The best way is to find a Realtor who is familiar with the area where you're interested in buying. You may also want to speak with a mortgage lender, unless you are paying cash. If you are planning to get an FHA loan, your Realtor will have to make sure the condo is approved for FHA buyers.... more
While the mortgage loan may not appear on your credit report if you are not on the Promissory Note (the mortgage loan)... it may hinder your credit if you are ever asked on a future mortgage loan application: "Have you ever been indirectly involved in foreclosure OR have you ever owned a property that resulted in foreclosure?" While this may not seem fair since you did not promise to re-pay the loan...it is a reality.
Lic. Real Estate Broker | Realtor
4000 Ponce De Leon Blvd # 470
Coral Gables, FL 33146
Please do not print this e-mail unless you really need to.... more
A forbearance is the norm and the more favorable avenue to avoiding foreclosure. Usually a forbearance will take as many as three payments and move them to the end of the mortgage term and adjust your current payment upward for a period of 2 years to cover the remainder of the amount you are behind. If you stick to the terms everything goes back to normal and you have not destroyed your credit or ability to obtain future financing.
Buy a home after foreclosure expert... more
The first two things you need to do are:
#1 Find a Buyers Agent, a Realtor who is experienced in buying foreclosures in your area. They will advise and educate you through the whole process. They will save you time, money, and aggravation.
#2 Find a loan officer and get pre-approved for the amount you wish to pay. Unless of course you plan on paying cash.... more
It is best to have a realtor who can make the offer and follow up with the closers and processors of the bank's settlement companies. The commission is paid by the seller so there is generally no additional expense for the buyer - just support from a knowledgeable and trained professional.
The listing agent is stating the bank has approved a sales price of 275k which one would assume that is how much they will accept for an offer. If your offer is higher than this it will assist you in being picked if there are multiple offers. you should also include a preqpproval letter and your deposit should be at least 1% of sales price. you should aslo try to avoid having any contingincies which would make your offer less appealing for the bank. good luck... more
I am sure they can, with more red tape, just like banks can foreclose with other banks and lien holders on title. With that being said, contact a real estate attorney and see what options you have. I'm sorry this has happened to you.
Best of Luck,
the right of redemption terminates at the time of ;the foreclosure auction. if the bank took it back at the auction you could theoretically try to vacate the sale if there was some impropriety. this is not a highly likely event.... more
there are 2 ways that this ,may accure. 1) someone will buy it at the auction and they will get possesion of the property in 30 days when they close on it. they will then have to evict you. 2) no one will buy it at tje auction and the bank will take possesion of the property and they will evict you. you have at least 30 days in both cases.
why did you let it go for so long there are any ways you could have got help.
check out my website there is information there that you may find usefull. or contact me off line, I may be able to help.... more
You get to include a right to inspect as a contingency with a contract to purchase a bank owned property. Hire a licensed and insured professional inspector as soon as the bank has negotiated a Purchase and Sale Agreement with you, and the mystery is gone. If the inspection is acceptabole, you will continue with the purchase. If it is not, you can try to re-negotiate or back out of the purchase by notifying the seller in wirting within the contract agreed time frame. These bank sales are sold "as is" just like auction properties.
However, with auction properties, you often have limited opportunity to inspect and even if you do, you will have to pay for that inspection withouth knowing whether or not you will be the successful bidder.... more
to answer question not every home is listed in MLS, exclusive listings can be part of a particular brokers inventory. Yes, a home can close in a week, while not common at all, if the buyer is purchasing the property all cash ( without financing) provided that all participants can perform the due diligence and deliver a clear title withn that time frame.... more
It seems like you're looking for a good deal. There are many out there. Pre Forclosures may not always be the best way to go. Agents would be the best resource in finding these deals. You can get FREE email alerts of any property you're looking for.... more
The question is are you planning to occupy the home or is this for an investment? Lenders have tightened credit considerably for mortgages. If you plan on being an owner occupant and have flawless credit and provable stable income you can probably get away with about 5% down. If itâ€™s an investment property you will likely need somewhere in the 15-20% down. However if you are that interested its no harm to attempt to qualify. I you need help let me know.... more