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

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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

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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

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Question: We live in hot Texas and want to move to Colorado. We don't have much money. Is Realty Trac reputable ?

We are interested in buying foreclosures, bank-owned, or any other cheap way to buy a house in Colorado. It seems like real estate is so expensive up there. My husband works for a home improvement corporation but doesn't make much money. My salary is $9.50 per hour. We have no children. Maybe someone with real estate expertise can help us to buy or get a little bit of land in Colorado preferably around Colorado Springs or around the Western slope area.

>

Answer: We are based in Colorado Springs and buy distressed houses, bank owned properties and work with movitated sellers. There is a lot of opportunity here, especially now. Let me know how interested you really are and and I will point you in the right direction and answer any questions you may have.

JR
www.JRBuysHomesFast.com

Odd News - Foreclosed Funeral Home, Bank Robber in Black Lim

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Question: I GO TO JAIL FOR A FORECLOSURE? I took off my BANK MONEY FOR A FORECLOSURE?

Would remove my cars for a foreclosure?

>

Answer: In the US you can't be sent to jail for debt. You can be sent to jail for fraud.
Depends on what happened regarding the foreclosure, and how your cars are involved in the proceedings.

Luxury Bank Foreclosure in Boynton Beach, FL - 6/7.5 w/ 3 car garage, 5,352 under air

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Question: If you own two properties in Florida, can a bank go after your homestead if you default on the first loan?

I own a condo in Miami and due to foreclosures in the community properties are now selling for a quarter of what I paid originally and I do not see the light at the end of the tunnel. If I purchase a second home and defaulted or foreclosed on the first property (condo), can the condo bank go after my second property if it is my primary residence? What options do I have?

>

Answer: Yes. Contact a lawyer ASAP

4 bed / 2 bath foreclosed home on 32318 Crest Lane Union City CA 94587

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Question: How can I find foreclosed homes in the Cleveland ohio Area?

I'm 25 and my husband and I would like to look at cheap houses that were foreclosed and now the banks own them.
I can't seem to find a legit website or info regarding this.
I rent right now so we would be first time homebuyers.
Thank you!
I saw on tv a couple bought a house in Detroit for 100 bucks! I'm hoping I can get lucky in Cleveland too.

>

Answer: there a scam.
realtytrac.com for all the info. bank owned dont get too excited. they (banks) will only sell at fair market value. and short sales is short for auction. they wait for highest bidder if any.
be sure you do your homework if you try. you want to be sure any house has any leins.
as for a 1 st time buyer. go through fha home loans. little as 3 % down. but clean up your credit report. get all 3 and dispute all old stuff every 90 days do that for 6 months,then go for a home.

Ohio Foreclosed Homes - OH

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Question: How do I buy foreclosed home/short sale/bank owned.?

I am having a really hard time buying a house. After a few weeks of trying by myself to buy a home. I have come to realize that I REALLY need an agent. I have a month to buy a home and have come across the "short sale" which can take up to 3 months. I have been approved for 200k. I want a townhouse and it seems like all the homes I can afford are way out of town. At the same time I see hundreds of homes in short sale and foreclosures. Here are my questions hopefully you can help me out.

1) If I make an offer 5k-10k higher than asking price on short sale, will the accept faster or will it still take the same amount of time?
2) If I go with bank owned/REO should I have a realtor and also what is the wait time on the approval.
3) What is the best way in going about buying a home in foreclosure/bank owned/short sale?

>

Answer: Nothing you can do will speed up a short sale. A very aggressive agent can speed it up, but you do not have time to find an aggressive one with time to deal with you. The good agents are very very busy these days.

Stick with REO and use an agent. The banks are not that concerned with you go over asking price, but want strong offers. ie, the larger your down payment the better.

REO's close in a week with cash, and the standard 14-30 days if you finance. It pretty much depends on the bank you finance with.

Bank Foreclosures

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Question: How do I purchase a foreclosure home that is owned by the bank?

