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Foreclosure in Wisconsin : Real Estate Advice

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  • Local Info10
  • Home Buying107
  • Home Selling25
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Activity 102
Tue Apr 28, 2009
Sean Dawes answered:
Break even point? You mean the mortgage amount that is on the property? If you are not dead set on having this place you can start there and see what the bank says. They might come back at a number in between which you can agree on.



Sean Dawes
Long and Foster Real Estate Inc.
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Thu Apr 9, 2009
Sarah Steelman answered:
"AS IS" meaning the condition it was in when you made the offer and it was accepted. That's the purpose of the final walk-thru, to make sure eveything is in the same condition. Unless there is verbage stating otherwise, you may be able to walk away because it's not in the same condition as when you offered. But these foreclosures do get tricky and they use alot of their own contracts. I would suggest you seek a legal opinion. ... more
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Thu Apr 9, 2009
blaison samuel answered:
Rosie,

My advice is to contact a local agent who can represent you as your buyer's agent who can check the fair market value and give suggestion on price range to write an offer for this house. In that you will get a chance to get that home you like, have someone to protect you from the bad deal. Don't go alone or with the listing agent. Good luck!

Blaison Samuel
Certified Short Sale Specialist
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Sun Apr 5, 2009
Gwenn Tanvas answered:
Hi Napoleon: When you have an opportunity, please send me some details via email gwennt@centurytel.net or contact me by phone 920-858-1203 - I have a few resources and would be happy to assist you. Thanks and I look forward to your communication.

Make it a great evening....
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Sun Dec 27, 2009
Bill Eckler answered:
OC,

This is commonly done on foreclosure opportunities that represent the right home at the right price when buyers feel there may be multiple buyers interested in the property.

Unfortunately, we don't really know for certain if it a good idea until we are told the property went to another buyer that offered a higher amount for the home.

This depends on your level of desire for the home.

Good luck
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Fri Jan 16, 2009
Karen Wenzel, e-PRO answered:
OC -homebuyer-
The answer to that is "it depends". I assume your Realtor is providing you with some guidance and you are aware of comparable neighborhood property prices. As long as you have a clear idea of what you may need to fix on the property and it is truly the house you want- there is nothing wrong with going in with a Strong offer.
Make sure you have your written pre-approval to submit with the offer also.

I always advise my Buyers to put in their highest and best offer- especially when you may be competing with other Buyers (which is happening in many cases here in the Milwaukee area right now).
Interest rates are incredibly low, so hopefully you will have a win-win on your purchase.

All the Best to You!!
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Mon Jun 27, 2011
Deirdre Vanko answered:
Try looking at Harris Real Estate University online they have a course to point you in the right direction. Good luck. Deirdre Vanko
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Wed Jan 7, 2009
Julie Simmons answered:
You need to have your bank order a new Broker's Price Opinion to show that there are lots of lower priced
houses in & around the area. They are using comps on the south side of your neighborhood, not the north side. Your house is in a unique area - one that can appraise high using Melville Park area comps or the more reasonable comps in the area you mentioned...It totally depends on where they get the comps from. A realtor can help you with comparable properties, as our MLS is full of short sales & foreclosures. Whether or not your bank is reasonable is a question we can't answer!

Best of Luck!

Julie
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Tue Dec 30, 2008
The Hagley Group answered:
have him shoot me an e-mail and I will send him forms that the lenders will recognize and may be more likely to respond to....for a loan modification. Contact me through the site below.
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Tue Aug 9, 2011
Jeremy and Dana Cudd answered:
Who is the lender? My guess is it's Wells Fargo by the way you described their process. I've delt with numerous lenders and my advice is to call them on a daily basis. Even if they've said in the past, the negotiator will call you, the agent should be calling, calling, and calling again. Sometimes it's over looked by other deals on the table, but if you're persistant, they will get a move on it. ... more
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Mon Aug 25, 2008
Pete Rondello Sr answered:
Jane:

I don't have a copy of your offer in my hand, so my comments are general in nature. If you are using the standard Wisconsin forms, also applicable in Appleton, this should be correct.
Usually, if your offer has indeed been accepted, and the offer is structured properly to allow you time to have your contingencies satisfied, then you will remain in primary position and can continue forward knowing that your offer is the accepted primary offer. The seller is free to consider any and all offers on the property, and they can accept a secondary offer, which will remain a "back-up" offer to yours. If for some reason you are not able to perform and buy the property, the seller will have another offer in hand that they may choose to elevate to a primary status.
Watch your dates carefully and make sure you communicate regularly with your agent as to the progress with your bank, etc.
Best wishes!
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Sun Jan 25, 2009
None answered:
Hello Jeff,

The quick answer is that the price isn't attractive to the right buyer.

Because foreclosures can be in very rough shape, the price needs to be attractive and the buyer may need to be willing and able to possibly spend $1,000's to get the home back up to snuff.

