Foreclosures Help Information

Posts Tagged ‘Bank Foreclosure Homes For Sale’

Bank Foreclosure Homes

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?

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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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Free Bank Foreclosure Homes For Sale

Question: short sale foreclosure information?

I am new to real estate short sale investing.
One client (seller) is behind in payments about $20k. Trustee (auction) sale is on March 12. Has a 1st and 2nd loan with the same bank. Total owe is $624k. Properties in this are are taking 90 days to sell. Comps around this area are for $700,000.
What are my option?
How much should I offer the banks? What are my profits and my expenses?? How much should I get it for and List it for once the bank accept my offer??
What happen the the behind payments of the seller? Is the seller liable for anything or he is free of the home debt or taxes????

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Answer: I think you should go for a less expensive property for your first flip. There is huge income potential in this house, but your question leads me to believe you don't know what you're doing. Start off with a cheaper property, there is less profit but also less risk. I'm estimating a payment of 3-4,000 a month, it won't take long for most of your profits to erode.

San Marcos California Foreclosures, Homes for Sale, Short Sale, Bank Owned REO, and Real Estate

Bank Foreclosure Homes For Sale

Question: I just made an offer on a home in short sale (about to go to foreclosure)?

The owners accepted my offer and signed my contract, but the contract has to be approved by the bank. It takes up to 5 days for them to approve. My questions is--what happens if other offers come in before the bank approves? Can the owner take another offer even though they already signed mine?
Our offer was for the asking price.

There's a good chance there will be other offers, since the price is really low and there was already another offer when we made ours. The house has only been on the market for 9 days.
One more question: what exactly does the bank have to approve?

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Answer: A short sale is a sale where the back has agreed to allow the owner to sell the house for less than they owe on it, rather than the bank take it in forclosure. The offer should not be binding yet, as short sales are "subject to 3rd party approval" (meaning the bank). What the bank is looking at is basically if your offer is an acceptable loss to them. That being said with a short sale they bank has to approve the list price so if you wrote for list and do not have a lot of contingencies then you should be fine. As far as other offers, until your is approved by the bank it is not a contract, so theoretically someone could write a better offer and get the house, and you would simply be back where you were before you wrote the offer because it never was a contract. In my experience though most people try to get a better deal than a short sale already is. It is out of your hands at this point, but you are most likely fine having written full price.

SUN CITY ANTHEM-BANK REPO-MOVE IN READY-PRICE DROP