I have found several home in foreclosure that the property is owned by the bank what is the next step? How do I find the MLS numbers and addresses? How do I find out if the price listed is the selling price? How to bid on the property?

>

Answer: Your best bet is to contact the bank that owns the property directly.

They will put you in touch with the agent that has listed the property for sale, if there is an agent. The agent can provide you with the MLS number if there is one or you can look it up on www.Realtor.com using the street and city.

Otherwise, you would negotiate directly with the bank. If you have good credit and are not planning to pay all cash for the property, the bank may be willing to do the loan.

Are you looking for the addresses to the homes that are owned by the bank? Call the bank or the trustee and ask!

Where did you "find" these properties? If they were on a website with a list of foreclosures, you may need to sign up or register at the site to obtain that information.

Often, the price listed is the amount of the loan that has been defaulted on. Not necessarily the first loan which would have priority in a foreclosure sale...

$10k for a house is usually not the sale price. Did you find the listings on the Yahoo! foreclosure site?

Foreclosed Homes

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Copyright (c) 2009 Frank Patrick

$89,000 Revenues in One Month - One Couple's Amazing Story

It hasn't been a good economic time for most Americans. And Matt and Carrie Singleton were certainly no exception.

They had always run their own businesses - and for three years, they built commercial freezers for food distribution centers. They were doing fine. Then gas prices climbed - and the stock market crashed.

That double play stopped Matt and Carrie's business right in the tracks in early 2008. Suddenly no one was building anything anymore. The couple had no other source of income - and no prospects.

Matt reacted as any guy might with a little money in the bank - he went fishing. But with savings dwindling and the economy still in shock, the couple knew they needed to do something. But in that bleak business climate - what?

Luckily, Matt went over one day that summer to help his friend Scott fix a roof leak. At that point, Matt had no idea what "property preservation" was, let alone that it was a business. Scott told him about the boom in foreclosures and how companies were desperately needed to help "trash-out" vacant REO (Real Estate Owned) homes in order to get them ready for market.

Matt started a training program that trained contractors to be property preservation professionals. That August, he and his wife decided to move to Las Vegas, one of the biggest foreclosure markets in America at the moment.

They drove their 5th Wheeler trailer home to Vegas, set up at the RV park and got to work. They didn't know anyone in Nevada, didn't know anyone besides Scott in property preservation and didn't know anyone in the REO industry. "We had a lot of faith - we prayed a lot," says Carrie.

They started slowly, but their expert training paid off. Gradually they built their new business, New Age Asset Management, into a trusted provider of foreclosure field services. Without ever having to open a line of credit or borrow a dime, they continued to grow to the point where they are now working with ten different companies - and in May, they grossed an amazing $89,000 in one month.

Not the kind of success story you hear much in these times!

But this sudden burst of income hasn't spoiled the Singletons. They're still working out of their trailer in the Vegas RV park! Right now, they're too busy to move anywhere else.

About the Author:

Frank Patrick manages his REO Real Estate Brokerage, REO Renegades an REO agent training business, his trade association The American Society of REO Specialists and is developing a national Franchise Property Preservation company, REO ResQ.
For more information please visit http://www.REORESQ.com

Source - Starting a Profitable Property Preservation Business

Vegas Foreclosures Direct-1/4 Acre-Pool-RV Parking-179k

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Miami is a Florida city offering easy access to the water and water sports, tons of entertainment, all the amenities of a large urban city, and gorgeous weather. For investors, Miami is very attractive because so many tourists and new residents flock to the city each year, all in need of accommodations. Beach properties in the city and water views are especially popular with tourists and therefore with investors.

The traditional Miami real estate market is challenging for buyers. Many of the condos and homes built in the city’s most desirable areas are rich in amenities – with price tags to match. Prices can even go higher than the asking price, since there is often considerable buyer competition for the most attractive and desirable Miami properties. Homebuyers and investors do have some good news, though: Miami bank foreclosures.

