investors and those looking to move to more affordable states or purchase larger properties in California, these situations appear to be most common in my experience.
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0 votes 49 answers Share Flag
Mon Feb 20, 2012
Dawn Barrier answered:
I have blogged about this before and have put a link in below for you. It depends on when the short sale gets finalized and a few other details.

For the best advise consult with your tax attorney or tax advisor. ... more
0 votes 5 answers Share Flag
Thu Jan 2, 2014
Mary Kay and Kathy Yamamoto answered:
Matt,

We would be more than happy to send you some information on the difference between a short sale and a foreclosure for you to review. let us know if you'd like some material to read through before making the final decision. It is recommended that you talk to a lawyer as well as an accountant as well as someone who can tell you how your credit score will be affected.

Let us know if you want us to e-mail you the material.

Mary Kay and Kathy
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0 votes 14 answers Share Flag
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