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Foreclosure in 20008 : Real Estate Advice

  • All5
  • Local Info0
  • Home Buying2
  • Home Selling1
  • Market Conditions0

Activity 22
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
0 votes 1 answer Share Flag
Tue Jun 12, 2012
George Ross answered:
Here are all the properties listing in that zip code, please feel free to email me directly if you have more questions ... more
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Sat Feb 15, 2014
George Ross answered:
Hi Valerie,

Unfortunately the post did not provide the address for the property in question. We can help if you let us
know what the actual property address or some identifying factor is.

... more
0 votes 3 answers Share Flag
Fri Feb 17, 2012
Ron Thomas answered:
Bamks look at two things when they see an OFFER:
Naturally they look at the Offering Price,
But they also look at the STRENGTH of the Offer:
Cash is better than Financed.
Don't ask them to pay for Inspections
Don't ask them to do Repairs
Don't ask them to pay your Closing Costs.
Don't expect them to give you DISCLOSURES
Do offer a large GOOD FAITH DEPOSIT
Do ask for a short Escrow
Do use a Realtor, they do not like to deal with amateurs
You can ask them to do Section 1 repairs, but they will probably put a cap on them; I would rather use the Inspection to protect the Client and alert them that if the REPAIRS are too great, we just Walk Away.
For these reasons; do not fall in love with the house until it is really YOURS!

Good luck and may God bless
... more
0 votes 10 answers Share Flag
Fri Apr 8, 2011
BG answered:
Sat Feb 19, 2011
Jim McCowan answered:
You need to have decent credit no matter what you're buying. A VA loan might be tough with a foreclosure but it will depend on the condition of the home. If it's in bad shape, it won't make it past the VA appraisal. ... more
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Sun Jul 25, 2010
Kthomas asked:
0 votes 0 Answers Share Flag
Mon Jul 19, 2010
Jason Skipworth answered:
Hi MJ,

If you are not already working with an Agent, and if you could send me the property listing, I would be happy to provide you more info and see about getting you access to see the home. ... more
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Tue Jul 6, 2010
Deborah Madey answered:
It depends also upon your contract. Did your contract have an appraisal clause? How much were you putting down and will you qualify for the loan based upon the low appraisal? If your loan was based upon an 80% LTV, and the low appraisal will now cause the loan to fail, you will have more leverage in negotiations.

If the low appraisal provides you an "out" - you have a greater ability to negotiate the sales price change. If not, the bank can hold you to performance on the contract or declare you in breach.
... more
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Wed Nov 5, 2014
Lanre Folayan answered:
Hey Jerry. I see you are in the 20020 zip code. So do a hyper local search on the search engines and type in the words Anacostia DC Bankruptcy Attorney. Hopefully you should find some attorneys once you do that. Good luck to you. ... more
0 votes 6 answers Share Flag
Tue Apr 20, 2010
Gerard Dunn answered:
Shoot me an e-mail and I can forward you a list of properties that may suit your needs. The area around the Cathedral is fabulous and convenient.

E-mail me at and I will forward on your options.

Best regards,

Gerry Dunn
Associate Broker
Serving Maryland, DC and Northern Virginia
... more
0 votes 1 answer Share Flag
Thu Jan 13, 2011
CCC answered:
hi, in my local expirience in Minnesota I do not think the lender will start foreclosure if you have an AGREEMENT. I did capital letter because you mention that you are making partial payments.

Also, I am almost positive that the general rule is that a lender can not foreclose in a property while a loan modification is approved or denied. Process could start but you need to call, at least every 3 days, to make sure that foreclosure is postpone until you have an answer.

Do not forget to make those calls asking about your loan modification.
... more
0 votes 2 answers Share Flag
Wed Feb 10, 2010
Jason Skipworth answered:
Hi Alex,

Are you familiar with Minneapolis? I think it would benefit you to have Realtor working for you and scouting properties for you. Would you like me to put you in touch with someone? ... more
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Thu Jun 18, 2009
Keith Manson- Metro Milwaukee Wisconsin answered:
Most banks use computer systems to respond to their real estate agents so typically the only confirmation is when they actually accept a deal or a email back to the agent rejecting the deal. Usual the agent just do not respond if the deal is not accepted unless foreced by another agent. The seller does not have to respond to any offer accept a full price offer! It is best to have a buyers agent when dealing with a foreclosure to assist you through the process and try to get infromation and responses to agents.

The banks don't always have the most knowledgable people working their reo cases and do not always handling them in the most efficent manner. Sometimes the agents handling the reo's have too may listings and just work what appears to be a good deal. Get a good buyers agent that understands the process and can pose the right questions and try to get you the right answers.

Keith Manson
First Weber Group
Certified Distressed Property Expert
... more
0 votes 3 answers Share Flag
Mon Nov 11, 2013
Nancy Gray answered:
Hello Sarah,

There are some pitfalls in purchasing a short sale or REO property which are mostly to do with condition, repairs and the "as is" terms on these properties. Regardless of condition these are usually a good buy however if work needed is extensive and you or spouse or family aren't capable of doing the work then it can get very costly. This is a good time to buy and there are good deals even with "arms length" transactions.
The process can vary and especially will vary from state to state. My suggestion is that you find a realtor who is familiar with selling these types of properties in the area where you want to buy and he/she can explain the process to you. Good luck.
... more
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Mon May 25, 2009
CSB answered:
Hi Charlene,

This is a question best answered by an attorney. I am happy to suggest a couple if that would be helpful.

Good luck,


Founder, DCLife Team
Long & Foster Real Estate, Inc.
... more
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Tue Nov 24, 2009
Joanna Morris answered:
You can edit your profile and set it to receive only locations you want.
0 votes 3 answers Share Flag
Wed Mar 18, 2009
Tiny Varner answered:
Hi Gladys,

You need to consult with a real estate attorney. Ask friends, family and colleagues for referrals. Good luck!

0 votes 3 answers Share Flag
Wed Sep 23, 2009
Jeff and Ginny Mitchell answered:
The time varies, but you can stay until you are notified that you must move out. Is the bank just starting the foreclosure process, or does the bank already own the property? Do you own the property or are you renting? ... more
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Mon Sep 8, 2008
Michael Stroud answered:
You should pay whoever owns the property for that given time. If you pay the owner, do you really think he/she would give that money to the bank? Call the bank and see how they plan to deal with your tenancy. ... more
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