Foreclosures Help Information

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Government Tax Foreclosures Properties

Question: Before buying at county tax auction??

I’m interested in buying land/lots at a county foreclosure sale in NC. I understand I should get a title search done before I even BID.

Regarding liens – is it true that all non-goverment liens (mortgages..creditors) are wiped clean if property goes to tax sales? As I understand it…the county files/advertises Notice of Default three times..or for a period of time, giving opportunity for creditors to step forth and basically assume the county taxes in arrears.

Government liens go with the previous owner or stay on the property?

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Answer: Buying at a tax sale is one of the best ways to invest! You are correct about everything you stated. You become the owner out right on a Tax sale. The main thing you are looking for is the condition of the property and you in case the access ability. It all depends what you are going to use the land for, what it will cost to bring in utilities and a road!

Good Luck

Real Estate Investing Tips - Tax Lien Properties - 50% Returns

Foreclosed Properties

Question: How do I do research on foreclosed properties, what do I need to find out and where do I go find the answers?

I was recently looking to bid on foreclosed properties on ebay, does anyone know how this works and what I need to find out before I bid? Please serious answers only, professional realtors opinions or advise is greatly appreciated.

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Answer: You can bid on foreclosed properties right in your own area. That is your best deal anyway, as you will not have to travel all over the country to flip the house.

Most every county in every state will have a department (usually availabe online) that lists both the auctions for foreclosed properties and the auctions for properties being sold for back taxes. In my area the auctions are 2-3 times a month.

Lisa Ling Investigates Foreclosed Homes Oprah com

Minnesota Foreclosed Lake Homes

Over the last year foreclosures have been much more prevalent. New foreclosures are listed every day in Minnesota. You are wondering about their property values and the effect they have sitting vacant next to your house. Its no secret property value has decreased in the last year. Properties/Homes owned by banks typically have lost the most value. If the bank financed or bought a house on Red Sand Lake for $200,000 and now have foreclosed on it, they aren’t good position. Even if that house was being lived in (rented) and in pristine condition. It’s just not worth what it was before.

When the property becomes a foreclosure they are worth less money. No one’s going to pay market value for them. The bank owned homes sell for less than homes sold by the traditional seller. Buyers won’t buy them until the prices hit bottom.

All Brainerd Lakes real estate, in Crow Wing and Cass county are affected by the foreclosure market. Sometimes there are homes, one could be in a new development in Baxter and the other, identical in every way except it is a foreclosure. Sometimes what happens is the bank will lower the price for a quicker sale and does make an impact. A traditional home owner will have a harder time selling. The bank has to lower the cost of the house because buyers won’t pay as much for a foreclosure.

A person looks for a home in Brainerd Lakes Area, they shop around, compare prices, it’s all part of the process. One of the first thing you will notice during the search is the local crow wing county and cass county foreclosures. When people look for homes they go shopping ,comparing prices, select a real estate agent, its part of that process. If your anything like me once you see that home foreclosure listed on a website, like lakehome for the cheap price. It’s hard to not expect that value on the other homes as well.

When an appraiser or a Realtor looks at the market value of a house in, say in East Gull Lake, they look for three comparable homes that are nearby in East Gull Lake and have sold in the last year. Usually, they don’t use any bank owned houses or houses that were owned by the bank in the comparison. Simply because that will not give them an accurate market value. Private/Personal owned homes sell more than bank owned homes.

If you live at 555 Excelsior Dr in Baxter and 556 Excelsior Dr Baxter, MN and you have a foreclosure on each side of you, it doesn’t necessarily mean your property value will drop. In the some Brainerd and Baxter areas hardest hit by the foreclosures the prices seem to have hit bottom and average sale prices are now higher than average list prices.

Foreclosed homes sitting empty have a slight impact on the value of the homes nearby, it a normal market the value of your home is a lot more sensitive to foreclosures, with the REO prevalence today almost everyone is living near a foreclosure. Buyers are interested in buying the bank owned homes but no one wants one as a neighbor.

Foreclosure Next Door – Original Article

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Source – Do You Live Near a Foreclosure? What to Expect Now

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Philippines Foreclosed Property

Question: How do I save my property from being foreclosed?

My property is on the verge of foreclosure after my husband left it unpaid. The bank wanted me to pay the arrears but I can’t afford it. I tried selling it but to no avail. Any other means? Is there any bank around that can take it out and give lighter repayment terms? I have read much about it abroad but can’t find any here in the Philippines.

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Answer: Will tell you right now if the house is in the USA you can't do anything from the PHilippines. I have been there because of family many times. and know the situation all over the country..

You will need to come home to take care of this or give someone power of attorney ,, and I can tell you right now that nobody will bother with it if you not interested enough to come home and take care of it.. Plus they want you living in your house..

Now if your house is in the PI, The banks there would be happy to take your place for most any reason they can if it is worth more than you owe on it.

PROTEST! 10/19/08, Mortgage Bankers National Conference

Foreclosed Tax Properties

Question: can wages be garnished for overdue property taxes of a foreclosed home?

I have a friend being harrassed by collectors. Home foreclosed over 1 yr ago in CA. No longer the owner. Collectors state her wages may be garnished if past property taxes are not paid. Is this possible? Don’t banks inherit all outstanding debts associated with home? How to protect oneself?

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Answer: No. Real estate property tax is due from the property not the owner. The foreclosed mortgage contract may provide that the mortgage company can include unpaid property tax as part of any deficiency in the foreclosure. This creates a subtle difference between "unpaid property tax" and "part of the deficiency attributable to unpaid property tax."

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