Miami bank foreclosures allow buyers and investors alike to buy Miami homes and properties for less. In fact, some experienced investors compare the Miami bank foreclosures market to a giant sale. Some foreclosed properties in the city sell for a fraction of their market value, making these properties an amazing bargain for buyers.

Bank foreclosures in the city show just how much buyers can save on property. In 2005, luxury condo prices in the exclusive district of Bal Harbour were being sold for an astonishing $1 100 per square foot. In 2009, smart investors were snapping up foreclosures in that same community for a fraction of the price. From exclusive neighborhoods such as Midtown, the Design District, and the Upper East Side, to diverse, family-friendly and ethnic communities such as Little Havana, Allapattah, West Flagler, and Flagami, it is possible to buy some of the city’s most desirable new and historic homes for less.

Miami bank foreclosures are usually homes that were previously owned by a homeowner who did not pay the mortgage. As a result of the defaulted loan, the lender has repossessed these properties and is seeking to resell them in order to earn back the money lost on the bad loan. For the buyer, foreclosures mean great news because a lender is often willing to sell below market value just to get some money back.

There’s more good news when it comes to Miami bank foreclosures. There are so many of these properties available that it truly is a buyer’s market. In 2008, Miami saw $14.2 billion worth of property foreclosed. This means that there are many choices for buyers. You can find a foreclosure in just the neighborhood you want if you are willing to look. In fact, you can even buy a brand-new home or condo. Some new properties in Miami are foreclosed if a builder cannot sell the properties and is unable to pay builders and creditors. From new condos with water views to historic properties, you can buy it all in Miami as a low-cost foreclosure.

Foreclosures are available across the city. If you want an investment property, consider the retail and cultural hot spots of the downtown area. If you want to own a nice residential home, consider south Miami neighborhoods such as Coconut Grove, Coral Way, and The Roads. These areas feature mature homes and tree-lined residential streets. If you want to rent to students, consider buying property in the slightly bohemian Coconut Grove. The same community also has many historic estates that might catch your eye. If you want lower cost homes in vibrant, diverse neighborhoods, consider homes in West Flagler, Little Havana, Little Haiti, Overtown, Flagami, and Allapattah, all of which are home to many multicultural communities and ethnic residents. Even the exclusive communities of the Design District, the Upper East Side, and the Midtown have foreclosures available. These communities boast beautiful homes from the 1920s and Miami’s famous MiMo architectural style. You can buy one of these wonderful homes for less by shopping for foreclosures rather than shopping via the traditional real estate market.

The number of foreclosures not only mean choice, but also value. Since there are so many foreclosures in Miami, many of the city’s lenders are willing to offer great deals on financing or even lower a price further just to make a sale.

About the Author:

Joseph Smith has been educating buyers on the finer points of Miami Bank Foreclosures at BankForeclosuresSale.com for over five years.

Source - Miami Bank Foreclosures Can Be An Affordable Way to Invest in a Tough Real Estate Market

How to buy a foreclosure or Bank Owned property in San Diego, News Story

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Question: How can I find bank foreclosed homes in Washington State?

I want to know how I can find or attend an auction for bank foreclosed homes in Washington State. The problem is finding a legitimate site or price. Help me =(.

>

Answer: You'll do well to have a real estate agent work with you. This is not friendly territory for the uninitiated.

BAIL OUT BANK DEMOLISHES NEW MODEL HOMES- HOUSING MARKET COLLAPSE

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Question: Question about a contract?

I entered into a contract to buy an REO home. Today I got a call from the Closing attorney stating she had found problems with the title. Apparently the bank foreclosed on a dead person, instead of their estate or heirs as they are supposed to... now we have to wait for the home to go through foreclosure all over again and run the risk of loosing the home to another buyer during the homes second run through the foreclosure process, and even after it makes it through that, we may be too late for the 8k first homebuyer tax credit.

My question is, since the bank was knowingly trying to sell us a house they did not have legal ownership of, do we have any grounds for a lawsuit? I would imagine this is at least a breach of contract/misrepresentation issue and at the very worst flat out fraud.

