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Foreclosure in Rockingham County : Real Estate Advice

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  • Home Buying5
  • Home Selling1
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Activity 12
Tue Sep 25, 2012
Tina Lam answered:
It depends. What sort of auction are you referring to? If it's a bank auction, they'll just list the house until it's sold. If it's a secondary auction, they'll just bring it back up again for the next auction. If it's a trustee auction, it'll go back to the bank. ... more
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Wed Apr 25, 2012
Suzanne MacDowell answered:
You are wasting your time. Banks REO managers or asset managers will not talk to individual agents or buyers. You would be better off trying to get in touch with the current owner and negotiate an offer for short sale. Otherwise you will have to wait for the Bank to list it with an REO Listing agent, if they in fact pursue that course. A lot of banks are considering bundling foreclosures and selling them to investors in bulk. In fact the government is encouraging this plan. If they do that you won't have a chance of purchasing the home as the investors will more than likely rehab the home and rent it out or resell it at a profit. Even if the bank does list it with an REO agent, it could be years before the home actually goes on the market. I have watched homes in my own neighborhood sit empty for two or three years and they are STILL not listed for sale. And on top of all that, if the home is not vacant, the homeowners may be trying to work out a mortgage modification which could delay the foreclosure auction indefinitely.

The best thing you could do for your clients at this point is to either try to contact the current owners and offer to purchase the home as a short sale, or advise them to consider other homes.
... more
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Sat Apr 21, 2012
Paul Rinde answered:
Absolutely, Untill the seller has accepted you are entitled to raise your offer. Just submitt another H & B to the agent and say sorry you have come to your senses. Be quick though, timming is crutial. ... more
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Mon Feb 28, 2011
Tim Moore answered:
It does not matter if it was foreclosed or not, if the bank now is the owner it is a bank owned home. If it is a bank owned home then the bank puts a price they want on the house in the listing, the question is will they sell it for less or wait until they get a full price or better offer. You should hear back from the listing agent in a couple days, normally. If it is a short sale property, not owned by the bank, it can take months to hear back with a yes or no. Bank owned homes can close pretty fast once they sign the offer making it a contract. Normally the time required is a matter of how fast your lender can get the loan ready, not so much the bank selling it. ... more
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Tue Nov 9, 2010
Michelle Gonzalez answered:
You can take over payments, which would in other words means you would be renting the property. Keep in mind if the homeowner is in foreclosure there are past due payments that should be brought current prior to moving in your family. Last thing you want is the bank foreclosing and your family getting evicted. The loan would remain in the current homeowners name and you would be considered a tenant unless the homeowner grant deeds you on title. You would have to refinance or purchase the property to release the current homeowners liability. ... more
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Wed Oct 9, 2013
Bob McClure answered:
good evening..yes, they certainly can...
best regards.
bob mcclure
mortgage one
brighton, michigan...
0 votes 13 answers Share Flag
Mon Aug 16, 2010
Laura Scaccia answered:
Hi, Lori,

I would like to help... which properties are you referring to? There's no link in your message!

Let me know and we'll see what we can find out!

Laura ... more
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Wed Sep 23, 2009
Scott Godzyk answered:
You do not know if the corporation has had to sign personally. As well what type of corporation owns it, how they filed with teh state and if that corporation owns other properties can factor in. As well if teh corporation wants to keep to business and not after to start a new corporation. There are way too many variables but i can tell you the advantage of a business or corporation doing the short sale is teh same as personal. To save some sort of credit rating, short sale is less damaging than a foreclosure and with a short sale they can negotiate the amount that they are short to being able to put off the amount to a later date to completely writing it off. In a foreclosure the bank is coming back for that money if they have any other assets. I hope this helps. ... more
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Mon Sep 7, 2009
James Gordon ABR SFR SRS answered:
The lender agreed to take title to the property as is instead of pursuing forclose. The property is all theirs now baby. The lender may be able to before the sale takes place go after the seller/property owner that broke their legal contract for any damages that were intentional.
Proving it is another matter. Like holes in the wall--"Oh we just had an accident when we were moving!"
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Fri May 15, 2009
Eric West answered:
I see it has been almost a month and still nothing on this property. The bank did in fact foreclose on the property and it will be listed again. Some lenders take a little longer than others to re-list their property. If I were you I would have a REALTOR keep an eye on it so you can be one of the first one's in the door as soon as it pop's up on the market. ... more
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Sat Nov 22, 2008
Val Cloutier answered:
You would think, Maryann, that the banks would be trying to cut their losses, and unload these assets as quickly as possible instead of carrying them. However, the houses are considered "assets, and once they are sold, the bank is taking a loss. As convoluted as that sounds, the bank's bottom line is better when it has the assets. I've seen them deny an offer less than 5% under the asking price, which is completely ridiculous. The average Seller will negotiate more than the banks will, which is unfortunate when you look at the number of bank owned properties available. Factor in that bank-owned property is as-is, with no property disclosures, the majority of bank-owned property is risky, overpriced and just not as good of a deal as it could/should be. If I can help, feel free to drop me a note, and have a great day!
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