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Foreclosure in 21401 : Real Estate Advice

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  • Local Info1
  • Home Buying11
  • Home Selling2
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Activity 12
Sun Jul 14, 2013
Catherine Purcell answered:
Hello Britt,

There have been instances where the bank does not move towards recording the deed in their name because they don't want to be responsible for the taxes on the property. Even though the banks went through with the foreclosure proceedings, it doesn't mean that the foreclosure actually went through...and, it would appear if the deed was not recorded in the new owner's name that there may have been some issues with the foreclosure not being completed properly.

Unfortunately, there were over 30 million home owners who were caught with upside down values on their homes - thus the great amount of foreclosures and short sales on the market today - they are a result of the 2004, 2005, 2006 boom and the 2009 crash in the market.

Hope this helps!

Catherine Purcell
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0 votes 2 answers Share Flag
Sun Apr 7, 2013
Richard Taylor answered:
Houses are not put up for sale on the day of foreclosure nor is the bank required to put them up for auction. Sometimes the LA will put up a sign in advance of the MLS listing, but not always. If you have a real estate agent who has a MLS automated search in place for you, you will see whatever comes on the day the listing agent puts it in the MLS. You cannot rely on the "various real estate websites" to have information as current as the MLS. The MLS is where they get their data.
If you would like, I can create a search for you and/or find out details of the house in question. Contact me at home@click3times.com.

Rich Taylor 443 710-7871
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Mon Feb 25, 2013
Robert McArtor answered:
I have to ask you. What is your agent telling you? Is your agent asking the Listing Agent for daily up-dates as to what is happening? The Listing Agent is working on behalf of the Seller to move this Short Sale file forward. Believe me, they do not want this to go to auction HOWEVER...with that said. It MAY work to your benefit. I have heard many times that if the Lender (Investor) buys the property at the court house steps, the lender should take a second look at your offer. Remember, many times the one hand (Foreclosure Department) does not know what the other hand (Short Sale Department) is doing. Your file deserves and NEEDS an experienced Short Sale Negotiator. Basically someone who is working on this file everyday...demanding the Lender move forward on this....asking for a letter of approval, etc.

I would not contact the Seller directly. They are represented by their own agent. You need to work through your agent on this.
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Sun Feb 10, 2013
Suzanne MacDowell answered:
Have you spoken to a realtor? Are you sure the home is going to actually be auctioned off? Sometimes the auctions are put off while the bank and the owner attempts a short sale. Are you working with a realtor on the short sale? I would have them find out what's going on. If not a realtor, are you working with an attorney? Same thing, have the attorney try to find out what the situation is.

The problem is, once it's foreclosed on, they bank may not put it back on the market for years! it would really be in your best interests to try to hold the short sale together.
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Sun Feb 10, 2013
The Roskelly Team answered:
Hi Britt,

They will advertise the property in the paper. The auctions are "as-is" and purchasers who did not see the home previously will not be able to access it prior to the auction (usually). One of the big auctioneers in the area is www.ajbillig.com so you might check their site for the info. There are lots of ins and outs to this type of purchase. Set a price based on a very detailed market analysis and don't go over it. Watch for terms like "subject to" that would make you liable for other loans or liens in addition to your purchase price.

If you have the cash you can get some great deals at the county courthouse steps!
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Thu Feb 14, 2013
Britt Grotheet answered:
Hi again-Just wanted to give a bit more background in case it helps someone answer the question. The owner abandoned the home about a yr ago. The home set to go to auction 1x before on July 5th 2012. The seller filed
a strategic chapter 13 bankruptcy and the home was not auctioned but placed as a short sale for $379,000. The seller owes $550,000. 2 leins both with Wells Fargo. Based on what we know about the sellers lifestyle (small business owner, cars, boat, vacations, renting a waterfront home) there is some question as to the sellers amount of
Hardship. We are specutating that his resistance to communicating with the bank could be due to this.
Now can any of you look into your crystal ball for us please??? We want this house!!!
Thanks britt
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0 votes 22 answers Share Flag
Mon Jan 21, 2013
Jackie Grove answered:
The transaction is just like any other except the bank is the owner. I haven't seen any houses in Anne Arundel County for $2000. What area were you looking in?
0 votes 10 answers Share Flag
Mon Feb 14, 2011
Lewis Poretz - MARYLAND 203K Renovation Loans answered:
Nat -

