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Foreclosure : Nationwide Real Estate Advice

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Activity 17,073
Fri Apr 12, 2013
Ron Thomas answered:
I've seen this many times:
Understand that Realtors do not give LEGAL advice, and you need to check with a Lawyer:
The Key is whether the actuall did file a LIEN on the House; the only way to be sure is to contact the Title Company: They should have a record of all Liens.
Most HOAs will not file a lien, because they know that it will be wiped out in a Foreclosure. As a private debt, they can sue you for everything up to another owner, (not the Bank,) taking possession.
And they will!

You will need a Lawyer, I repeat!
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Tue May 21, 2013
Suzanne MacDowell answered:
You need to talk to a lawyer familiar with the laws in Massachussetts. In New Jersey tenants cannot be evicted simply because of a change in ownership. As long as they are in compliance with their lease, the new owner must honor the lease and offering tenants 'cash for keys' is against the law. Depending on the laws in your area, the tenants may not leave. You need to know what your rights are as the new owner and only a lawyer is really competent to answer those questions. ... more
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Fri Apr 12, 2013
Richard Shapiro answered:
Fri Apr 12, 2013
Anna M Brocco answered:
Keep in mind that RealtyTrac's information may not always be accurate and oftentimes can be misleading--you could be looking at a lis pendens property--notice of default--some of those properties may not be for sale yet, and some may never be, if the default is satisfied by the owner. If you are interested in foreclosures, work with an agent, as most do end up being listed by a broker--he/she will have access to reliable information--also don't overlook traditional sales as some may turn out to be a much better bargain than some of the foreclosure properties. The referenced property is not showing as available on MLS; for available area properties check www.mlsli.com ... more
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Mon Apr 15, 2013
Minna Reid answered:
It can't.
An inspection contingency would not work for a home purchase when the home cant be accessed.
0 votes 1 answer Share Flag
Tue Apr 16, 2013
Cory La Scala answered:
I'm wondering why you didn't just ask the seller where the written disclosure is, if you already knew about the mold from your conversation together. If you knew about it, you could have asked the Seller to repair the damage and the issue that caused it. Read your contract. The answers you're looking for should be spelled out in the contract you agreed to. What is your agent saying? You never mentioned whether escrow already closed, or if you're still in your inspection and reports contingency period. I'd talk to your agent, that's what you hire them for. ... more
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Fri Apr 12, 2013
Steven Ornellas answered:
Shortylvta,

Depends on whether you are month-to-month or on a lease (and what it says).

You might be interested in the following:

http://docs.Steven-Anthony.com/Landlord-TenantGuideCA2010.pdf
(Also has link to 2012 update)

-Steve
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0 votes 3 answers Share Flag
Fri Apr 12, 2013
Randy Elliott answered:
My question is, "Why are all the prior tenants in the garage?" jk

Your best bet would be to get legal advice from a real estate atty or call Fair Housing or HUD.

Resources:
http://www.dca.ca.gov/publications/landlordbook/catenant.pdf

http://portal.hud.gov/hudportal/HUD?src=/states/california/renting/tenantrights

Good luck!
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Sun Aug 18, 2013
Walter 'Skip' Kersten answered:
Generally foreclosed homes are purchased 'as is'. It would be the buyer's responsibility for repairs.
Good luck,
0 votes 6 answers Share Flag
Thu Apr 24, 2014
Michael Glist answered:
You can obtain an FHA loan 3 years after a foreclosure and a conventional loan after 5-7 years depending on the lender. If you would like I could give you a custom quote.

Contact me through my profile. ... more
0 votes 11 answers Share Flag
Thu Apr 11, 2013
Vidiella Lynn answered:
There are no guarantees, here today gone tomorrow.
0 votes 4 answers Share Flag
Fri Apr 12, 2013
Steven Ornellas answered:
Hi Debi,

I would just caution you if the property listings are from RealtyTrac, which is a company who advertises "foreclosure listings" on Trulia. RealtyTrac's primary objective is to separate you from your $$$ in exchange for providing information most any Realtor® can provide you for FREE.

Please see:

MLS Data Accuracy – Where to search if you’re “without Realtor®”
http://tinyurl.com/ctr4d44

Here's a quick diagram explaining the process of actually getting to the status of an actual foreclosure (the property above is on the very first step and may never become a foreclosure):
http://www.foreclosureradar.com/foreclosure-guides/foreclosure-101/non-judicial-foreclosure-process

As far as having the most up to date listing information for ACTIVE listings team with a local Realtor® who can set you up with an automated search for what you can afford.

-Steve
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Thu Apr 11, 2013
mistieann92@yahoo.com asked:
Mon Apr 15, 2013
Susan Hofflander answered:
Hi, Nubrandon!
I just had a situation like this with clients who purchased a foreclosed property. No past due association fees were disclosed to us, even though we submitted the proper forms.

Since this was a foreclosure and it was a FNMA loan, the bank's practice was NOT to pay those fees. That is fairly common, that the banks do not pay the fees in arrears, though I'm sure there are exceptions.

So, generally, with the knowledge that there are past due fees in the amount of $5K, the bank would generally price the property accordingly to make up for the fact that the buyer is going to have to take that on when they close. I don't know if you got a great deal on the place or not, but that may be what the "compensation" is for having to shoulder the fees.

BUT, you're right, I will suggest you consult an attorney since there are other, more dire legal issues at play in this instance.

Good luck!
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Thu Apr 18, 2013
David Hanna answered:
Work with a Realtor who knows the area and how to access foreclosed properties.
0 votes 7 answers Share Flag
Thu Apr 11, 2013
Jim Olive answered:
I'm no attorney and this is just a public help forum, but I would imagine the bank can come after ANY assetts they know you hold. The mortgage loan may have only been secured by the property, but once they open suit, I think everything is fair game. Now if you get them to agree that your short sale is the "final answer" and that they will not come after you for the losses they incurred, you should be ok. Your best bet is to find a good attorney and see how you can protect your assets... ... more
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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
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Thu Apr 11, 2013
Kevin Sanderlin answered:
Hello,
It's actually just 14 days notice that is needed. So, if they have given you 14 days notice and you have a trustee sale date coming up, you do not have much time to figure out your options.
With such limited time to work with, every hour that passes is one more hour closer to your property being foreclosed. I specialize in helping people delay trustee sale dates even with very little time left. If you contact me directly, I can meet you tomorrow with all of the documents needed to try to get your trustee sale date postponed. No cost to you for my services.

Kevin Sanderlin
Keller Williams Realty
Cell 858-212-4702
kevinsanderlin@gmail.com
... more
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Thu Apr 11, 2013
Rickmarcum47 answered:
Call Rick Marcum, Broker at Foundation Realty. Years of experience with selling foreclosures and even foreclosure auctions. 859-358-5639
0 votes 1 answer Share Flag
Thu Apr 11, 2013
The United Home Team answered:
If you are interested in exploring your options feel free to contact me directly. A section 8 travel voucher has nothing to do with a foreclosure? I'm sure I could clarify alot of confusion on our initial consultation. Call me any time if I foreclosure is priced right it wont be on the market long.

Keller Williams Realty
Real Estate Consutlant
3xUS Army Veteran
Joseph Fernandez
Cell: 817-975-7258
Off: 817-635-1028
email: blissfulestates84@gmail.com
blog: blissfulestates84.blogspot.com
... more
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