Foreclosures Help Information

Archive for December, 2009

Foreclosed Philippines

Question: I was looking at foreclosed lands at a bank in the Philippines. I saw one, and paid the reservation fee.?

But I found out that there is a tenant in the land, and that the tenant is the land's former owner. Also, the former owner was just about to buy back the land; I was only about one or two weeks early.

Should I pursue the land? Or should I look for others and avoid this potential court case?

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Answer: Sounds a bit complicated to me ... I would avoid.

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Mls Foreclosed Homes

Question: Can I fire my buyers agent I signed a contract?

About 2 months ago I signed a buyers contract with him for 180 days.

1. I never got a copy of it even though he said he was going to send me one.
2. We had an appointment to see a house at 1pm, he showed up at 3pm.
3. My financial guy told me not to see homes over 200k but he is constatly showing me homes that are 220/230
4. He tried to sell me on the first home we have seen even
though it was completely crap.
5. He acts like getting 10,000 off a house that is 230,000 is a big deal and tried to sell me on it and the house needed work. Even though we same a similar house a few blocks down that was asking 210,000 that did not need repairs.
6. He is ALWAYS LATE
7. I asked him to show me foreclosed homes and he never has, he just shows me mls.

I don't believe he is looking after my best interest.
Can I get out of the contract?

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Answer: First of all, 180 days is a LONG time to contract for a buyer's agent. Most of the ones around here are 90 days or less.

Call and email your agent, and tell him three things:

1. Tell him that if he doesn't provide you with an executed copy of your agreement by the end of the business day, you will have no choice but to report him to the real estate board in his town. Review the document to see where you stand, and what the conditions are for non-performance (I'm betting that there aren't many

2. Request a meeting with him AND his broker within 48-72 hours to review a list of available homes $200,000 AND UNDER. Also ask for a list of foreclosed homes that he can show you.

3. Explain that you are fed up with his tardiness. It is unprofessional and you expect him to be prompt to any future appointments. (Say this in front of the broker). You are letting him push you around, and that's not smart from ANY consumer standpoint. REFUSE to see homes outside of your price range. Just don't get out of the car! Being two hours late for an appointment is inexcusable.

On the foreclosed homes, he may not be savvy enough to be able to figure out which homes are foreclosed and which ones aren't, and may be too lazy to figure it out. With his broker there, he might be more inspired. *g*

Just remember, YOU are the one making the offer, not your agent. If you choose to offer $200,000 on a $230,000 house, that is YOUR choice, not your agent's. He may recommend against it, but he is obligated to present your offer.

Basically, you need to stop whining and take some positive action. You are in control of this transaction, not him, so TAKE CONTROL. If he senses that you are more trouble than he is willing to deal with, he may offer to tear up the agreement.

Foreclosures, Bank Owned and Short Sales Fort Myers & Cape Coral Homes and Condos for Sale, MLS

Tips On Buying Foreclosure Properties

Question: Anyone ever buy foreclosure property?

I am interested in a house that I think is in foreclosure. How do I go about finding out if it is for sure and if it is, how do I go about buying it? I've never done this before. There is a lot on the Internet, but I don't know what's hype and what's not. Every one of them seems to want money before they tell you anything of any real value. Any tips would be greatly appreciated!

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Answer: Buying a foreclosure is the same as buying any house. The only difference is that you are buying the property as is so inspections become paramount and should be made a subject to clause in your offer.
There is preforeclosure which is the procedures being taken against the property owner to take the home away but you can still approach the owner to buy the house you will need the lenders approval of any offer accepted by the owner in demand.
There is foreclosure in where the owner is already in court and the property is either still in the name of the owner or the judge has ordered the sale of the property you can approach the attorneys for the parties for making an offer to purchase
There is the actual foreclosure sale in where you show up with "dinero" and you bid on the property being sold
There is other real estate owned OREO not to be confused with real estate owned REO in where the bank has successfully acquired the property at the auction and is now selling it.
I hope this overly simplified explanation helps

BANK OWNED (REO) BUYING TIPS!