Foreclosures Help Information

Posts Tagged ‘Buying Foreclosed Property’

Buying Foreclosed Property From Bank

Question: Once your house is foreclosed on and you have had liens against your house do they follow you?

We got sued a couple of years ago when a kid got injured on our property. He won a settlement of $75,000. They put a lien on our house. Our house was foreclosed and sold at auction and we were evicted on Sunday. We got a note from the bank saying thank you for paying off your house. If we go to buy a new house someday does the $75,000 lien come with us or was it settled when a flipper bought our house?

Answer: Was the house sold for more then you owed? If it did then what ever was left over then it would have gone to payoff that lien. If not then the lien will follow you until it is paid off. If the house was sold for less then the amount owed you will be responsible for the difference of that also. Good Luck.

The Real Estate Newbie Investing Show – Buying Foreclosures ( Bank Owned Properties )

Buying Foreclosed Property In Florida

As many of you will be aware, investors have been purchasing foreclosed properties in places like Orlando, Florida since early 2008. They have been doing this because it is an excellent way of purchasing an undervalued buy to let asset.

However it can be a frustrating experience as well, as clients are often bidding against several people for the same property, and once an offer is made, you usually have to wait 2-3 weeks to receive an answer.

If the bid was unsuccessful we need to start again. Once a successful bid is accepted and processed, the management company process starts, with the lucky landlords finding new tenants within 4-6 weeks. If a person was unlucky enough to receive “your bid was not successful” messages three times, he could easily have wasted 3 months trying to purchase a foreclosed property with absolutely nothing to show for it!

Even if you were lucky enough to have a bid accepted and you (or your agent) managed to navigate your way though the extremely slow and bureaucratic title companies – you might not get a tenant very quickly. I know of several people who had to wait more than 3 months for this – that’s three months paying HOA and Real Estate taxes without any income to show for it.

After I’d spent many months purchasing and helping people purchase property this way, it became evident that there was a much better way of doing this, both an agents and a buyers point of view.

As has happened in Ireland & the UK, when the credit crunch was causing misery for local Orlando developers quite a few decided to try and ride out the storm by furnishing and renting out the remaining units themselves while waiting for the market to turn. Makes sense right?

But what if you can find a developer who owned and rented high quality units and was about to be foreclosed by a bank? Let’s say you find one who needs to raise $5 million in 30 days or the bank will seize his assets. Would he be willing to sell 100 of his properties to investors with tenants in place at a foreclosed price level (say $50,000) in order to avoid the excruciating foreclosure process? The short answer is yes, he certainly will!

This method has all of the benefits of a foreclosed property (highly discounted price, v high rental yield) with none of the headaches (bidding process, red tape, finding tenants). If you can tailor your search for these types of tenanted units, then everything becomes a whole lot quicker – and much more profitable.

About the Author:

Torcana Ltd is a property investment consultancy dealing with investments in foreclosed property, distressed property, and discounted property in USA, Spain, UK, and Panama. For more information please visit: – http://www.torcana.com

Article Source: ArticlesBase.com – New Ways of Purchasing Distressed & Discounted Properties

Foreclosed Properties Fort Lauderdale Florida

Buying Foreclosed Property In California

Question: I have 2 homes and one is about to get foreclosed?

Hello, i currently live in California and the housing market is taking a huge dive, i cant make payments for both of my houses so im letting go of one the bank if about to foreclose it. My question will anything happen to my other property when the foreclosed property goes down? How hard will it be for me to buy another home in the Future?

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Answer: My question will anything happen to my other property when the foreclosed property goes down?

> No.

How hard will it be for me to buy another home in the Future?

> Very hard. You have proven to be financial irresponsible. A foreclosure is almost as bad as a bankrupt.

Buying Foreclosure Homes / REO in San Diego County

Buying Foreclosed Property At Auction

Question: When purchasing foreclosed properties who is responsible for eviction processes?

I’m trying to learn as much as I can about foreclosures and there is a few questions I cant seem to get answered. 1. If I buy a “mortgage” at an auction and the redemption period is 6 months, will the house be occupied until those 6 months are up and I notify the occupants that they have to leave? 2. what if during those 6 months the occupants file for bankruptcy what happens to the mortgage I bought at the auction? Thanks for the help

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Answer: The buyer. You may need to work with the county sheriff. It's a mess and not something for the casual investor.

Buying & Renting Real Estate : How to Buy a Foreclosed Home at Auction