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Foreclosure in 27603 : Real Estate Advice

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  • Local Info5
  • Home Buying5
  • Home Selling1
  • Market Conditions0

Activity 13
Tue Nov 13, 2012
Don Tepper answered:
Ummm . . . what???

You've started the business and NOW you want to know if it's profitable?

Kind of backwards, don't you think? What research did you do before starting the business?

Quick answer: It CAN be profitable, if you know what you're doing. Still, this whole cleaning foreclosures business totally mystifies me. And I worked for an association for 8 years that represented janitorial and cleaning companies. I've written books on the subject. (Check Amazon.) And I still don't get it.

There is money to be made in residential cleaning of all types--scheduled cleaning, move-in/move-out cleaning, and foreclosures. But there's more to be made in the other types. Besides, why limit yourself?

Before you do anything else, do research on the business. Try http://www.bscai.org Especially, look at what's there on marketing and bidding. You absolutely need those.

Good luck.
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Mon Sep 10, 2012
Ernie Behrle answered:
I will just say that this is probably not the forum to answer these questions as Realtors are NOT qualified to offer legal advice. I would ask you to consult an attorney familiar with these type of questions. ... more
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Wed May 16, 2012
Tim Burrell answered:
Go to www.RealtyTrac.com and look at the upper right corner. Click on Free Trial. However, you may not be happy with the results. Realty Trac is good in other parts of the United States, but they have a large lag time here. In other words, there are other ways to get more current information. The easiest is to get a Realtor who lists a lot of foreclosures, and let that Realtor do the work. In other words, let the Realtor send the ones you might like ot you. I represent Fannie Mae, Citi Mortgage, US Bank, PNC Bank and a number of outsourced companies. So, I know what is going to hit the market before nearly everyone else. YOu can go to www.TeamForYOUrDreams.com and click on the button that says "Good Deals Buying Foreclosures", then let us know what you are looking for. Our team will send you the properties that will make you happy. Also, if you want to learn how to get great deals with Short Sales, go to www.CreateAShortSale.com because they are frequently better deals than foreclosures. Good luck. ... more
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Thu Feb 2, 2012
Venita Peyton answered:
No. You'll have to purchase and close at the current taxable amount. You can appeal only after taking ownership. This is typical with some foreclosures. You may want your Buyer Agent to help you with what past decisions in that neighborhood. ... more
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Thu Jan 20, 2011
Drew Ludlow answered:
Seeknchange,

What is your question?

Regarding short sales, the process for an FHA short sale is very different than that of a conventional. FHA short sales may be 'pre-approved'. The process is still quite lengthy, but with FHA, you can 'front-load' all of the work so that when the time comes to get an offer, you already understand what the lender will accept. The liklihood of succeeding at an FHA pre-approved short sale is much better than most others.

Please visit my website for more information on short sales. And if I can assist you in selling your home via the short sale method, please contact me. You can click on my avatar/icon or any of the links allowed in posts.

-Drew Ludlow
Certified Distressed Property Expert, CDPE
Short Sale Specialist
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Tue Dec 28, 2010
Linda Cromartie answered:
It is a foreclosed property which has been on the market for a little over 90 days. The only true way to know what it would sell for is to make an offer. Its l;ast recorded value was $131k. ... more
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Mon Jul 26, 2010
Sarah Tingen answered:
Hey Rainy, You can search for foreclosures free at http://raleighrealestatedirectory.com under advanced options just check the foreclosure box. There are PLENTY of homes for 70-80k!!!!!!!

If you need any help please give me a call at 919-441-2837 or you can email me.

Happy to help,

-Sarah Tingen
sarahtingen@gmail.com
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Tue Aug 10, 2010
David Chiles answered:
Rainy, thank you for your question about foreclosure homes. Please be advised that purchasing a foreclosure property is a difficult process. There are some good deals on foreclosure homes. A foreclosure property sells for about 28% less than market value. This means that a house that would sell for 100k sells for 72k as a foreclosure.

I suggest looking at bank and other lien holder websites for information about foreclosure properties.
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Mon Feb 8, 2010
Susan Crawford answered:
Hi Joan! What an awful predicament you have been put into and I deeply feel for your situation. My suggestion would be to consult a real estate attorney with a copy of your lease in hand prior to doing anything. I have a wonderful real estate attorney on my team who has great compassion and I'm sure would be willing to talk to you. Her name is Linnie Causey and her phone number is 919-967-0010. Tell her that I referred you and ask her your questions directly. She's amazing and extremely knowledgable!

Good luck to you!! If there is anything I can do to help you, please don't hesitate to call/email!

Best wishes,
Susan Crawford, ABR, Broker, e-PRO
Triangle Home Crew Team Leader
Keller Williams Realty
919-491-4663
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Tue Dec 17, 2013
Victory Property Management answered:
You would definitely have to consult a lawyer but in a lawsuit there must be damages, and I dont know that you would be able to prove that there were any damages since the sale did not happen.

It seems like a bad situation but also since they didnt accept your money or anything it may be hard to show that you were damaged in the transaction.

Ask your Lawyer that you are working with !
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Wed Oct 29, 2008
Lawrence&Sheila Agranoff answered:
Sean, Speak to a Mortgage Specialist...in most cases, this is a free service, and see what they recommend for your circumstances. They will be able to suggest what you will be able to afford and what time will be right for you... ... more
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Sun Jul 20, 2008
Larry Story answered:
Eric, you can try that would basically be a short sale. You will either be negotiating away their equity or negotiating with the bank for them to take less then what is owed on the home. Now a bank will generally not approve a short sale unless the homeowner can prove hardship. These cases are going to be few and far between. Of course remember you are not going to be the only one trying to do something like this. Also as it will be explained to the homeowner if they do agree to a short sale at the end of the year the bank is going to send them a 1099 statement for the amount that they lost off the loan. So they will have to declare that as income.

Hope this helps
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Thu Dec 20, 2007
Jonathan Osman answered:
Before you lower the price, you need to get with your Realtor to find out what's happening in your home's local market. How many homes have sold in your neighborhood since yours has been on? What are the other homes selling at? Are the other ones in better condition? Where is the home being marketed? What's the average DOM for your neighborhood. A good agent will call you weekly with this info and this info is what will guide you if you need to lower the price, offer incentives, etc. If they don't fire them, hire someone better, and lower the price. ... more
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