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Clean Out Foreclosures All Locations : Nationwide Real Estate Advice

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Showing results for Clean Out Foreclosures [Clear search]
Wed May 21, 2014
Jim Walker answered:
Organize a neighborhood clean-up day! Seriously. There might be people on your street who are not strong enough or don't have the tools to spruce up their yards. They might be willing to accept your help. Let them know that you are not being altruistic, or charitable, that the few hours of weeding, mowing and trash hauling that you are paying the high school kids is hoped to result in a sale price that will pay you back for that work, and that they are doing you a favor by letting you refresh their houses curb appeal.

Of course you want your own home to have good curb appeal too. it helps if the whole street looks nice.
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0 votes 18 answers Share Flag
Mon Sep 18, 2017
Bill and Nina BAY answered:
What area of Jacksonville will you be working?
There are several nice areas of the city that offer great values and prices on homes.
What type of home are you looking for? price range, square footage etc.
What is your time frame for moving to Jacksonville?

Please contact us to discuss the different counties of the city as far as school districts (if you have school age children).

We can also discuss further options that may be of assistance to you and we can tell you about our "Buyer Bonus Rebate Program" that can give you money back at closing.

Visit our website to learn more about our “Buyer Bonus Rebate”

We are both life long residents of Jacksonville, and know the area and market very well.

You may email us at or call 904-553-8518 anytime.

Bill and Nina Bay,
Licensed Realtors®
Hestia Real Estate Services, Inc.
Web Reference:
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0 votes 25 answers Share Flag
Sat Mar 3, 2012
Steve Quintana answered:
Consult with an some reading on the subject...make sure you take your questions to your you know what kind of short sale you are dealing with...Avoid blowhards ... more
0 votes 17 answers Share Flag
Wed Mar 14, 2012
John Crowe answered:
Ask. It's unlikely, though they may offer a concession. You might also ask your agent to search public records, see if a survey was filed or find the title company who performed the last closing - might have one in a file.

Good luck.
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0 votes 14 answers Share Flag
Thu Jun 28, 2012
Bart Marchioni answered:
Hello Price,

The California Foreclosure process is 111 days from the date of NOD - so that's minimum. I am finding that many banks are taking longer than that.

Best regards,

Bart Marchioni, CPFS, CSSS, Team Leader, DRE# 01385188
The MORE Consultants Real Estate Team
Certified Pre-Foreclosure & Short Sale Specialist

Intero Real Estate Services - Willow Glen
1567 Meridian Ave, San Jose, CA 95125
Office 408-266-3100, Cell 408-420-8270, eFax 408-904-4652

Join us on the Web:
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0 votes 15 answers Share Flag
Sat Jun 2, 2012
Kevin Cloutier answered:
Not really. If their bank offers a program whereby the bank actually pays them not to trash the house, that's about the only way

0 votes 15 answers Share Flag
Sat Feb 25, 2012
Neal Jackman answered:
You might be surprised how easy it is, with a little effort, to raise your scores up to a 600+ level. We have affiliates we work with that can clean up your credit history in a very short period of time. I recently had a client that went from a low 500 score to just over 600 in about two months. Feel free to contact me and I can get you referred to someone who can help.
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0 votes 16 answers Share Flag
Fri Jan 9, 2015
Ann Ryan answered:
Pros- You won't have to sell when property values are relatively low.
- Your credit would take a hit if you short sell, this would prevent that.

Maybe - You may collect enough rent to cover your mortgage and expenses (clearly depends on your mortgage payment and expected rent).

Cons - You do run a risk that the renters will trash the place (low, if you screen correctly)
- Your tenants may drive you crazy.

If you contact me, I'd be happy to run 1) comps on selling your property in the current market, 2) rent prices in your neighborhood, and 3) average days on market before rental. You should plan on painting, or touching up the paint in the interiors to help make the property more marketable. Also, try to tone down any "style" choices, from overly pink little girl's rooms to faux finishes.
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0 votes 18 answers Share Flag
Fri Apr 27, 2012
Kawain Payne answered:

Now that the home has been reverted back to Wells Fargo, they will assign it to a asset management company who in turn will assign a Realtor to sale the property.

