Obviously, some States have different RULES:
When a house goes through Foreclosure; all the Liens are supposed to be paid; Does this mean that the County never filed a LIEN on the property?
And the Title Company did not search the outstanding taxes?
Yes, for the most part, they are fair. My experience has been that they will tell you in the beginning that they will only pay a total commission of a certain percentage, eg., 5%, to be split evenly between the listing agent and the selling agent, but it's not unusual to find at settlement that you've been paid something more in line with what the lender considers to be a "full" commission, eg., 6%.
It's certainly appropriate - and in fact prudent since you have to indicate what commission will be paid to the co-op broker in your listing - to ask what commission the lender will pay for a short sale transaction.... more
Yes you can buy a homepath property as an investment as long as your offer/contract are constructed properly. Are you currently under contract or are you trying to purchase a homepath now and wanted to know before you submitted an offer. If you need more help please feel free to contact me.
When the Broker has the buyer there is very little extra work involved. It's a pain to wait 2-5 months and there is no guarrantee that it will work so we usually keep looking during that time frame.
On the slde of the seller it can be a lot of paperwork and very time consuming. I try to avoid them like the plague and fortuneately I do not need them to make $$. I cannot stand dealing with these A-hole banks that act like they are doing all of us a favor. The Feds should have shut them all down!... more
Yes, you have the right to request an extension. You might want to do it in the form of a written motion. Motion for extension of time. State why you need an extension and when you will be out. You can also call the attorney for the seller and ask him does he object to the extension. if he does not that would be an agreed motion for an extension of time or an unopposed motion.... more
Not sure what you mean by auction. If the foreclosure process is over and the auction is for someone to buy it before it goes back to the bank at a public aucton then the bank will almost always end up with it. Depending on the bank it can take 1-5 months before they are ready to make contact with you via an agent who usually is instructed to offer you 'cash for keys'. They give you $$$ if you move out within 30 days. They also start the eviction pricess in case you say no. In Chicago that eviction prcess can take 3 months. You can drag it out that long.... more
It is not going to take that long:
If the Bank gets it back, (odds are), they will assign a Realtor to list it; that will take 3-5 weeks. That Realtor will contact you to possible arrange Cash-for-Keys and have you sign a 30 day agreement.
If an Investor buys it, they will have to give you at least 30 days to vacate: You may have to consult Federal and State guidelines for this answer, (since you are not a Tenant).