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Foreclosure in Warren County : Real Estate Advice

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Activity 6
Tue Feb 8, 2011
James Gordon ABR SFR SRS answered:
Stephen the first thing do you see a for sale tag on the property? No this is standard for Realty Trac. They want you to subscribe to their service. This property may come on the market some day. The lender may have done a loan modification with the owners. The price when it comes on the market may be much higher. Realty trac sellls information (misinformation) not homes.
Tell your client that you have access to all the properties available for sale that are lender owned and set them up a client portal.
In our area forclosure activity is down and people keep hearing that nationally prices are down and forclosures are up. Give your client a touch of reality. Clear Capital reported that Cincinnati was the 2nd best market y-o-y in home prices with an average gain of 6.4%. Here is the lnk.
http://www.bizjournals.com/cincinnati/morning_call/2011/02/cincinnati-housing-prices-post.html
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Tue Aug 24, 2010
Mark Ryan-Mark Ryan Group answered:
Bill,

I struggle with this all the time. We do a large number of short sales and have divorce and BK attorneys all the time tell clients to just walk away... I wont argue the law with them but it is just a fact that a foreclosure is the worst thing that you can have on credit... way worse then a BK and if you have a BK AND a foreclosure that is the worst...

Will be interesting to see what other input you get on here...

Mark
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Tue Apr 28, 2009
Mark Ryan-Mark Ryan Group answered:
Anne,

This came over as a new question but if I remember right you were moving out of state for a new job... right? If that is the case then all the talk you are hearing in the news really does not apply as it is to help keep you in the home... you are leaving, right? If I am remembering wrong please let me know. There a many rules and problems with the new programs and I will try to give you better info if I am remembering wrong...

Again, best of luck to you and please always feel free to call me directly. We work with sellers in similar situations every day.

Mark
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Sun Apr 26, 2009
The Hagley Group answered:
It would be better for your credit to short sale your home.....but...speak with a financial advisor or an attorney about your specific situation.
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Wed Feb 6, 2008
Mark Ryan-Mark Ryan Group answered:
Jeff,

The bank is the one who says yes/no the the deal... the seller still is the one to "sell" the home but the bank has to approve the loss. Has the listing agent done short sale business before? If he is experienced then having your agent call is most likely no helping and could hamper the process, just human nature. We do a good deal of short business and when the other agent constantly calls it just slows us down and gets irritating. The whole process may take 60 days to get the bank approval, just hold on there... as long as the listing agent knows what they are doing you should be OK.

On the sheriff sale date... that could be a good or bad thing. The bank knows they have until then to decide so sometimes the "drag their feet"... There is a cost to them to reschedule if they put it off so they may wait until the last min. and then expect you to close quickly... I would have my financing as complete as possible in prep. of that possibility.

I hope this helps please feel free to send any other questions you or your agent may have on short sales in general to Mark@MarkRyanGroup.com
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Fri Jan 4, 2008
Chuck Patterson answered:
Candi, Your options will vary depending upon the type of loan you have and your lender BUT YOU DO HAVE OPTIONS. Until it goes to auction and the sale is recorded, you can redeem your home. Talk to your lender ASAP. Chances are they don't want to own another foreclosed home. If you have had a good history wit them, they may be far more cooperative than you might think. Call your local HUD office and explain your situation. There are resources available. DO SOMETHING. Doing nothing is never the answer. I truly wish you the best. ... more
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