Foreclosures Help Information

Archive for the ‘Foreclosed Homes’ Category

How Do Foreclosed Homes Work

Question: How do I purchase a foreclosed home and is it a good idea?

I am looking for a home for my first house, and even though I have some time and can save a bit, I need to know if its a good idea for someone on limited income to consider living in a home thats been foreclosed on, and possibly invest in a couple of other properties at some point. How does the process work and is it a good idea for a first time buyer? Also keep in mind I am living in Virginia now and am looking at the possibility of a home in the New York City area so I can move there to kick off my career(I am a theater student currently).

Answer: Its a really good idea. Most of foreclosures already have equity which is a great start. Umm Foreclosures are owned by banks or a morgage company and some properties are sold in an Auction which require it to be a cash buy.

Larry fights foreclosure in Los Angeles, CA

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Foreclosed Commercial Properties For Sale

Question: Foreclosed property in DC?

NOTE: I ASKED THIS QUESTION PREVIOUSLY AND JUST GOT A LOAD OF VESTED INTEREST FLANNEL FROM REALTORS TRYING TO TALK THE MARKET UP (E.G., "...FORECLOSED HOUSES SELL FOR MARKET VALUE, THERE IS NO REASON FOR THEM NOT TO" ETC.). Here is my question; if anyone has GENUINE information, please let me know. Realtors please stay away.

Answer: Try oreolist.com they are not an RE agent site. All it does is provide a list of links to banks that have their foreclosed homes for sale on their web site. There is no signing up or anything.

FREE Apartment Foreclosure & Commercial Short Sale Web Class

Foreclosed San Francisco

Question: i bought a home in san francisco for 280,000 it was from a relative well i fixed it up and rented it. im?

renting it for what the mortgage is. cant rent it for any more, well they just told me 1yr later that the house is worth 580,000 and so there raised prop taxes. i cant afford to pay them. so im gonna sell in June. WILL THE CITY WAIT FOR THERE MONEY TILL HOUSE SELLS OR WILL THEY MAKE FORECLOSE.

Answer: If you purchased the property from a parent, grand-parent, your child, or a sibling you can file a form with the county tax assessor and the property will not be reassessed, but kept at the same old assessment value.

Whenever a property is sold the property will be reassessed to the current value, other than the exception stated above.

In California because of Prop 13 a property assessed value can't be raised more the 2% a year from your sales price and/or the fair market price when you purchased it.

CALIFORNIA WILL NOT MAKE A PAYMENT PLAN WITH YOU. If you don't pay the tax bill it takes four years before the state sells the property, however your lender will foreclose on you way before that time for the unpaid taxes.

If you are selling within the next 6 months all will happen is at the closing of the escrow all the back taxes and penalties will be deducted from your proceeds of the sale.

San Francisco Area Foreclosure(San Lorenzo)