This process can take anywhere from a few weeks to a few months.

Kawain Payne, Realtor
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0 votes 9 answers Share Flag
Sat May 26, 2012
Antonio Vega-Pacheco answered:
Welcome to the world of Short-Sales. What you describe happens very frequently. Remember that the advertized price on a short-sales has not been prenegotiated or preapporved by the bank in most cases. (I'm hoping your agent told you all this before you placed the offer).

The bank will next ask the seller to sign a note to pay (the amount in question) back over several years, if the seller declines:
A. you can come up with the difference or
B. Time wasted, contract gets broken and home goes back on market....NOW with an actualized price of how much the bank really wants for the house.

Good luck.....maybe is a good time to start looking at foreclosures or traditional sales.

Was this answer helpful? If so please click on the "thumbs up" below.

Tony Vega
Charles Rutenberg Realty of Kissimmee/Davenport
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0 votes 10 answers Share Flag
Fri Jul 6, 2012
Daniel Berman answered:
It's natural to feel frustrated when offers are not accepted but may we ask you whether you have discussed the situation with your agent? How does your agent respond to the question as to why your offers have not been accepted?

Dan Berman
Pacific Century Realty
Buyer Rebates to 50%
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0 votes 37 answers Share Flag
Fri Feb 17, 2012
D answered:
Those Realtors...

Just kidding. This house is now an asset of the original lean holder. They will most likly send it to their asset managers who will hire an REO agent who will list the house for sale to get the highest and best offer to keep property values up, and get the bank the most money back. If the house does not sell in X number of days, they may auction it off through various means. Find a great REO buyers agent in Houston and give them the property information and let them do some digging is what I suggest. I wish you the best luck.

Daniel K. Wyka
Cell: 239.398.5667

Keller Williams Elite Realty
24851 S. Tamiami Trail, Suite 1
Bonita Springs, FL 34134
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0 votes 3 answers Share Flag
Mon Feb 6, 2012
Keith & Kinsey Schulz answered:
Yes and No. It completely depends on the house, how much work it needs, and the comps. I've seen foreclosures get multiple offers, and sell for way more than I think they are worth (because people got excited). I've also seen some amazing deals with minimal work required. To make a long story short, you can't really make a general statement saying they are good or bad, each house needs to be analyzed individually. ... more
0 votes 9 answers Share Flag
Sun Jul 29, 2012
Haig Istamboulian answered:

Warren is a lot like other bigger cities in Metro Detroit (Detroit, Pontiac, Flint, Roseville) it has been hit pretty hard the past few years and property prices have dropped. There is a great selection of homes that can be purchased anywhere for $10,000 - $50,000. Of course there homes that are cheaper, and homes that are more expensive.

I just showed a few homes there a few days ago and I couldn't believe the homes that were available around $20,000. I don't know if you are looking to move here or looking to purchase a rental property, but I can defintely tell you, a lot of the prices are way below what it would take to build these homes for.

If you are interested, I can easily put together a list of homes for whatever price range you ask for and email it to you so you can view them. Just send me an email and I can send you a list of homes to view. My contact information is below.

Thank you,

Elias Realty
(248) 379-6547
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0 votes 5 answers Share Flag
Thu Feb 9, 2012
Ron Thomas answered:
The basic difference is who owns them:
A "regular" traditional sale is between you and the Owner of the house. They have equity in it, and are not "distressed". They can set the selling price and call the shots.
A "Shortsale" is similar, but the Seller is distressed; they owe more on the house than it is worth. So they have to turn to the Bank for help: They ask the Bank to accept their "Hardship" and if the Bank agrees, you will need to get the Bank's approval. The Bank will be accepting less that the people owe on it. It probably will take a long time to get the approval and do the paperwork. Sometimes this is a "deal breaker". If you be patient, this could be a good way to get a house cheaply. But you cannot change your mind in the middle of the stream.
An "REO" is Real Estate Owned; this is property that has been through Foreclosure and now is owned by the Bank. You will deal with the Bank. The Bank sells the property As-IS, with no repairs. Usually, to get the bank to accept your closing costs, you will need to inflate the offer to cover them.

