Upcoming Foreclosures

real estate bank owned foreclosure question? When you see a bank owned foreclosure that is listed for 20 thousand dollars, will it be just a matter of contacting the bank and offering 20 thousand dallors or will the amount grow higher if more people are interested? I heard that the bank will counter offer you and it will be even higher so just wondering how it works?

Real Estate Foreclosures?? Help?!? Is there a website where I can find Bank/Real Estate Foreclosures in Detroit, MI?? I've been to a few websites, but you have to sign up for a trial, and I don't want to do that. Is there any website I don't have to sign up for a trial? Can someone please help me! It's very urgent. -Thank You

Is it a good idea or bad idea to put a bank foreclosure department in a real estate company? Is it a good idea to put a bank foreclosure department in a real estate company? I thought bank foreclosure departments are supposed to be seperate from real estate companies but never combined together.

I want to learn about real estate. foreclosure properties, bank mortgage,related matters.help me pls.? Im dreaming and planning to invest something, with a little capital. I want to learn about real estate,how to deal with the banks, etc. please share your knowledge with me.

Foreclosures. Can real estate companies purchase my home? If my house is going up for a foreclosure is it possible to negotiate a shortsale with the bank? If so, who do I get to buy the home from the bank? A real estate company? another bank?

Would you inlude a Housing Counseling Department or a Bank Foreclosure Department With A Real Estate Company? If you are an ownereof a Real estate Company, would you include a housing Counseling Department or a Bank Foreclosure Department?

Is the real estate course offered by Bank Foreclosures Direct worth the money? I attended a seminar held by Bank Foreclosures Direct recently. However, the cost of the course is $1500, and they were not fourth coming with any guarantee. The information they claim to provide sounds incredibly useful, but I have not had much luck finding anything about the company online or through the BBB. Has anyone that attended the course found the information useful and would you recommend spending the money? Did the instructor offer more programs or mentoring at an additional cost? I am not interested in spending additional money beyond the cost of the program. Because I have not been able to find a BBB rating, I am apprehensive about spending the money on the program. I have read blogs stating that it is similar to Trump Education, and that the information is vague. One person says that it requires more time than they say. I have time, however, I do not have money to waste on a program that does not work. Thanks for the input.

What happens to a tenant's lease after a bank foreclosure & public auction (commercial real estate in Texas)? Landlord allowed bank to foreclose on the building we were tenants in. The building went to auction, but there were no bidders. The bank became the owners. As tenants, what happens to our lease? What are our rights/options? It's commercial real estate in Texas. Thanks so much for any help. So are tenants month-to-month? Are the leases void? What if the bank doesn't offer a new, reasonable lease? Thanks.

Why are banks buying their own foreclosures at real estate auctions? I've been to a few New York Real Estate auctions at courthouses recently and often the banks are buying the properties back, They either have a specified bid they come in with or will outbid the public. I don't understand. Don't these banks want these properties off the books?

How do I find real estate foreclosures in my area? Hello, I'm an aspiring real estate investor. I've done my research and would like to buy a foreclosed home at a lowered price in the Mississauga area. How would I go about finding out where they are located? Should I just go ask the local banks?

How do I qualify to do real estate listings on foreclosures? I am in real estate and want to do know how I contact banks to be one of their foreclosure listers.

How do i go about getting my company info out to banks or real estate? i have a full service junk removal company and i want to get my name out to real estate or foreclosures? Any advice on the best way to do this?

Who is the best real estate agent in Toronto,Ontario for finding Power of sale,Foreclosures and Bank Sales.?

Real estate question, What was your experience in buying a bank owned foreclosure? How much was it listed at? How much did you get it at? Was the house in decent shape or needed lots of repairs? How long did the whole process take? Just researching. Also Im more interested about the less than 30 thousand dallor stories then higher ones.

real estate foreclosure canada? bank foreclouser real estate ect...

How does an average person with no real estate background go about buying foreclosure's and bank owned homes?

Complicated Real Estate foreclosure question: My bf filed chapter 7 bankruptcy and abandoned his house.? The house is not on a foreclosure list. The bank keep calling asking him what he intends to do with the property. The property is not in arrears of taxes and not on the sheriff foreclosure list. What should he do?

as a real estate agent how can i get foreclosure list from the bank for an investor? As a realtor, I want to be able to list banks property as an agent . Please help me on how to go about this. Thanks

real estate foreclosures? Do you still have to owe the money in which u purchased the home back to bank if you foreclose? Would it be better to sell it for half the price of what you bought it for? I don't understnad this stuff.

How do real estate agents get listings from foreclosures? I work with a real estate agent who gets his listings from law offices and banks. How do you do it?

what are the steps to follow to get real estate that is in foreclosure or take over somebodies mortgages? there are multiple website that show you where the real-estate opportunities are. however, there are ways to acquire homes without the involvement of banks or real estate agents for huge equity.if anyone has good advices do share. bank loans and real estate is not what I am looking for here

What will the amount of foreclosures do to the real estate market? I have not been able to find the numbers, however from what I understand banks have a significant amount of them on their books. What I mean by significant is that there are enough that might matter to new developments.

Can I get a list of bank foreclosures? I am interested in investing in local real estate. Can go to my local bank and request a list of foreclosed properties? How does this work?

Was Obama Smart To Cause People To Panic Over The Economy? I know it helped him get elected. However, it did contribute to people taking their money out of stocks and it did contribute to people reducing their spending (which is causing more business failures, real estate foreclosures, banking problems, job layoffs, etc). Obama reduced consumer confidence with his negative campaigning.

