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Foreclosure in 11431 : Real Estate Advice

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Activity 3
Tue Feb 26, 2013
Anna M Brocco answered:
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Sun May 13, 2012
Javier Meneses answered:
It doesn't seem fair does it? At the same time, you are the tenant and it's your responsibility to pay the agreed upont monthly rent, and he has his responsibilities being your landlord. The best thing for you to do is to speak to an attorney who specializes in Real Estate transactions, more so in landlord & tenant court.

I would think that you're supposed to continue paying rent, regardless of what his situation with his mortgage servicer is. I would not know if there are any law(s) that would apply specifically to this sort of situation, but this has become a rediculously common scenario, so I'm sure there has to be something there. I would like to hear an attorney's response to this question.

Good luck!

Javier Meneses
Senior Loan Officer
Sterling National Bank
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Sun Apr 26, 2009
Janine Bowen answered:
It depends on the bank, but most of them will try to make the house mortgageable if the offer is good enough. If the price is so ridiculously low, however, that it will sell to an investor who can make a profit by performing repairs himself, they usually opt for that route, as often the buyers are cash and will have a quick closing. When I list a property I reccommend whether or not to make the repairs based upon how much work needs to be done, if the property seems like a good investment property and the listing price. The property needs to have basic items done to secure it (tarping roof, changing locks, boarding windows, etc.), cleaning out debris and health hazard removal, however over and above that is on a case by case basis. Are you purchasing a foreclosure? You can make plumbing and heating, roof and potable water (or anything else for that matter) part of your offer. Realize, however, that if it is a really good deal a buyer with more resources is like to get it ahead of you.

FHA does indeed have a relatively high standard, and many banks that have more than one offer on a property, or that have an property that looks like it will sell quickly, will go with cash or a conventional loan, even if the offer is lower than the FHA. The banks are not necessarily concerned with "safe and liveable" as they are in business to make money. They are more concerned with "Will this be able to close?" and "How Much?" and "How Quickly". They look at the Seller's Net.
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