To buy a Shortsale or REO you will need a Realtor to help and guide you.

Good luck and may God bless
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0 votes 17 answers Share Flag
Fri Jan 20, 2012
Carlos, VA doesn't approve an existing home unless a vet makes an offer to purchase it. It is part of the application process. Nothing says you can't purchase a short sale using a VA loan, good luck, ... more
0 votes 10 answers Share Flag
Fri Jan 20, 2012
Sherrie Crow answered:
Hello Nina--
Anything is negotiable, but banks are generally not very flexible. But I have seen banks pay for closing costs and other items in a foreclosure. There are so many banks and other lenders, and they all have their own guidelines. Have your agent put it in the contract and see what happens.

In my experience ( I have renovated several houses) $20,000 can go very fast. Make sure that you have the house professionally inspected. Then have a reputable contractor come by and give you an estimate on the repairs. All of this should be done in your due diligence period, do you can get out of the contract if you change your mind.

Whatever you do, make sure you are working with an experienced agent. There are so many factors in buying a foreclosure, especially one that needs repairs.

I would be glad to consult with you on this. Feel free to call me at 404-790-8184.
Good luck!

Sherrie Crow
Keller Williams Realty Metro Atlanta

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0 votes 12 answers Share Flag
Sun Jan 22, 2012
Kelly Killian answered:
Yes, they are. In fact, co-ops are more closely looking at finances to ensure that you have a year or two in mortgage and maintenance after closing. This would be in cash, not in a retirement account. You should speak to an accountant and/or attorney to be able to understand which financially and tax wise is the best way to go.

With that said, my suggestion is that you get a good agent. They know how to ask the questions with out raising any red flags that any smart seller's agent will be paying attention to. I work both the buying and selling side, and from the selling side my ears are pricked for any financial concerns and ability to pass the board. I have to protect my client so the client needs to be clean for us to get into contract (and pass the board). A good agent will ask the questions in a way that will not predjudice you, they will know how to prep you for an offer, and present that offer in a way that will ensure that the deal looks clean with no red flags. I would also tell you to hire that agent prior to any offer, and ideally prior to any of the series of questions that you will have. Once and offer is made, you will have a tough time getting out of working with that brokerage house...they will probably assign you another agent in the house if you don't like the listing agent.

There are actually two parts of this that you should ask yourself: With a good sellers agent, can you ask and answer the questions that won't predjudice you in anyway to ensure that the deal is yours and can beat out the competition? Can you present the offer (package yourself) in a way so that this will happen? If you have anything questionable, which it appears you do, I would have a 3rd party (agent) manage this for you. You don't pay them and it won't get you a better price (Seller's agents get the same commission if they do only the seller's side or both sides of the deal). Do you believe that the seller's agent has your or their client's best interest in mind? You give up the right to loyalty if you use a dual agent.

The next question is do you believe that you can develop a board package and ensure that the co-op board's questions are nil and at the interview know how to answer the question so no red flags are raised? In my last co-op deal I know for a fact that if my buyer had been left to himself to submit his version of the package he would have been denied. He would have never made it to the interview. No way.

So, my conclusion is that you need a good agent to package you, direct you on how your finances need to be presented and start asking the questions for you (as well as provide comps) before any offer is given. And since there will be questions on your finances, package you too.

Honesty, Integrity and Professionalism.
Kelly Killian. 954-675-9915 Bond New York.
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0 votes 10 answers Share Flag
Tue Jan 17, 2012
Michael Cheng answered:
I've been helping clients and investors buy short sales in the Bay Area so I know winning a short sale at a reasonable price is definitely not a simple or easy proposition. However, if you're losing to lower bids, then you need to work with somebody who's familiar with the process and can structure your offer to be the most attractive to the bank. With a more aggressive and experienced real estate broker, you can turn things around and get a good deal for yourself. ... more
0 votes 6 answers Share Flag
Wed Feb 29, 2012
Ellen Faurot answered:
No, I don't think so. I think you'll see prices rise beginning in late 2012 or early 2013. A lot of factors will determine the timing but demand will increase sooner or later and prices will rebound. ... more
0 votes 22 answers Share Flag
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