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Foreclosure in Virginia Beach : Real Estate Advice

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Activity 16
Sun Feb 26, 2012
Tim Moore answered:
Because they lose money on it when they do. Would you like to give up $100,000? I doubt it and a bank is no different. Often they will foreclose so they can take over the house, move out the ex owner who defaulted on payments and then decide what to do. Other banks like the short sale approach, but in either case there is a loss to the bank and no banks likes to lose money. Some owners try to short sale their house while still making payments and the bank just ignores those offers since they are being paid the mortgage each month. You, as a potential buyer, will have no idea if the owner is current or behind on payments and often the sellers listing agent won't know either. It happens and those situations drag on for months sometimes as the bank just ignores the offers. I feel listing agents should have bank approval to short sale a house before it is listed for sale, this would prevent owners from trying to short sale just because the house is worth less than when they bought it but still current on payments. ... more
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Mon Nov 21, 2011
Pamela Hunt answered:
Pete;
Call an attorney first thing Monday morning. He/She can advise you on what you need to do to stop the sale. Don't delay!! If you need a referral to a real estate attorney you can call me at 343-9095 or email me at pamelahunt@williamewood.com

Pamela Hunt
Realtor, Licensed in Virginia
Short Sale and Foreclosure Resource
William E. Wood & Associates
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Mon Nov 21, 2011
Anna M Brocco answered:
Consider consulting with an attorney who specializes in real estate as to any legal options; most professionals do offer a free consultation, or if you cannot afford one, contact your local Legal Society for a pro bono attorney--free. ... more
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Tue Jul 5, 2011
answered:
You would need to bit at the auction like everyone else - typically auctions (at least here in California) require you have certified funds before you can bit, as well as the remainder of the sale is typically due within a certain amount of time (I believe it's 24 hours) from the time your bid won the auction. This makes purchasing with traditional financing difficult if not impossible, but hard/private money lenders are ideal for this situation. In any auction you want to do your own research before bidding on the home, usually you will know what homes will be auctioned off ahead of time so you should check each home out carefully, perhaps hire a home inspector for a day even, and the homes you really really want you should pay $350 (or however much) for an appraisal to determine what the fair market value is... and then with the appraisal & insight from your home inspector, you'll know exactly what your max bid on the home should be. You may even want to attend a couple other auctions first so you aren't nervous at the auction of the home you really want as some can be relatively fast moving (it isn't like a Mecum auto auction, but it's not a silent auction either).

Now there are firms out there that will auction off a lender's REO portfolio - "Foreclosure Auction Firms" is a common name for them, these are homes that are already foreclosed upon that probably failed to sell at a normal auction, so a company approaches the lender and says they'll throw a big "auction party", advertise like crazy, and get a hundreds of people to attend and make bids on the homes. http://www.redcgroup.com/ was (and perhaps still is) one of the biggest national auctioneer's of real property - however the tactics displayed at many of their auctions is very suspect, including reported of "shills" being planted to increase bids on properties. Finally, after winning your bid, then the lender has the final say if they want to accept your bid or not, so if your bid that won the auction didn't meet the lenders "minimum", you find out usually a week or two later, thereby missing out on any potential homes that come up in the meantime.

http://mortgage.ocregister.com/2008/06/20/foreclosure-auction-firms-accused-of-bait-and-switch/ is an article about bait & switch tactics used by REDC.

If you buy a home at an auction, make sure it is an "absolute auction" or "no reserve auction", where no minimum bid is required to be met and the highest qualified bid wins. I am aware Freddie Mac does these from time to time and if you search your local area you can find them advertised as well.
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Thu May 5, 2011
Tim Moore answered:
I am not sure what you mean by foreclosure since that is a process and nothing else. It can be near foreclosure, in foreclosure or foreclosed. Once it goes through the foreclosure auction, which you can go to and bid on it with a cash offer, then it belongs to someone. If the bank gets it back then it is a bank owned or REO property, but you could say it was a foreclosed home too.

With that said, if it was listed as going to foreclosure it can go all the way or be saved by the owner or the bank could have postponed on taken it out of the foreclosure process for some reason. If it was a bank owned home and it has a contract on it to purchase it will not be available to the public on many real estate websites any longer.

I hope one of those answered the question.
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Fri Apr 1, 2011
Anna M Brocco answered:
You can check local public records, county court house, county recorder, or simply contact any local agent/realty office, they all have access to the same information.
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Fri Apr 1, 2011
Don Tepper answered:
That's a question that only a lawyer can precisely answer. However, the general answer is: A lot. You start with the overdue payments, of course. Add in extra interest. Add in penalties that may be specified in your note. Then--and here's where it really gets murky--they can try charging for their legal fees and expenses. And you have no control over that, nor do you have in writing what that can run. And that certainly can run into the thousands of dollars.

