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Foreclosure in 98178 : Real Estate Advice

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Activity 45
Thu Dec 23, 2010
Scott Godzyk answered:
0 votes 0 Answers Share Flag
Thu Dec 23, 2010
Hal Hovey answered:
Thu Dec 23, 2010
Kary Krismer answered:
You're posting this in Washington state, not Michigan, but the answer is probably the same in any event--you need to see a lawyer.
0 votes 5 answers Share Flag
Mon Dec 13, 2010
Kary Krismer answered:
First, I hope that isn't your only defense, because I'm not sure it's that viable. You should check with an attorney to be sure though.

Second, you're rapidly running out of time. If the sale is to be enjoined, from memory that needs to be done 10 days before the sale date, and that doesn't mean you can contact an attorney on the 11th day. You need to find an attorney today. Unfortunately, other than refer you to real estate attorneys, I don't know of any that specifically do this type of work.

Also, if you have a first and a second, and the second is completely underwater (e.g. first is $300,000 and the house is worth less than $300,000), you might want to consider a Chapter 13 bankruptcy. It may be possible to entirely wipe out the 2nd as a lien, and give you time to cure the default on the first. Email me or call if you'd like the names of some bankruptcy attorneys.
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0 votes 6 answers Share Flag
Tue Nov 16, 2010
The Cascade Team Real Estate answered:
The homeowners dues will continue to build, which will be factored into the foreclosure judgement. Have you tried a Short Sale. If you can successfully do a short sale, the overall affect to your credit is not as bad.

More information at the link below.
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Mon Sep 6, 2010
Chris Gurnee answered:
I would call or email your local real estate agent. They shouldnt have any issue finding this information out for you.
0 votes 12 answers Share Flag
Mon Sep 6, 2010
Sonsie Conroy answered:
It depends on what recourse your HOA has to collect that debt. Read your CC&Rs or HOA agreement to see what is done about unpaid fees. It wouldn't hurt to check with a real estate attorney as well. Sometimes these debts are not canceled by foreclosure and are not paid by the bank or the new buyer. You might still be on the hook even though the house is gone. ... more
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Mon Sep 6, 2010
Susan Edwards answered:
Yes I have had the experience , but I kept calling until I was able to talk to the exact person at the PMI company who had the authority to negotiate. They had asked for a note in the amount of $10,000 at 0% interest paid off over 7 years. He was willing to extend the time to lower the payments....but the seller was in no way interested in this. I negotiated a cash at closing settlement for $2,000 and the PMI company was happy and released the seller. Hopefully this helps ... more
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Thu Jul 22, 2010
The Cascade Team Real Estate answered:
Yes they are. Even after auction or foreclosure you may find that you need to deal with an existing HOA lien.
0 votes 1 answer Share Flag
Thu Jul 1, 2010
Geoff Hill answered:
Absolutely. There is nothing stopping international buyers from aquiring property in Seattle (or most places in the US). You will have to qualify in the same ways that naturalized citizens do. You will have to show a history of employment or steady, dependable income (or have enough cash to buy the property outright). You will have to have a decent credit rating. You will need enough cash for a down payment and closing costs. You may find it more challenging to get a loan than you would if you were a citizen. My advice would be to start by talking to a mortgage broker. They will ask you to compile necessary documents and tell you if you will be able to qualify for a loan. ... more
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Wed May 5, 2010
Dianne Hicks answered:
Not clear... are you the seller or the buyer? The buyer cannot negotiate with the bank. In all cases the offer must be around the BPO price.
0 votes 9 answers Share Flag
Wed Apr 21, 2010
Ardell Dellaloggia answered:
I see people doing this...be careful of the cost of a double close including excise taxes. As long as you are taking full ownership and then selling the property as the owner, I don9;t see a problem with that.

Will be interested in seeing the other responses.

I did list a property for an investor who does that and who fixed it up a bit after buying it at the foreclosure. Lately I have been seeing some where what the seller paid at foreclosure is not on record yet...and I don't like that. Not many will want to pay you a lot more than you just paid for it. So be careful of that. If you just paid $250,000 and you want someone else to pay $400,000...even if it is "worth" that amount, most would not want to pay you that kind of profit margin.

Not sure what a buyer would consider "reasonable" compensation for you...each buyer will be different. But most will not like to see you making a killing off them.
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0 votes 7 answers Share Flag
Wed Mar 24, 2010
Daniel Poach answered:
Tim,

I would have your agent talk with the listing agent of the property. I would be willing to bet that the listing agent has contact info. for the
0 votes 7 answers Share Flag
Mon Nov 23, 2009
Marcy Spieker answered:
In my opinion, that would be a question better handled by your attorney. I would believe that if the home were surrendered in the bankcruptcy that you no longer own, nor have any further claim to the property.

I would strongly suggest giving your attorney a quick call on it.

Marcy Spieker
RE/MAX Metro Realty
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0 votes 3 answers Share Flag
Wed Mar 31, 2010
S answered:
Sun Nov 22, 2009
Ben Allison answered:
Why don't you try contacting the listing agents of the foreclosure homes in the area you are looking to work. Solicit your services directly to them as they are on the ones who are most likely taking care of the property clean up efforts. .....I hope that helps :-) ... more
0 votes 5 answers Share Flag
Mon Jun 1, 2009
SeattleHome.com answered:
Applying directly through your current lender is the best starting point.
0 votes 1 answer Share Flag
Sun Sep 20, 2009
Voices Member answered:
Lu, The Banks/Gov provide sites with all the information for the public so they can have Free access to the information ... Sites like this ... http://www.tenmanagement.com/listings/state.do?code=WA
http://www.pasreo.com/pasreo/public/propertySearch.do ... http://www.wamuproperties.com/
http://reosearch.fanniemae.com/reosearch/

The links to all the sites are here .... http://www.mortgagenewsdaily.com/wiki/REO_Database_List.asp
http://www.biggerpockets.com/bank-reo.html

Remember Due Diligence and these might be interesting... http://publicrecords.onlinesearches.com/Washington-Foreclosures-and-Tax-Lien-Sales.htm ... It's a fairly good search tool try it out.

Auctions .... http://www.williamsauction.com/Search/searchresults.aspx?status=active&state=WA&categoryid=1&statusid=1&p=1.2
http://www.propertyauction.com/buyers.cfm

Lots of Info out there so inform yourself and learn enough to be able to know when an agent is giving you a sales pitch or is actually a Professional that will help you attain your goals.

Good luck, Dunes
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0 votes 11 answers Share Flag
Thu Mar 26, 2009
barbara mcmahon answered:
Hey Thanks for the update!! Good news!
0 votes 2 answers Share Flag
Tue Feb 15, 2011
Jeanmarie Trapp answered:
The best think you can do is talk to a real estate atty. I can recommend a good one in Everett for 500.00. It's the best money for you to spend.. Foreclosure is tough but If you get into that bind again, you need legal advice. ... more
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