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Foreclosure in 43215 : Real Estate Advice

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  • Home Buying2
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Activity 29
Thu Feb 28, 2013
Karen Huelsman answered:
If it were me, I would go to the county and see what they have- are they sending tax notices to the address? to the lender? forwarding to the owner/previous owner? At some point regardless of whoever does or doesn't claim they currently own the property it will go to auction for delinquent taxes. If there are no delinquent taxes then it circles back to who is paying the taxes and follow the trail of that address/contact info ... more
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Tue May 7, 2013
James Gordon ABR SFR SRS answered:
Is the property up for auction on back taxes? You can not buy it unless it is being offered at auction for deliquent taxes.
0 votes 6 answers Share Flag
Sun Apr 29, 2012
Phil Rotondo answered:
A provision in a contract or promissory note that if some event (like not making payments on time) occurs then the entire amount is due or other requirements are due immediately. This clause is most often found in promissory notes with installment payments for purchase of real property and requires that if the property is sold then the entire amount of the note is due immediately (the so-called "due on sale clause.") ... more
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Mon Jul 25, 2011
Michael Emery answered:
And the bank will tell you that what they paid for the property is irrelevant to the current market value. Some banks actually put this in as part of their offer paperwork.

If you feel the property is overvalued, then write an offer based on what you think is the current value.

Or you can wait until the property is reduced in price - assuming it doesn't sell in the mean time. Banks are not in the business of owning homes. They are a depreciating asset and the bank will want to minimize their losses while also keeping the property on their books for the shortest length of time.

And unless you're paying cash, it may be necessary to get a 203k loan for repairs.
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Tue May 31, 2011
Jason Opland answered:
Lenders are permitted under Ohio law to file for deficiency judgments, the lender has two years after the sale date to collect on the judgment on property that consists of no more than two units.

How to Avoid a Deficiency Judgment?
To avoid a deficiency judgment, you should try and work out a solution with your lender to avoid foreclosure. Lenders are willing to work with homeowners and their are a variety of foreclosure alternative programs that you may turn to depending on your circumstances. If you let your lender know your intentions, you can avoid a foreclosure and a deficiency judgment. Many homeowners make the mistake of ignoring the probelm or they just walk away from their homes because they don’t know what else to do. This creates additional problems and typically increases the size of the potential deficiency judgment. You should also speak to an agent specializing in short sales to further discuss your options.

The most common foreclosure prevention options are:

•Mortgage modification
•Short sale
•Deed in lieu of foreclosure

Please click on the attached link for additional information on Deficiency Judgments in Ohio
... more
0 votes 1 answer Share Flag
Tue Sep 6, 2011
tom roberts answered:
Fri Jan 28, 2011
James Deskins answered:
a) ask one of the owners, b) check MLS and find out the name of the complex and google the name, c) call the Realtor of the condo listing.
0 votes 4 answers Share Flag
Mon Jan 17, 2011
Jason Opland answered:
Bank owned properties are almost always offered in "AS-IS" condition which simply means you are welcome to have inspections performed on the property to determine it's condition however, the bank will typically refuse to make any repairs or improvements to the home ad instead you will have the option of deciding if you wish to move forward with the purchase after you've done your proper due diligence. The banks will typically an addendum which they will require prospective buyers sign and this "AS-IS" condition should be outlined in this document. That said, if the roof is leaking and if this is a rather major repair expense you're looking at what I would suggest you do is get repair estimates from no less than two, preferrably 3 local roofing companies. I would then draft an addendum to the contract requesting that the purchase price be reduce by an amount equal to the lowest bid and I would submit these bids with the addendum. Time is of the essence here as this must be done before the expiration of the Request to Remedy Period which is usually 5 days but should be stated in your purchase contract. The bank will have he option of accepting your proposal, countering it, or denying it and in turn you can then determine if you're interested in moving forward with the purchase.

