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Foreclosure in 22312 : Real Estate Advice

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  • Local Info3
  • Home Buying7
  • Home Selling0
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Activity 15
Wed Dec 18, 2013
Kareem Fleming answered:
If the property is foreclosed on, then the owner technically does not own the property anymore therefore would not be entitled to collect the income produced by the property. If the property is in the foreclosure process, then the creditee (the person that owes to creditor) has the right to collect the income until final foreclosure process has concluded

I am a residential specialist in Real Estate but I think that it is fair to assume that the lien holder (The bank or creditors) have the right to collect the income.
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0 votes 7 answers Share Flag
Mon Sep 5, 2011
Sameer Punjani answered:
If you agree to what the banks counter is, and everyone signs a contract, then thats the price. They can't go back and change the price on you once you have a signed agreement.
0 votes 14 answers Share Flag
Thu Jan 6, 2011
Anna M Brocco answered:
In order to best protect yourself and any other assets you may have, do consult with an attorney who specializes in real estate before considering any such scenario...if you cannot afford an attorney, contact your local Legal Aid Society for a pro bono attorney--free. ... more
0 votes 3 answers Share Flag
Mon Feb 6, 2017
Joanna Morris answered:
If they foreclosed in this market, there is most likely no profit.
0 votes 14 answers Share Flag
Tue Jan 19, 2010
Delaine Campbell answered:
You are probably only searching ACTIVE. Many properties that come on here are Under Contract, or withdrawn etc. This doesn't update instantaneously.
0 votes 2 answers Share Flag
Mon Aug 24, 2009
Andy Krumholz answered:
I can help you write the contract tomorrow. Call or email me if you would like my assistance.
Regards,
Andy
0 votes 6 answers Share Flag
Wed Jul 29, 2009
The Mulhern Home Team answered:
Yes - and usually it happens 30 days into the process once the bank runs a BPO.

The problem with most short sales is that the listing agent prices them too low and the banks simply wants market value for the home.

Jimmy Mulhern
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Tue Jun 16, 2009
The Hagley Group answered:
I would wait until a rep from the lender contacts you. There is no reason to pay rent to the former owner....and the lender may offer you cash for keys to vacate. Let THEM come to you!
0 votes 3 answers Share Flag
Tue Mar 10, 2009
Mary Margaret Gates answered:
Hello Kathy,

When a bank forecloses on a property it has several expenses to pay to ensure a clear and marketable title, and to pay attorney fees, the salaries of those processing the process and so on. Those fees may be in the tens of thousands.

I would suggest writing a letter to the bank and let them know why you want the house, why you are offering the amount you are (maybe that's the amount for which you qualify), and if that is you best and final offer, let them know that, too. If it is not your best offer, you may want to consider making your best offer.

To answer your question, most banks do not want to be in the real estate selling business. They want to cover thier costs and move bank owned properties off their books. They want to be the lenders.

Best wishes!
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0 votes 9 answers Share Flag
Fri Nov 28, 2008
Luisa Rodriguez answered:
Right now we are the low end of the market and it is anybody's guess when the real estate market will recover. There are two many competing variables (i.e. job loss, credit crunch, etc, etc.) . However, unlike other markets in the US, I believe that this market will recover faster than others and is shielded from the worst because there are so many stable govt jobs and military bases in the area. What is good news, is that there are a lot of investors jumping back into the market at the moment--which shows their confidence that the market will recover. My own personal opinion is that you will be able to make a decent return in 3-5 years--without a doubt. However, no matter when you buy, there is always a risk. For people that bought right before the height of the market did so thinking it was a strong market. Little did they know the market would crash a few months later.

To reduce your risk, buy in an area that is high in demand. Personally, I would also look at townhouses instead of condos and SFH. They are more affordable for the greater number of buyers and usually do not have the high monthly fees like condos. If you do buy condos, work with an agent that specializes in condos who will have a much better idea of how that particular market is doing.
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Sun Jun 22, 2008
AJ Heidmann answered:
Maria, as of yet, the bank has not listed this on the MLS for whatever reason. Trying to determine who to submit an offer to at this point would be a nightmare in my opinion. If you like the neighborhood, there is a home across the street that appears substantially the same at 5730 Cassel Glen Ct, which is listed as a short sale at $850K. If you would like to go see this listing, give me a call and we can set a time. I look forward to hearing from you,

AJ Heidmann ABR, CRS, e-PRO
Cell 703-474-1260
Coldwell Banker Residential Brokerage, Old Town Alexandria
"Serving Distinctive Clients & Properties in Northern Virginia"
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0 votes 1 answer Share Flag
Sun Feb 22, 2009
Mary Ann Mazzarella answered:
No, you can make offers but keep in mind others might also be making offers. In addition, sometimes it takes weeks until they tell you if they have accepted your offer. Usually the seller, in this case the bank pays the commissions to the agents involved. I have seen them pay some closing costs but I'm not sure if that's common. ... more
0 votes 10 answers Share Flag
Wed Jul 8, 2009
Joey Remondino answered:
Short sale= An owner who is selling a home and will net less then what is owed on the property and the bank/lender will take the loss.

Foreclosure= The process by which a bank or lender takes a home back from an owner who has defaulted on the loan. (the property is usually offered on the court house steps for the price of the outstanding loan)

REO= Real Estate Owned, usually by the bank or lender and is on the market for sale through an agent or at action.
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Sat Jan 5, 2008
Danilo Bogdanovic answered:
Do you mean auctions or properties bank-owned properties for sale?
0 votes 2 answers Share Flag
Sat Dec 29, 2007
Richard Rosensteel answered:
Foo,
Buying foreclosures has some risks that are manageable if understood buy the buyer. Mostly the risks are associated with the mechanics of the transaction and not the condition of the property. In most cases you will still know exactly what you are buying. You may not know exactly when the settlement will occur, or the exact date of your move in - but the rewards (usually all financial) can be great. It all depends on how handy you are - or if you can negotiate a price that allows for any work/repairs you think necessary. I have a piece on my blog about the short sale process - not exactly the same as a foreclosure, but very simular. I'd be happy to answer any questions you have.
Richard
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