>

Answer: You would have to prove the bank KNEW and purposely was trying to push through a sale with a cloudy title.

That is why you have title insurance. These things should be unearthed before you go to closing. Be thankful you didn't find this out a few months after closing on this house!

I don't believe you would prevail in this case.

foreclosure fraud pt 1- read update info

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Question: Is it advisable to give personal information to people you don't know?

Identity theft is RAMPANT in America. I can only guess what it might be like in the UK or Canada or elsewhere in the world.

I have been called a trouble maker for urging others (especially friendly senior citizens) to think twice before they join chat groups & share info on the internet.

THE WORLD IS ABLE TO READ EVERYTHING THAT IS POSTED.

Con Artists, thieves, & dishonest people gather information DAILY in hopes they can learn enough to crack a persons security passwords on the internet & attain a home address where they can then take your mail & start re-routing your life without you ever having knowledge...until it's too late.

Your bank accounts are empty.
Your credit is maxed out.
Cells phone accounts with calls to criminals.
Guns registered in you name.
Houses & cars in your name (some in foreclosure).
Children you have enrolled in schools (yet you have none).
Jobs you never had (reported to SS using your number).

How did they get all this info?

>

Answer: Personal paperwork thrown in the trash is wide open to the public
careless disposal of personal information required by people you do business with (banks, ins. agencies etc)

"over the shoulder "view of debit card pin, ss# etc.

There are plenty of places that this info can be picked up -- don't make it seasier by giving it away. Tear up/shred any paperwork being trashed and protect personal info from telephone/ computer and other queries.

Don't Panic! US Bank sold to Spain?!

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Question: Forecloser-Chapter 7?????

Martin mortgaged his farmlands with the State Bank of Florida for promissory notes amounting to $470,000. He defaulted on the payments, and the bank sought to foreclose the mortgage. The state court granted foreclosure. Just before the farmlands were about to be sold, Martin filed a bankruptcy petition under Chapter 7 of the Bankruptcy Code. Martin has a regular income of $60,000 from a full time job as a MRI technician. Is Chapter 7 the appropriate provision for Martin's case? What should the bankruptcy court do? Provide support for the court's ruling to proceed or dismiss the Chapter 7 filing.

>

Answer: this sounds like a home work quesiton and since your grade might depend on my answer suggest you take the question to the home work section where the smart people are waiting to jume on a questions such as this!!

Foreclosure Short Sale, Mortgage & Real Estate Marketing, Bank Approved Sales Process

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Question: Foreclosure on 2 Investment homes?

I own two investment properties in AZ...I have perfect credit but I am upside down on them and so in the RED! I am going to try a short sale but if I am declined then I will have to foreclose on them. My question is will the banks put liens on my primary home in CA if I foreclose? Or do I just live with poor credit for 7 years?
I have renters for both properties but I am still so in the red!

>

Answer: if you already have renters I would talk to them about buying the homes from you on a REC... see you might have trouble selling the home but there are still people out there willing to buy that REC... Just another option for you... good luck

oh and yes then can if they take you to court , put liens on all your assets but not not take away your primary residents

New York Foreclosure Bank owned REO home for sale

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Question: Where to call and how to find foreclosure home listings?

I am looking to find a foreclosure or bank owned foreclosure homes in New Jersey. Does anyone know a free toll free number or a really good site where i can get listing of the homes in different counties? or has anyone tried doing any foreclosure listings and what sites or places did you guys call?..........thank you very much.

>

Answer: If you want to find the best foreclosure listings in your area, check out this site

http://best-foreclosure-listings-usa.blogspot.com/

Free Foreclosure Listings Scams and Foreclosures Bank Owned Tips

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Question: Man robbed bank that foreclosed on his home...the real story?

Ok, so when I robbed this bank I said that to get investigators to look at those individuals the bank foreclosed on...but, haha i lied and now you are on a wild goose chase! Why would a dishonest burglar tell you the real truth why he is robbing the bank.

By the way for my next disappearing act I will rob Discover Card Services since they upped my interest rate from 12% to 32%.

