I want to buy a bank owned home. Currently they have the home listed at $144,900, I spoke to my realtor and she advised me that if it was her she would not offer more than $110,000. The hoem is in great shape, new roof, windows etc.
What would you offer, I am trying to keep my payments below $1,000 a month and can afford to put 20% down.
what would you suggest to start offerings at?
The hoem has been on the market for about 2 weeks. And is located in Dearborn Heights, MI 48127
OCWEN handles VA & other REO. You can sign up at their website to handle them. https://www.ora-rmsi.com/webtop/registra…
Other sites like HomeSteps, you can sign up to start doing their BPO’s (Broker Price Opinions) and you might get some after you’ve done BPO’s for a while.
You will not be required to pay anything to your lender if the lender complete the foreclosure procedure using the non-judicial foreclosure procedure.
Under this procedure normally the lender has the right to sell the property after completing the foreclosure procedure. The lender, under this procedure can not normally sue for a judgment after the sale. You do not have the right to reclaim the house under any circumstance.
If you are not required to go to court and has not received documents from a court stating that you must appear. This is probably the procedure being used by your lender.
Most lenders use this procedure.
If they lender use the judicial foreclosure procedure they are allowed by law to file a judgment against you.
Most lenders though the law allow them to file for a judgment do not do so. they would just rather sell the property, write any loss off and move on without other legal problems that might cost them money and then would have to collect on the judgment if they won.
On the other hand you the law also allow you the right to reclaim your house after the foreclosure procedure has been completed normally up to a year.
If you received a document stating that you have to appear in court and a date for you appearance has been set, your lender is probably using this procedure.
This method of foreclosure is used by a few lenders where both procedures are allowed.
I hope this has been of some use to you, good luck
“FIGHT ON”
I sold a property several years ago, however, the party I sold it to has refused to pay me on the loan I financed. I’ve waited over 2 years and am tired of the excuses. I recorded a promissory note and a Deed of Trust as the time of sale. However, the new owners stated that there is a mistake on the Deed of Trust. It lists the wrong lot number and if I try to foreclose they will sue me. I’ve heard about judicial foreclosures, but, they are very costly and take forever.
1) The APN#, Address and Lot Description are correct. Is that enough to foreclose on? Will I get in trouble due to the mistake on the lot number? I’ve asked them to sign a corrected Deed of Trust and they refuse. Thanks!
(California Jurisdiction)
I recently moved to Georgia. I found a house I liked through a real estate company. Less than a month after moving in the owner of the property died. Her daughter has been caring for the home. September 1, I paid my monthly rent. A letter came from the mortgage company stating that the rate was being adjusted. So just out of curiosity I called the mortgage company to see if the house was in foreclosure. I was told that they could not give out that information. I explained my situation to them and they gave me the same answer. What am I to do. Of course the landlord is not going to tell me if the house is in foreclosure. Can anyone tell me where I can find out if the mortgage is current?
My Husband and I have found a nice home, and it seems in decent shape (pre-inspection). This home is a foreclosed home owned by the bank. The home is currently on the market for 274,000 and has been for quite some time. Can we offer less on the property , say 265,000? Do you think the bank would consider accepting a lower offer, or, because it is banked owned does the price stand as is?
that is good for people in the investing and pre-foreclosure business in the state of Colorado, without paying an attorney an arm and a leg to draw it up? I’ve heard many horror stories of people using general contracts downlaoded from sites that do not conform to their own states general realestate law and foreclosure law. Anybody know?
Please don’t refer me to somewhere with a free “trial membership”.
i am interested in purchasing a foreclosed home and have some questions? are foreclosed home prices negotiable? what are some things i need to be aware of when purchasing a foreclosed home? any advice would help?
