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Walworth : Real Estate Advice

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  • Local Info0
  • Home Buying4
  • Home Selling3
  • Market Conditions0

Activity 6
Fri Mar 15, 2013
Tim Moore answered:
A property is either in foreclosure or it is not. The word pre-foreclosure is a term used meaning a short sale which can be done while the property is in the foreclosure process to try and skirt past the foreclosure conclusion which is the auction at the courthouse. If a property is being foreclosed or near the start of the process it usually means the owner can't make the payments and they can't sell it because it is not worth as much as is owed to the bank on it.

If a seller wants to sell it they must sell it for enough to pay off the loan on it. Since it is not worth what is owed you would have to pay a lot more than it is worth -- and I doubt you want to do that. So the owner has two options:

Wait for the bank to foreclose on it

Try to do a short sale before they foreclose on it

It sounds like your owner is going to wait for the foreclosure, so just wait for the bank to buy it and they will decide to sell it at some time and you can make an offer on it then.
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Wed Jan 30, 2013
Ron Thomas answered:
I can't imagine what good that information does you;
but it seems the average is about 95 days;
across the Country,
Distressed and non,
HUD, FHA, Fannie, Conventional and Cash

Cheap and Luxurious
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Thu Aug 4, 2011
Margaret Hassani answered:
Mike - You can certainly buy a home with cash, even if your credit is bad. But you wouldn't be able to get a loan with bad credit. If you have no credit, you can talk to a lender to see what needs to be done in order to get a loan. ... more
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Wed Jan 26, 2011
Diana Kellstrom answered:
Most contractors will give you a free estimate. I would contact at least three contractors for a bid.
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Wed Jan 30, 2013
Anna M Brocco answered:
To consider--a home is worth what someone is willing to pay for it; it doesn’t matter what the seller needs or potential buyers can afford to spend; market conditions do matter as does the immediacy for a transaction to take place. In setting a price, it is in the seller’s best interest to focus on the current market conditions in conjunction with general economic value projections over the next six months--with that said--if you had many showings and positive feedback, you really need to review comps with your agent--recently closed similar properties in the immediate area, after reviewing the data adjust your price accordingly, be as competitive as possible with other area properties currently on the market; review marketing as well, make sure your exposure is maximized--your agent can best advise. ... more
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Wed Jan 26, 2011
Awallmss asked:
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