Foreclosures Help Information

Archive for the ‘Bank Foreclosure’ Category

Bank Foreclosures

Question: help with understanding bank owned foreclosures?

If a bank owns a house that is worth 200,000 lets say. And lets also say that all that is owed on the house is 100,000. As a buyer, if I put in a bid of 115,000(to cover closing costs) is the bank going to accept this offer. I heard a rumor that all the bank wants to do is collect the money owed on the house and whatever they recieve after that, they give to the original owners. Is this true? Help clarify some of this for me. I am in the state of Texas if that makes a difference. Thanks.
Ya but lets say that whatever I am offering is covering all of the banks cost, if this is so, then what's to say that the bank won't sell me the house with a low-ball price?

>

Answer: If the mortgage balance was $100,000, it's possible there's another $10,000 in attorney fees, and an additional $10,000 in accrued interest. I don't know the redemption period in Texas, but in many states, you can squat in your house for a year before getting kicked out, all the while interest is accruing.

So it's never quite that simple. And beware of any additional liens, foreclosures sometimes have them.

And yes, in most cases, after the bank has gotten every single penny of their own money back, they have to give the rest to the prior owner. So they might very well not care how much that is, but they do work within a framework of attempting to get the maximum value for their homes, based on their estimates of what the homes true value is.

And they also have to weigh their risks of having another 2 months go by before they get another qualified offer, while their carrying costs and attorney review fees etc... keep rising. So they're always looking to take the first fair and reasonable qualified offer that they can get.

Bank Forelcosure Property - Foreclosure Boys

If you're new here, you may want to subscribe to my RSS feed. Thanks for visiting!

Bank Foreclosure Auctions

Question: Bank Owned properties: How do I get information about REO for free?

I have found some houses that are currently bank owned (I assume a REO). I have found these through a site that lists pre-foreclosures, foreclosed houses up for auctions, and bank owned properties...
But it won't list the address, or anything about when the auctions are, and I have no idea who to contact if I am interested in this house without paying for the service. Are these records listed for free anywhere? Can I go to the cityhall of the city the house is in? Do I have to go to each bank to find it out?

>

Answer: Bank owed homes have already been through the auction process, no one purchased them at the auction. That is why the bank now owns them.

You may call most of your major banks to see if they will provide you with a list, but I think you will find this fruitless as most banks now list their bank owned properties with a real estate agency for them to sell. Therefore if you are looking for a bargin there are few even if the house is in need of minor repair, because the real estate agency want to earn the maximum commission even if it means the house will be returned to the bank if it goes un sold.

Pre-foreclosures are listed at the county court where you reside, you have to go through each property to find several that you might be interested in.

The properties listed at these sites you find are teasing when they show a property but not the address or contact information. Most with the contact information is to real estate agencies, because that is who the bank has contracted to sell their property.

I find that the best way to locate people that are in pre-foreclosure is to select an area in your city that you want to invest in or reside. This area should contain at a minimum of 5,000 houses or more.

Make a letter or flyere stating that you purchase foreclosed property paid for or not and that you pay all cash and can close within 14 days. Get this letter ran off at Staples or Office Depot or any other copy place. Make sure you sign the original unless you want to sign each one individually. Make sure you have a telephone number listed on the letter that can be reached 24/7 even if it is an answering service. The telephone must be answered or at least a message saying you have contacted the person that purchase foreclosures,please leave a message.

Send these letters to the area you have selected to work. You should send them a letter at least once per month. I find it better if you walk the area and put the flyers on each door. Please do not place them in any mail box. This is illegal. If you have children they might be of help to you. Don't forget to reward them. Once you have walked the area for about three months with your flyers, you should consider making a newsletter to mail. Check with the United States post office near your for bulk mailing fees.

You might also go to the commercial areas and see if some of the commercial shops will allow you to place this same letter in their shops. You may purchase holders for your letters at Staples or Office Depot. Go by these shops that allow you to place you literature in them at least twice a month to change your letter and insure that you holder is clean and the letters are not all bent causing your flyer to look bad.

I would also suggest you purchase a few books on foreclosure at your local book store. There are several good books on foreclosure. You might also purchase one of the midnight real estate gurus course. They will supply you with several forms as well as some techniques to use. They also have scripts to use when you are called. Use them for what they are worth. No one is gonna give you thier house free with no money down. That is not what that means.

I hope this has been of some help to you, good luck.

"FIGHT ON"

IS IT HAPPENING TO YOU? FORECLOSURE BEGGING EFFORT - US BANK PHONE CALL

Bank Foreclosure Maintenance

Question: Can attorneys representing the bank in a foreclosure tell a tenant not to pay rent and that they can stay?

Can the atty representing the bank tell a tenant...(one who is behind on rent for nearly 6 months and will not get out of the house) tell the tenant that they can stay until the foreclosure is complete and that the landlord can do nothing? Little odd since it is this type of tenant and others like him that put the landlord in foreclosure....Landlord also wants to know what his rights are when it comes to the rents and filing bk? Can what rents he is able to collect be used by a maintenance company to keep the property in good repair and occupied through the process?

>

Answer: Sounds like a clear conflict of interest ....

Bressi Ranch 4br Foreclosure Great Value! Bank Owned