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Foreclosure in 48105 : Real Estate Advice

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  • Home Buying6
  • Home Selling4
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Activity 12
Tue Apr 16, 2013
Missy Caulk answered:
Hi J, it is most definitely a bid. When more than one offer comes in the banks come back with "highest and best". They will do this if the property has 1 other bid or 20.

One thing to keep in mind is that the bank has already done their appraisal from a local agent, called a BPO. (Broker Price Opinion). In Ann Arbor and most of Washtenaw County the homes are selling AT or ABOVE asking price.

Let me know if you further questions.

Missy
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Thu Oct 25, 2012
Haig Istamboulian answered:
Hello,

To answer your question, I would not give cash. I would go and get a Cashier's Check for the amount you need. You need to have a paper trail and proof of what you have paid, you can't prove you gave someone cash in case they deny receiving it.

Go and get a Cashier's Check.

I hope this helps,

HAIG
Elias Realty
(248) 379-6547
realtorhaig@aol.com
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Thu Feb 9, 2012
Missy Caulk answered:
Hi Mdude,

No it does not show up as a foreclosure; however your credit in general will have lost points due to the late payments. If all else is current on your consumer debt, it shouldn't take that long to bring your points back up.

It would be wise to pull your credit a few months after paying it off just to make sure. I would use a lender as their credit reports are more detailed than what you can pull on line and they get it from all 3.
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Sun May 8, 2016
Tim Moore answered:
I assume you mean a bank owned home, one that has gone through the foreclosure process. It takes the normal time - 45-60 days.
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Mon Feb 8, 2010
Anna M Brocco answered:
Can you afford the mortgage backpayments or at least what the lender is currently demanding as payment-- so that your friend can keep the house and rent it to you-- If so you may wish to consider speaking to an attorney and have a legal agreement. ... more
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Wed Feb 3, 2010
Dan Chase answered:
It is all about the numbers. How much would it cost to put up the prefab, how much would it cost to repair the old house. Are they comparable in size and situation?

I somehow doubt you could put up a prefab for anywhere near what you are showing for repairs on the old house. ... more
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Tue Jan 5, 2010
Karen Moorhead answered:
Ashwil,

Well and septic approval is always required in Washtenaw county for the TOS (Time of Sale) process be completed. I'm sure your agent will answer your questions. Please call the agent you wrote the offer with and they will help you with the process and for your information, this protects you, the buyer.

Winterizing will not change the result for the well and septic which is what the Time of Sale addresses.
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Tue Oct 27, 2009
Missy Caulk answered:
A2kammyo, you never know on banks but your offer sounds clean. They came back with highest and best because they had several offers.
REO's don't take as long to hear back as Short Sales. Should be only a few days.

However, depending on the price range of the home, I have seen REO's go 20K over asking.
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Tue Jun 23, 2009
Michael Thompson answered:
Mindy,

Check with the township, they can tell you. May take a week or so for them to get records. (smaller ones like Webster and Putnam may take a bit longer).

If it was a sheriff's sale/auction you can try to contact them..but usually that's a dead end. ... more
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Tue Jul 28, 2009
Donna Harbour & Cynthia Wargo answered:
Dear Blaise Blastos,
An attorney will cost you alot of $$'s, when you can do the same thing for yourself and truly express your hardship. Call your lender and ask for the loan modification dept. This could take a few phone calls to get through. I wouldnt leave a message. Try calling at odd tmes of the day, ealry morning or after 7pm.
Then ask them for the following:
A. Loan Modification requirements and paperwork ( once you receive the paperwork then complete this and send it back to them certified mail). Ask them how long the process will take once they receive the paperwork? What qualifies you for this loan modification?
or if you are selling or needing to sell your home
B. Short Sale paperwork and requirements (loss mitigation dept for this)- I am not sure if you are in a short sale/selling situation, if you are have them mail you the documentation. If you are selling your home in the future and via a short sale...please do not fall into the hands of scams that are out there. A qualified "short sale" real estate agent will assist you. Any other service I would be aware of.

Try these company's to for help:
http://www.hopenow.com/
http://www.hud.gov/foreclosure/index.cfm

Good Luck!
Best regards,
C. Wargo
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Mon Sep 22, 2008
Brian and Mary Bundesen answered:
There are several variables in a foreclosure or short sale. It's somewhat of a Wild West mentality, because bands have a tendency to make up their own rules.
1) You will not find out the accepted offer until after the deal closes. There are usually contingencies, and too many things can go wrong before close for the offer to be disclosed.
2) All the other multiple offers would be considered back-up offers. Since you never know what price, terms, etc. are in the other offers, your's has a chance to be the best if it is the 'cleanest.'
3) This 'silent auction' approach is becoming increasingly common. It is simple supply and demand, and commanding a sales price that the market will bear. In this situation, perhaps the bank just wants the home off the market and off the books without going through another Michigan winter of carrying costs.
Hope my answer was helpful. I'd be happy to help with any other questions.
(734)-678-9032. Good luck with your purchase!
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Fri Feb 20, 2009
Missy Caulk answered:
I live in Saline and have been a Realtor for 13 years. Most homes are not appraising that were purchased in 2002-2007 if you bought in those years. Since you are with relo, have you Realtor do a CMA for you first, so there will not be any surprises. If you send me you address, I will email you the homes that have sold that are similiar. We took a big hit when Pfizer moved because it brought down the values in most of the areas. You can also go into e-Washtenaw.org and look at solds in your area or go over to Augusta Township it is public record.
But, a realtor would be easier, we use the same data appraisers do.
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