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Foreclosure in Mobile : Real Estate Advice

  • All144
  • Local Info22
  • Home Buying43
  • Home Selling3
  • Market Conditions6

Activity 13
Wed Sep 21, 2011
Michael Morrow asked:
0 votes 0 Answers Share Flag
Tue Nov 1, 2011
Clifton Henderson answered:
You can go to for my current REO listings. I can set you up with
an email alert system that will email you the newest foreclosure for the Mobile or Baldin county area.
If you have a specific search parameter, let me know and I can set up a specific search just for your
needs. I can also email you the current list, (Its rather large, easier if you narrowed the parameter down
to what you are looking for)
... more
0 votes 5 answers Share Flag
Tue Oct 27, 2009
Chad F answered:
Check out this site.. Hopefully it helps. You can search each state to find REO specialists.
0 votes 2 answers Share Flag
Sat Mar 5, 2011
Voices Member answered:
Maybe they are out spamming somewhere?
0 votes 1 answer Share Flag
Tue Sep 2, 2008
Barry Lynn Miller J.R. answered:
There is a lot of reason and I don't think there is anyone that can point to one thing that happend but I will try to make it short and sweet for you.

10-15 years ago you had to have 10-20% down and great credit to buy a Home and over time the lenders got a little lets say aggressive a first time home buyer with a 575 credit score (which is not good I might add) and with no credit history could buy a home with no money down and they would close with an arm to make things worse and at 3 years these new home owners payments go up 200-300 per month- what happens they have nothing in it no equity because of 0 down so what do they do they let it go back and rent somthing cheaper- Then the lender to cover their lose put 3 more loans in its place with the same credit or worse so there bottom line looks good for wall street. O.K lets look at left hand you have people getting in the Real estate business who have never done it before you have people getting builders lic who have never even picked up a hammer. Because you have to fill the supply for demand and everbody saw a pot of gold at the end of the rainbow I can say this because I chased that pot - I was on the mortgage side young family comes to you and what to buy you have a lender that will fund the loan what do you do- I have four kids I funded the loan I helped give them the money- And honestly if I had a lender that would fund on a 580 credit score at 100% I would fund the loan- but what i do different is I will make sure my clients understand what they are getting into I help them after the fact if they get into hardship I let them know what there alternative are other than Foreclosure. ... more
0 votes 1 answer Share Flag
Wed May 20, 2015
Dtj answered:
Hello Patrick; This is best answered on an individual basis. The amount of success a person will have in Short Sales is directly related to how prepared that person is with the paperwork and continued relationship with the different loss mitigation personnel with the different banks.

It may come as a surprise but recently on a Short Sale I was doing instead of waiting for my overnite package to come to him (the loss mitigator) he was ready for me to make an offer right over the phone and then prepare my paperwork accordingly to our conversation.

Definately a sign of the times were in, shows how desperate these banks are right now with too, too much property taken back by them through foreclosures.

Think about it. They are essentially cutting the RE Broker out of the picture if it were to be listed, with making deals and decisions in minutes, which ends all chance of a brokerage getting that house as an REO. But then again there are so many the brokers will hardly feel the difference.

Be prepared and fast!!
... more
0 votes 15 answers Share Flag
Fri Dec 7, 2007
Carrie Crowell answered:
Hey Patrick,
Good to see you back in action. You know what they say if it sounds to good to be true??? Actually it sounds like it may be just what the Dr. ordered. It is a great time for some positive action. I am interested to see how things turn out. ... more
0 votes 14 answers Share Flag
Tue Jul 28, 2015
ian cockburn answered:
The false media message of doom and gloom...and the preoccupation with convincingly stating that "everywhere" prices are falling.

Once I explain what it takes / the steps to foreclosure though most people do not think it worth the effort, and I then have a new client. ... more
0 votes 4 answers Share Flag
Wed May 20, 2015
ian cockburn answered:
The good negotiators base the negotiations on facts. The facts include the price, but not limited to that.
The facts will include other comps. In addition, a true negotiator will point at specific items such as, "floors need to be refinished = $x.

A good negotiator plans on getting the deal done, and communicates effectively to their client what and how they plan on working the plan
... more
0 votes 14 answers Share Flag
Tue Sep 4, 2007
Ute Ferdig - Atty. Negotiator answered:
I am sure the home has been on and off the market. That's what usually happens when people can't pay their mortgage. Dealing with properties that are in foreclosure is not for someone who is inexperienced. It's really important for you to have an agent who is knowledgeable in this area. You should expect some deferred maintenance (someone who can't pay the mortgage probably did not have the money to keep up the house). Since the property did not sell in the past few years when it was on the market, there are most likely good reasons for it. Condition and location are driving factors when determining the value of a property. An experienced agent can help you and make sure you don't buy a lemon. Good luck. ... more
0 votes 2 answers Share Flag
Wed Sep 19, 2007
Greg Kiely answered:
think the move is a good step in the right direction. I am not a huge fan of the Fed making major monetary policy changes and think making the FHA more accessible is nothing but a benefit to all homeowners. We will weather this storm, and I know Boston is seeing one of it's strongest seasons EVER! - A ... more
0 votes 11 answers Share Flag
Mon Mar 16, 2009
Ellen Chung answered:
Here in the Bay Area in California the buyers pay for the lender's title policy and their own title policy as well if they choose to obtain it. It's also up to either the buyer or the seller to choose the escrow company, there is no absolute answer for that. I have never come upon a situation where the seller per se wants to go with First American and the buyer has a problem with that. Once the escrow office is chosen, the other party generally doesn't care. ... more
0 votes 14 answers Share Flag
Thu Aug 12, 2010
June Slusser answered:
Buying a property before the "boom" can be a wonderful way to create wealth. It also can be one of the fastest ways to lose it. I suggest you spend time with the chamber of commerce, development authority, reputable area real estate agents/companies. You might consider making an offer that includes a "due diligence" clause. That clause should give you adequate time to research trends, recent sales, foreclosures, etc. I love to purchase historic properties in areas not discovered but I always try to know all the facts before I put my money on the line. ... more
0 votes 4 answers Share Flag
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