Foreclosures Help Information

Archive for February, 2009

Bank Owned Foreclosed Homes

Question: How long should I wait to for bank to respond to home offer?

I made an offer on a bank owned foreclosed home being sold as is and its been 3 weeks and they haven't responded. the list price of home was $45,000. I offered $38,000 with FHA 203K mortgage plus my agent included they pay 6% of closing cost and 1 year warranty ( I don't know what warranty covers). Also, it is contingent on home inspection. About a week after submitting my offer to the bank, they lowered the cost of the home to $42,500 but they still haven't responded to my offer.

My agent is hounding the banks agent for a response and the banks agent says he has faxed the offer multiple times and hasn't heard anything. Should I make them a offer they can't refuse or wait longer?

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Answer: They answered.....there is no counter, they are simply not interested. Your offer is exceptionally weak and will not be considered a serious offer.

Foreclosures Bank Owned, Foreclosed Homes $.50 On the Dollar

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Buying Foreclosure Slips

Firstly don’t fail to build up some savings for any emergency, it doesn’t matter it’s for health or education or for anything; there are many needs and wants we face each hour. Every penny earned seems to have its flow determined before it reaches our hands. Often this results in people setting aside little or no savings! The important thing is never miss the mortgage payment, this might seem like an easy task, but if you look at each foreclosure, it goes back to the origin where a mortgage payment is missed. So keep these things in mind; missing a mortgage payment shoots up as a far more serious issue than skipping a credit card or utility payment. You need to know that once you miss a mortgage payment, then you have started to slip down the slope and when you miss the second, third and the forth payments, things are actually becoming more and more complicated.

Don’t fail to request for help, there are some who say, ‘A friend in need is a friend in indeed’ but when it comes to stopping a foreclosure pride, you must take a back seat. Embarrassment, shame and fear just touch the tip of the deep emotions which affect someone losing their house to foreclosures. The final thing someone in foreclosure needs to do is speak to their parent or sibling about the foreclosure. Yet no one other than a sibling, close friend or parent might stand by your side and aid you through an experience which is as difficult as a foreclosure. Many would learn things from a situation when it is published in newspapers or when they have to move out of the home, won’t you prefer they should have heard the news from you first? Those people whom you care about will be more understanding than you expect and they won’t try to make you think like a looser. You will be surprised at the kind of help that is been offered and the differences that can make in saving your house from a foreclosure which will make you feel much better about the nightmarish situation.

Last but not least, don’t ignore the lender! See that you somehow go behind the mortgage and don’t built up a belief like, calling up your lender constitutes a sin or a phone call to a lender may result in ripping off your head right through the vocal chord! Frankly speaking mostly all lenders would appreciate knowing why you are having problems and would like updates on how things are moving, especially when your setback got justifiable reasons like loss of a job or some serious health issues. Treat letters from lenders as a wake up call from a concerned neighbor is much better than a threat from a bully. Remember that banks want you to help get back into your track; they need their payments and not your home. If you think you can’t speak to them by yourself, arrange for professional foreclosure negotiators who can assist you if you had fallen behind.

About the Author:

Sharon Samraj is an expert author, who is presently working on the site We buy homes online, Buy ugly home fast cash. He has written many articles in various topics like Sell a house quick, Stop foreclosure, We buying house, I buy home cash. Visit our site We buy houses for cash.Contact him at [email protected]

Source - What You Shouldn’t Do if You Want to Stop Foreclosure

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Bank Foreclosure Property

Question: Bank Owned Foreclosure?

How do I go about buying a house in foreclosure/bank owned? Will banks finance properties in foreclosure? Do you think foreclosures are a good investment?

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Answer: Yes, banks will finance properties in foreclosure. However, they usually will NOT look at any offers that have any contingencies (i.e. contingent on sale of your existing home, contingent on inspection, contingent on obtaining financing, etc.), so foreclosures are not an option for everybody. Banks are very slow at responding to offers - sometimes even more than a month before responding to your offer, so if you're trying to sell your existing home it's hard to get the timing right. (For example, if you sell your existing home and the bank does not accept your purchase offer, you're left w/out a home! Or, the bank accepts your offer and it takes longer to sell your house than you plan for and you're stuck w/ two mortgages.) Foreclosures are probably best for first-time homebuyers who don't need to coordinate the sale of an existing home, or for homebuyers who can easily qualify for (and afford to carry) mortgages on both an existing home and the new home.

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