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Foreclosure in 30097 : Real Estate Advice

  • All64
  • Local Info6
  • Home Buying35
  • Home Selling5
  • Market Conditions1

Activity 10
Fri Mar 22, 2013
Michael Hammond answered:
Do you have a written Lease and are you current on your payments? If so, you might be okay. Please call, text or email if we can provide further assistance. Good Luck!

Michael Hammond
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Sun Jan 27, 2013
Katherine Morrison answered:
The public records showed it went to auction on June 5. Best bet is to check with the attorney handling the foreclosure.
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Sat Nov 26, 2011
Tina Lam answered:
This is really something you should ask your Realtor. But, for REO deals purchases with all cash, a short time frame is very common. That's one of the reasons why you get a discount in the first place. The assumption is that you're knowledgeable about the property and have the money to close quickly. If you are uncertain about any issues, check with your Realtor before releasing any contingencies, if there are any. ... more
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Sat Nov 27, 2010
Clark Riel answered:
If it is already priced low for the neighborhood and not in need of much repair only upgrading I would take the advice of your agent. Banks are also looking to get the most out of the property they own. ... more
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Tue Apr 6, 2010
Michael Michalak answered:
You can subscribe to RealtyTrac. They track all the foreclosures by area. I believe you can try it out for free for a short time and then you are required to pay.

Michael Michalak
Broker - RE/MAX Signature
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Tue Apr 6, 2010
Tish Thompson answered:
If I understand what you're asking, it doesn't work that way. A foreclosure date is set when the banks attorney files and the paperwork is processed by the local court system. If a short sale is in progress, the investors NOT the bank, decide whether or not to postpone or proceed with the foreclosure. Typically, whether or not the investors decide to foreclose depends on the strength of the offer on the short sale. If you're a buyer who wants to ensure you're able to purchase prior to foreclosure, make a strong offer and make sure your financing is even stronger. ... more
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Wed Oct 7, 2009
Andy Nelms answered:

What in particular do you want the agent to look for when combing through the listings? More information would be helpful.

0 votes 10 answers Share Flag
Mon Dec 1, 2008
Mike answered:
It depends on which state you are in. In Washington State (the OTHER Washington :-) , the opening bid includes all Sr Liens. It would be unlikely that a property would go to foreclosure sale without the 1st knowing about the foreclosure of the second. A Title report is always ordered by the foreclosing Trustee, and all parties with a recorded interest are notified.

In any event, the 1st would bid up to their lien amount where the 2nd then would have the option of bidding on the property. All bids are in CASH or Cashier's checks only. No financing, no personal or business checks and the bid amount has to be paid at the sale. The previous owner has 20 days to vacate. Because of the CASH requirement, more properties go back to the bank than end up being purchased at auction by a bidder. Few people have $200,000 to $300,000 in cash sitting around for this kind of purpose. (Average bid amounts for Seattle Metro). Since there is no "walk through" prior to foreclosure sale, the few properties that are actually bought by bidders are risky, uninspected and have considerable deferred maintenance.

One study shows that on average, banks lose $57,000 per house they take back. This includes all costs and lost opportunity.
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Thu Jun 4, 2009
Mohit answered:
Fri Sep 25, 2009
Deborah Madey answered:
Try this site
Good Luck
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