So, you're really best off contacting a lawyer. However, as a general note, remember those items can be negotiable. Your lender would probably prefer for you to "make the loan right" than to foreclose. They might be willing, for instance, to forego the penalties and some of the legal fees. Or, if there's a way to do so, to tack it on to the end of your mortgage. Or--though it may be too late in the process--they might consider a loan modification.

Hope that helps.
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Sat Mar 21, 2015
Jonathan McAchran answered:
I would highly suggest contacting an attorney for this question. No real estate or mortgage professional is going to be able to answer it properly in my opinion... and is probably why there haven't been any answers thusfar. My recommendations would be to find a good real estate attorney and/or attorney with experience in dealing with timeshares. I don't personally work with timeshares, but some great real estate attorneys I can recommend would be Jon Ahern, LT Caplan, or James Lam. I'm sure you can Google all of them, but Ahern's website is: http://www.sykesbourdon.com/ ... more
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Tue Apr 27, 2010
Patrick Thies answered:
It depends on the bank and how many properties they are handling. REO properties are quicker then short sales because you are dealing with the bank directly and not going through the current home owner as you would with a short sale. ... more
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Tue Sep 29, 2009
Ralph Windschuh answered:
I would speak to an attorney to see if he/she can negotiate a settlement with the bank or stall the foreclosure proceedings. Otherwise, I would think you would need to sell the property (and let the bank know you're selling). If you allow it to go to foreclosure sale, you will get either next to nothing or nothing. The bank will not have any incentive to try to sell the house for top dollar, they will only be concerned with getting what is owed to them and their attorneys fees. Is there someone in your family that can possibly co-sign on the loan? I know it would be very painful to sell but it's either walk away with something or possibly walk away with nothing. Good luck.

Ralph Windschuh
Century 21 Princeton Properties
631-467-0009
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Sun Aug 2, 2009
Susan J. Klein answered:
Hi Stuck:

Document and photograph all damage and missing fixtures and submit it with your offer so that the bank sees the condition of the house. The banks usually will get a Broker Price Opinion prior to putting the home on the market so you need to do your homework to make sure it is not a $900,000 priced at $600,000. A Realtor can do a market analysis for you and help you with an offer. This is the best way to go and it costs you nothing. I'd be happy to help.

Regard's,
Susan Klein, Realtor
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Sun Mar 1, 2009
Keith Manson- Metro Milwaukee Wisconsin answered:
You may want to investigate this a little further. People did this back in the 80's in the oil belt. The thing that you have to consider is a couple things when you move you will want to stay in the new property and that the bank you have on the house you live in may go after your for the deficency or short fall between loan an value. Check out the details before you make the jump. Talk to a attorney and review what your bank has done in the past.

Good luck!
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Tue Sep 4, 2012
Jane Taylor answered:
So what was the question? This looks like an ad for your cleaning company. Just sayin!
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Tue Feb 24, 2009
Dallas Texas answered:
Good luck back taxes usually the lender it notified via county tax office that no payment had been received and mortgage company will pay on behalf of property owner then work these issues out with the homeowner ... more
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Sat Dec 27, 2008
Jonathan McAchran answered:
A hard money lender would be good for a foreclosure in need of repair and provide the ability to close quickly. But it's always good to educate yourself as much as you can. I'd start by picking up a good book on the foreclosure process from Amazon or Barnes and Nobles. As far as the auction goes, the bank is generally just looking to get back what they have in it. It's best to do your research or work with someone (like a Realtor) who can do research for you and find out what something is worth so that you know what to bid and when to stop bidding. Let me know if you have any more questions.

P.S. Here is a foreclosure auction in the Charlottesville, VA area... very similar to what one would be like in this area: http://www.realcentralva.com/2008/10/17/this-is-what-a-foreclosure-auction-looks-like-in-charlottesville/
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Wed Jun 30, 2010
Danilo Bogdanovic answered:
What you bid on a house is figured out on a case-by-case basis. The homes that extremely well priced can (and will) have mutliple offers on them within a week while others that are overpriced sit on the market for months and months. You have to compare the property's asking price as compared to market value.

And a home is just that - a home/shelter. It's a home/shelter #1 and an investment #4 or #5. It's amazing that people will buy a car even though it loses 15 percent of it's value the second they drive it off the lot, but they won't buy a house for fear of it depreciating short term while increasing in the long-term.

None of us can predict the future so that's your call on whether you wish to rent for some time and then buy or buy now. Either way though, if you're in it for the long haul, you'll end up ahead in the end.

As far as what to bid on a property, talk to a good Buyer's Agent who will go over the comps for the specific property you're interested in and guide you on what to offer and how to best negotiate the price and terms.

And ARMs started adjusting a while back hence the "mortgage crisis". More will adjust in the future, but the market has already felt the brunt of it.
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