**note I don't own a Discover Card But I will rob them anyway and again send the investigators on wild chase through Texas since they think I now live in Texas and have/had a Discover Card.

>

Answer: HA! He should have put on a Guy Fawkes mask.

I know. . . the credit card companies and banks commit highway robbery every day . . .

and get away with it.

The keep us running around constantly while they bleed us of our money. The other day I called my bank because some charges came up on my account that threw it into overdraft. As it turns out, I made a p.o.s. purchase in which the STORE signed me up for some magazines. I never signed anything, but who has to go and prove the fraudulent charges, cancel her card and deal with the whole mess?

You got it.

Watch these criminals. That guy was nothing. The real criminals have the big guns.

Texas Foreclosure Homes - TX

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Question: Can you name me an example of deregulation that caused the economic crisis?

I can name the millions of loans made by Fannie and Freddy and the forcing of banks by law to make the loans.

And 1 million homes in foreclosure equals about 200 Trillion in unpaid debts to the banks all over the world.

And that Barney Frank Chuck Schumer and Chris Dodd blocked any attempts to regulate Fannie and Freddy by the Bush Admin or anyone else.

But if you can name the deregulation that shows I'm wrong I'll admit it.

>

Answer: Democrats prevented regulations of loans given by Fannie Mae and Freddie Mac even after Greenspan and Federal Reserve Board determined that its promotion of risky home loans could cause a widespread meltdown that would extend beyond real estate markets.

http://www.kfor.com/Global/story.asp?S=9080306&nav=menu99_2_6

Foreclosure Lawyer - StopForeclosureLawyer.com

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Demand for affordable housing surged to the roofs in Minneapolis and St. Paul cities of Minnesota. A flood of foreclosed homes left many residents out on the street, desperately seeking for affordable shelter.

But the increase in demand for low income housing has taken its toll on CommonBond Communities, a housing nonprofit organization. The nonprofit is experiencing a drop in financial support just as low income housing demand surged.

The organization has been building houses for low-income families in St. Paul for almost 38 years now. But due to the economic downturn, it experienced a surge of applicants way too many for the organization to handle. So far, the organization has received about 5,800 applicants for its 5,000 houses that are almost 97 percent occupied.

According to market data, nearly 120,000 homeowners in Minnesota are using 50 percent of their income for housing payment. The normal percentage of income that a person should allot for housing is 30 percent. Industry experts are expecting an increase in the backlog of families who will apply for subsidized affordable housing. Also to be expected is the flood of foreclosed homes due to financial difficulties.

CommonBond Communities Chief Executive Officer Paul Fate noted a high percentage of homeowners who have lost their houses due to foreclosures. He added that middle-class families who are struggling financially are adding to the growing demand for affordable housing.

CommonBond is the largest nonprofit organization in Minnesota that provides affordable housing at below market rate to seniors, families and people who have special medical needs. Due to the skyrocketing demand for affordable houses, the nonprofit organization has changed its business model to accommodate the trend.

The organization used to focus on building tall apartment buildings with about 1,000 occupants, senior apartments and family townhouses in suburban locations. The organization owns over 100 buildings, with 90 percent of them located in Minnesota and 10 percent scattered around Wisconsin and Iowa. The properties owned by the organization range from the eight-unit Success Family Housing to 504-unit Skyline Tower.

The organization has adjusted its operations due to the recession and instead focused on purchasing existing buildings in St. Paul and Minneapolis which it then converts into apartments.

Industry experts said that the flood of foreclosed homes in the area and the dwindling financial support are making it hard for nonprofit organizations like CommonBonds to deal with the growing number of families seeking affordable housing.

About the Author:

Joseph Smith has been educating buyers on the finer points of foreclosed homes for over five years. Visit BankForeclosuresSale.com and read more advice on finding information about foreclosures.

Source - Affordable Housing Demand Up Due to Flood of Foreclosed Homes

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Bank Foreclosure Listings Wisconsin is a post from: Foreclosures Help Information

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