Jason Opland
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Sun Feb 6, 2011
Kevin Olson, Jessica Laude answered:
Contact your Realtor and his/her Broker about the situation. This type of thing does happen, and it should be clear in the contracts as to who is liable for what. I can't guide you on this because I'm not an attorney, but letting the Realtor and Broker in on the situation is a must. Obviously you can contact an attorney on your own, and in most cases an inspector is only liable up to the amount of the inspection fee (they make you sign a waiver before they inspect the home). If the Realtor is not responsive, contact the managing broker at the agency. If that doesn't get you anywhere contact the locatl Realtor Board. ... more
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Tue Nov 16, 2010
Mike Papantonakis answered:
Wow! I think I'd immediately call an attorney and also contact your state real estate licensing authority. This sounds like some serious negligence. The agent should have errors and ommissions insurance as well as liability insurance. If I were you, I'd get your attorney to see what could be done to make you whole in this deal. Good luck. ... more
0 votes 6 answers Share Flag
Wed Nov 3, 2010
Joel Kahn answered:
It's a very good question but difficult to answer. Foreclosure is actually a legal process and not necessarily a point in time. Depending on the report, the number could define how many homes are currently being foreclosed, how many homes that have been foreclosed or a combination of those two numbers. You will need to read deeper into the report to determine exactly what all is being considered (counted). ... more
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Fri Mar 26, 2010
Jose E Garza answered:
Wed Mar 10, 2010
Dee Nofziger answered:
Hi Fred,

#1 simply get on the phone and starting calling your Sphere of Influence. People refer people they know and trust.

#2 Blog, Blog, Blog. It gives great google juice - for FREE! ... more
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Sun Nov 15, 2009
stan Inges answered:
I think that if you have a little cash, buy a propety with cash and fix it up the way you want it, put in a litlle sweat equity. and you will have a house with no mortage. and fixed the way you want it! ... more
0 votes 8 answers Share Flag
Tue Aug 18, 2009
Mike Lewis answered:
TGlover, Most foreclosures will show up in your local MLS - Multiple Listing Service. Many agent's web sites will have an MLS search feature. You can use this to find foreclosured homes. Of course it's hard to tell which ones are foreclosures and which ones arent. I would hire a local real estate expert in your area to help you. They can email you the foreclosures in the area and price range your'e looking in. That's what they do. Good Luck.

http://www.dawnsellssandiego.com/SanDiegoForeclosures.amsp
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Fri May 29, 2009
Todd Orrill answered:
Good afternoon Holly, If it was up for the Forclosure auction and in Franklin County the information will be published in the Daily Reporter Newspaper. The results of the sales are published on Tuesday's with the appraised value, the selling price and the person who bought the property. You can also find the information on the Sheriff's web site under Civil Sales. If the property is located in another county try the Sheriff's site for that county or find the Legal Paper for the county.

Todd Orrill e-PRO
Keller Williams Greater Ohio Realy
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Wed May 13, 2009
Dana Schuster answered:
There are no programs that i know of. how long ago was your bankruptcy discharged? You can purchase a home 2 years after discharge,but you will need a 620 credit score and a 3.5% down payment for FHA plus a 2 year work history,sufficient income to pay the mortgage,taxes and insurance plus enough money for maintenance. for example,itf you need to replace the roof or AC do you have sufficient reserves to pay for this? your debt to income ratio needs to be at an acceptable level. There are no federal programs with 100% financing (no down payment) outside of VA for qualified veterans and USDA which is pretty much gone, but there may be some down payment assistance programs available through your city,state or county. An agent in your area can advise you of these. After a foreclosure,you cannot purchase a home for 5-7 years. ... more
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Tue May 15, 2012
Hannah Fliegel answered:
Hi Mitsilge,

You might consider starting with local regional banks and ask for the asset managers and pitch to them what services you provide. You might also consider REO realtors in your areas they have access to them directly and you might just want to work through the REO realtors? Good luck! ... more
0 votes 17 answers Share Flag
Wed Mar 18, 2009
Dallas Texas answered:
LIKE NOW, you never know about these issues best not risk all

It can be 24 hours months prior to bank processing all paperwork. Should receive an eviction notice AND potential cash for keys than going thru legal process for eviction.

However he can return home find locks changed, personal belongings removed to city dump.

Lynn911
~ National Featured Realtor and Consultant, Lecturer regarding Credit Repair, Mortgage Loan Officer
... more
0 votes 4 answers Share Flag
Fri Mar 20, 2009
Dallas Texas answered:
Contact your lender review all the info. with them. Families entire country are in same situation.
0 votes 15 answers Share Flag
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