If the house is in foreclosure, no matter how many owners there are, everyone loses their interest in the property. You can't foreclose on half a house. Please get a bit clearer and people here can help.

Best advice, find a real estate attorney.
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Thu Jan 1, 2009
Jonathan S Tucker answered:
Doris,

You can certainly make the payments to keep the home from foreclosure as you are on the title, Evicting a legal owner would be difficult, but you would have to consult a family lawyer on this. Perhaps the establishment of addiction and/or a competence judgement would allow for the eviction. You might do better to negotiate and have your child agree to sign the title over to you or a trust. Definitely consult a family lawyer. Jon Tucker, RE/MAX 100 ... more
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Thu Jan 1, 2009
John Holmes answered:
you can email me the address at jholmes@kwflagship.com and I will look it up for you.

John

John Holmes
(410)693-1965
www.HolmeSweetHomes.com
Keller Williams Realty
0 votes 3 answers Share Flag
Sun Jan 3, 2010
Jim Welden answered:
Bonbon - as you indicate, county assessed values are not "market" values and the assessed values are really a function of how your county/state handles the home valuation process.

For example, in Colorado, the valuation process is completed every 2 years during the "odd" numbered years...so, in May 2007 my home was given a new value.....the value was based upon market values from 2005 and the first 6 months of 2006....so my home's valuation was based upon data that was 1-2 years old - that valuation will remain in place until May of 2009.....so if you were looking to buy my home in early 2009, the county's value for my home would be based upon data that was 3-4 years old. I am sure you would agree, the county's valuation of my home is probably out of date and different than the actual market value at that point.

So, depending on how your county /state does the tax valuation process, the county assessed value could be significantly different than the actual "market value" when a home is on the market.

Homes are still bought and sold house by house, neighborhood by neighborhood - I am not downplaying the analyst's comments as there probably are neighborhoods in the country that may see a 20% decline but I feel certain the Denver metro are is not going to see anything close to a 20% decline - my assessment is that it will stay flat or perhaps see a slight increase during the course of 2008. Will there be individual homes in the Denver market that will decline 20%? Possibly - a foreclosure that has been stripped and trashed due to anger could easily see that sort of decline, but that could happen in any market. There are also Denver neighborhoods that have continued to appreciate during the past 12 months. And, during the past 6 months, I have seen several homes sell in less than 7 days...is that every home, or even most homes? No, but it is happening and our inventory of available home is slowly being reduced. I recently heard that the number of sales in the Denver metro area for December 2007 was almost the same as December 2006 - that tells me that there were still a lot of Buyers out in the market and as long as there are a lot of Buyers, the prices will not be tumbling. You may want to find out how many homes sold in your area for the 4th quarter 2007 versus the 4th quarter 2006.

I cannot speak about home prices in your neighborhood but I would not rely on the county assessed values for determining what I might offer for a particular home - good luck in your search and thanks for your question - I will look forward to seeing responses from other parts of the country.
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Fri Jan 9, 2009
bonbon answered:
Mansur, I like your balanced and sensible answers too! I think the fear that some potential buyers like me have is that if we buy now and the market continues correcting itself, we might end up regretting our decision. On the other hand, it's good to know that AA County is more stable, for if I find a really good deal, there is very little chance that my property would depreciate below what I bought it for. If I were in California or even Northern Virginia, I'd wait for the price will probably continue falling there. In AA County, it seems to me, it's all about finding the right house at the right price (for the buyer, of course). ... more
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