If She is already in the foreclosure process it can't be changedin to a short sale. If the lender has not startet foreclosing She needs to request the short sale packet from the lender.... more
Contact an attorney asap, also contact the trustee regarding the sale of the property, maybe you can at least get them to postpone the sale, also contact the bank directly and maybe they will work with you to purchase it.... more
Unless you go to the auction on the courthouse steps and buy a foreclosure there, it works pretty much like any other property purchase. If you do go to the auction, you will be bidding against the bank and other bargain hunters. You also need to have your money worked out ahead of time too. The terms of how the bank will accept payment vary.
Yes, you can get a home "cheaper" but sometimes the homes have been punished by the former owners for the foreclosure. I have seen holes punched into the walls, wiring stripped out, cabinets and appliances taken, and so on. This is not to say that all are treated this way but many are.
Frequently, but not always, by the time you put the money into the house to restore it to good condition, you will have spent as much as if you had gone out and bought one in good condition. A good real estate agent can help you decide whether or not this is the path you want to walk.
One of the disadvantages of buying a foreclosure is that in most cases the owner (bank) will not negotiate very much. Also, there is no one to tell what has been done to the house or disclose anything about the house so you had better have a good home inspector.
Finally, I have only seen two foreclosure houses that I thought were "real steals" in the time I have been working in real estate. In both cases, the mortgage was much lower than the value of the house and all the bank wanted was its money back.
Hope this helps.
Who is paying for those pictures?
Real the link and you will get an idean what is happening behind the curtains in the foreclosed real estate market.
It is unlikely you see the connection between Chase (and any big bank) and how this will effect the independant contractor. As the artical states, you will be EXTREMELY exposed to the 'too bid to care' attitude of the bank.
Proceed with great caution.... more
Hi Emily. That is a great question. If you are working with a realtor, they should have access to information like that. However, there are a few ways you can do some investigating on the front end.
1) Drive around neighborhoods that you think you'd like to live in. Pay special attention to homes that really look vacant. Homes that have shutters falling down or that look poorly cared for...that is, in a neighborhood where the other homes are well maintained. Look for signs of notices piling up near the door, hung on it or taped to the door or mailbox and papers building up. If it were spring or summer, poorly maintained lawns can also be an indication of a homeowner in trouble. Note the addresses of these residences. Then you can look them up in the public property records to get the homeowner's name. A simple whitepages search might return their phone number, and you can simply call them or mail them a note to see if they are interested in selling their home.
2) Drive around and look for auction signs that are posted on major intersections, and sign up for one if it's a house you're interested in. These may be foreclosures or just very motivated sellers. Auctions can be interesting, but make sure you do your research beforehand or let your agent help you find out more about the property so you truly know what it's worth before bidding.
3) Pick up a copy of the Tennessean...or local papers...homes in pre-foreclosure, etc. are listed right there in the paper.
4) Have your agent notify you of properties that come available that meet your criteria.... more