Every foreclosure case is different. I'd recommend talking to the real estate agent and the attorney to see if the tenant has to pay for the cleaning and dumpster cost. It's in everyone's best interest to have the house cleaned as quickly as possible, so they should let you know. http://www.baydisposal.com/services/waste-disposal/... more
Only the banks know the answer to that question and each bank is a little different in their approach on how they market their properties. Some banks sell them in bulk, some will fix them up in hopes of getting more money for the property. The banks are releasing them slowly to stabilze the market and it seems to be working because inventory has tightened and values are increasing.
We all hear rumors of how much inventory they have and are holding back, but no one knows the exact extent of how much inventory they are holding. I personally heard some substantial numbers and often wonder where are all of these homes?
When a nice foreclosure hits the market, there usually are multiple offers with many offers going over asking price. One example for me is a foreclosure that was listed at $60,000.00 and we bid $79,000.00 (CASH) and we still lost the offer. So low inventory drives prices up.
I don't see 2147 Norton currently listed on the market. I see it went to foreclosure back on 10/12/11, but it has not hit the market yet. If you provide me your email address I can setup an alert for you when it does come on the market. I can also help you search for other homes in the area.
You can call, text, or email me anytime with questions.
Thanks. Joe Bertera. 248.521.6443 email@example.com... more
Generally, fixer uppers won't qualify for any loans except a rehab/renovation loan. Homepath loans are good but you'd have to qualify for a conventional mortgage (higher credit score). There is an FHA 203K loan, but requirements may be tough to not possible for a rental proeprty. If you need a couple of experienced lenders to talk to about your specific situation, feel free to contact me.... more
You can try a different lender, I have heard of a few lenders who will lend to clients with a credit score as low as 580 now. Every lender is a little bit different. But your credit score isn't all that is necessary to qualify for a mortgage. There is more to it than that.
Email me if you would like a couple of contacts that may be able to help you, my contact information is below.
I can give you an entire litany of questions, being a builder and Realtor myself. I would first make sure you are working with a Realtor as a buyers agent. This is your buffer between you and potential problems. I can give you additional answers to questions and problems that may arise , if you email me firstname.lastname@example.org . Best Regards, Steve... more
Double check - MERS probably has already transferred interest back to bank who will be doing the foreclosure. Yes, if MERS "did" the foreclosure, it probably is null and void and someone (bank) will be starting the process all over.... more
California is a big area and real estate like the weather is regional. If you are interested in San Diego County I have a blog with graphs going back 30 months for different segments of the market, see link below.
Lenders today are looking for credit worthy clients. Have to established credit in the past??? Will your current landlord give you a letter for verification of rent paid? Utility bills, phone bills and ever auto insurance can be used to verify credit.
Mortgage Client Service Consultant
39520 N. Woodward Suite 101
Bloomfield Hills, MI 48304
Maybe he can assist you.
Karen Paytas, GRI, CMS
Real Living Kee Realty
What do you mean "approved"? Did you write a contract and waiting to hear back if your offer was accepted? Are you using a Realtor? He/she should be able to tell you. Or if you're wondering if your loan has been approved, then you should be asking your lender. I don't think anyone on this site will be able to help without being a party to the transaction. Good luck.... more
620 is the magic number now for those loans and it's possible that they may increase in the near future. You could meet with a lender that will guide you in the proper direction to get your credit up to where it needs to be. Lenders can show you what actions will raise your score and by how much and about how long that will take. Make sure to get a reputable lender referred by family, friends or an experienced realtor in your area.... more
As you know people change their miind all of the time, so there's no way of telling....but in a properly executed real estate transaction both the buyer and seller';s rights should be protected. This is accomplished through the involvement of professional services provided by realtors and attotneys.
Be sure your best interests are protected by a contract that clearly spells out the terms of your "lease purchase" agreement.
If your lender calls you back they should be able to answer yoru question best. You should also use your REALTOR to help you with this issue. FNMA has been terrific to work with and they certainly want properties sold to owner-occupants. If your lender doesn't return your calls, contact the Title Officer.
Your REALTOR can assist you best.
Best of luck,
Broker / Owner & Certified HAFA Specialist
Thom Colby Properties
Newport Beach, CA
Moving Lives Forward (TM)
We NEVER DOUBLE-END a Transaction in our Brokerage. It is never beneficial to the Seller or to the Buyer and it is only beneficial to the Agent.
888-391-5245 Direct Cell
Without viewing the home it's impossible to say whether or not the home will require a substantial amount of work. Just because a renovation loan is available does not mean the property needs work. I would suggest you connect with a Realtor in your area so you can view the home in person, and determine if the home is worth pursuing. You need to act quickly, as Homepath is currently offering a 3.5% incentive (to be used toward closing or appliances) if you're able to close the deal prior to June 30, 2010! Call a Realtor in your area today!... more