Many times with a foreclosure, the foreclosed owner has given up on the property months before the actual foreclosure takes place. They may have stopped doing any maintenance or cleaning or have even taken out their frustrations on the house (causing damage, removing fixtures, etc).

Also, the banks usually have the utilities turned off. So there is no water or heat going in. The new owner is responsible for getting these hooked back up, not to mention the damamge our cold winters can do to the interior of a house! The new owner has to be willing and able to handle these problems, usually before moving in to the home.

If you could provide me with an address or MLS number, I would be happy to find out more or to even schedule a time when you and I could go through the property to see what kind of condition it is in.

Feel free to contact me.

Jeff Gramins
First Weber Group
Office: 262.754.6680
Cell: 262.206.7290
jgramins@firstweber.com
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Wed Aug 13, 2008
Don Tepper answered:
Very likely, it's a buyer (or someone considering making an offer). Banks sell REOs in "as is" condition. However, have your agent check with the listing agent to find out the status of the property.

Good luck.
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Wed Jul 30, 2008
Dallas Texas answered:
Sure it can it does, why I state to all my clients. all foreclosures, pre foreclosures, short sales have drama.
http://www.lynn911.com http://www.homes-for-sale-dallas.com
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Wed May 14, 2008
Pat Wunderlich answered:
Hi Jen--

If it ws the one at 640 Plank road the List price was $204,900 and it sold for $197,000 on 5-14-2008.

Pat
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Wed Oct 20, 2010
Darren Kittleson answered:
Tracey- It might be a good time for you to buy, it might not. I'd suggest, based on all the questions you have regarding financing, that you find a reputable mortgage lender and ask to sit down with them to have a "pre-qualification" discussion. This is typically at no cost to you but in that meeting they can explain all of the ins and outs of financing a home, what a typical monthly payment would be based on the amount of a loan you might qualify for and even cover what special government financing programs may be available to you.

As for whether or not now is a good time-it depends upon your timing. What I mean by that is real estate, traditionally, has alway appreciated in value over time. The key is the "over time" part of this statement. If you know you'll be in the home for 4-5 years minimum, then you should see some adequate appreciation for the time and money spent. Along with that you'll see a personal income tax advantage as you have the opportunity to write off the interest paid toward the home loan in that timeframe as well.

How to get started? It would be best if you called a well known and well respected REALTOR in your area. They have great connections in the industry and can get you in touch with a lender who can help you get a sense of what you'll qualify for in a mortgage and more importantly, what you'll be comfortable paying on a monthly basis toward the mortgage. Beyond that they will be in tune with the local real estate market and can guide you through all of the questions regarding what to buy, what price is fair for a property, what opportunities there might be in the foreclosure market, etc....

Good lukc and great question!
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Tue Apr 1, 2008
Pete Rondello Sr answered:
Thanks for writing! You can probably have the property inspected, but in an "as-is" sale, the inspection results will be advisory - that is, you'll know what you're getting into. Or not, depending upon how your contract is structured. It's a great time to hire a buyer's agent who can help you navigate thru the transaction ... before the offer and thru the closing. Might also be a good idea to have an attorney on standby. The "hidden" costs should be disclosed - to offer clean title, any former liens and taxes will need to be paid, and generally are in a foreclosure situation. A good agent is a valuable resource in this case - hire one to work for you. ... more
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Thu Apr 3, 2008
Karen Wenzel, e-PRO answered:
M Rhoades,
I'm sorry that you are having to go through this process. Is this a home that you are renting, that is being foreclosed? Or is this your residence.
If you are renting, I would contact your landlord, and get some specific information from them as to when the auction is scheduled. You don't want to wait until the Sheriff shows up at the door and tells you to grab some things, and get out.
If you are the owner, you should have received some documents from the lender, or their attorney telling you of when the sheriff's sale is scheduled. It may be wise for you to start making some arrangements to move, and get things packed, so you aren't doing everything at the last minute.
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Thu Apr 3, 2008
Patti Pereyra answered:
Hi Kristin:

First of all, let's clarify the differences between assessed value, appraised value, and market value:

Assessed Value: Value placed upon a home by the town assessor for tax purposes. These numbers are created and used to raise the tax revenue used by a town to operate.

Appraised Value: The value assigned to a home by a licensed appraiser, usually done when a mortgage is being created and the property is being pledged as security for a loan. May also be done electively by a homeowner for a fee.

Market value: The price a ready willing and able buyer will pay for a home at any particular moment in time.

Clarifying which value to which you refer, I wouldn't focus so much on assessed or appraised value as I would market value, which can be established by studying the most recently sold comparables in your area.

If the home is 15% below what the most recent comparable home sold for, it could be a good investment, especially if you plan to hold for 5 years.

Without more information, it's hard to advise more thoroughly, though.

Hope this little info helps, at least.
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Tue Feb 12, 2013
The Hagley Group answered:
This is the site I use....click in the lower right hand corner.
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