What does it take to be a Transaction Coordinator for a Real Estate Office? I have worked in the Banking industry for years (Retail Banking, Foreclosure, Bankruptcy, Home Loans and now Leadership training of Bank Managers) and would like to get into my own buisness as a Transaction Coordinator. I was going to get my notary and take a Real Estate class but I am not sure if that is needed. I heard that someone HAS to train you for the postion. Any classes?

How do I find a list of bank owned foreclosures in my area? We are looking to buy a house and have the benefit of being able to pay cash. I feel that I would be able to leverage this the most by buying a foreclosed property off a bank at a discount. Unfortunately this real estate market has made many lose their homes, we were fortunate enough not to be in the real estate market and want to take advantage of the opportunity. I am in Connecticut.

real estate question about a foreclosure home that was bought by the bank at auction and now for sale? A bank forecloses on a house and puts it up for auction and ends up buying it themselves at the auction, with the intent of listing it on the open market. If I know the name of the bank and have financing ready, can any real estate agent get in touch with the bank so I can be the first person to make an offer? Any way to do this myself? I've tried to speak to the bank already myself before the auction is held. They won't talk until after the auction. Since I may not be able to get the house insured until the tenant is evicted, and risk lots of vandalism or fire, I might attend the auction and bid but hope to let the bank have it at their price. That way they have to evict the tenant and put it on the market. In the meantime, while they are evicting and getting it ready to sell, I need a way to contact and be first in line with financing before the MSL is sent to 1000's of people. public sector of the MLS... where to see? I have 3 agents sending me MSL updates but they are usually a couple days late to get to me. Any way to stay on top of new listings? I'm sure the bank will ask the most they can right off the bat in case they have to go lower. I might offer them what they want, but I got to be an early bird. I've been 2nd twice and lost out, and in one of those I had the largest offer and they did not wait on my offer to get to them. They took the first offer morning of Dec. 28th. My larger offer got there 1pm but too late. And my agent knew the selling agent and was told that the bank would wait on my offer. They didn't. Finishing 2nd is almost as bad as last, when wanting a house. also since the auction told me the name of the bank, I know the seller before the public does, me and the others who watch the auctions. Somebody, maybe the bank should be able to tell me when the house will be listed or what they are asking. and there are such things as short sales. lightupthesky25: the bank in my case is Wells Fargo.

Bank financed real estate investments? question: With the housing market in a slump and a record number of foreclosures do you think that it would be possible to maybe go to the bank and asked them to sell you lets say 10 forclosure property's and give you a loan for rehab? i would like to do this i currently flip houses and its true houses are not moving as fast but i have been selling and instead of doing one house at a time i would rather do a lump sum do you think this would fly and if so who would i pitch this to any help would be helpful... i mean its not like the houses are going anywhere anyways

Do banks or real estate companie sell foreclosed homes? is it the banks that sell foreclosed homes or real estate companies that sell the foreclosed homes? I always though real estate companies sold homes that are not foreclosures.

Real Estate? what the meaning of this Reo Properties Bank owned Foreclosures Corporate Owned Properties Governments owned properties HUD dose it mean when ppl can't make the payments ? or they are selling for les ? ( i see some are high ) ? got any advic for first time home buyer ? * SERIOUS PPL REPLY * Thank You

bank financed real estate investments? question: With the housing market in a slump and a record number of foreclosures do you think that it would be possible to maybe go to the bank and asked them to sell you lets say 10 forclosure property's and give you a loan for rehab? i would like to do this i currently flip houses and its true houses are not moving as fast but i have been selling and instead of doing one house at a time i would rather do a lump sum do you think this would fly and if so who would i pitch this to any help would be helpful... i mean its not like the houses are going anywhere anyways

Can I get a government grant to purchase property for real estate to sell? I have an idea that I think could earn me a fortune but I'm not clear about if its possible. I have located many houses that are vacant either because of taxes or bank foreclosures. I like to get a government grant and purchase the properties and turn around and sell them. Is this possible or not.

How much money must a bank set aside for each REO? I am doing a project on real estate foreclosures. An important question for me, is the motivation for lenders to NOT take back foreclosure as REO, but to sell prior. One reason would be the requirement that that a bank must have X number of times of the asset value (home value) in reserves and out of its lending budget. Is this true and if so, how much is the X?

Any real estate gurus familiar with foreclosures that can explain this situation to me? I recently acquired a lease on a home that is foreclosed on or in preforeclosure status. My landlord is a corporation in S. Cal that buys foreclosures/short sales from banks. My lease agreement has a supplement that states: Tenant understands that the home is in foreclosure and the landlord is attempting to purchase from bank. Landlord has an agreement with the owner to purchase as a lease with option to buy subject to bank apprval. Tenant has first right of refusal to purchase from landlord as a lease with option to buy upon landlord buy. 5% down for term of 12 months for option to buy. We just moved in last month, this corporation has not received an answer from the bank yet. The owner actually came buy last weekend, not realizing there were tenants in his home. He said it was a short sale and he's still the owner. He is now authorizing his agent to show the property to prospective buyers before we've been given the right to make an offer to the landlord. What are my rights?

on Yahoo Real Estate - Can you buy Houses in Foreclosure at their listing price? I'm starting to learn about real estate in general. A house in my neighborhood on yahoo real esate is in foreclosure with $25,000 left to pay on the house. Can you make an offer to the bank to pay that $25,000 off and take ownership of the house? Or do you have to go to the auction and bid that? Please answer both questions. Thanks.

If you as a real estate developer has obtained a driveway easement but you then found out that the bank owned? the property in which the easement of the driveway is over. Then you find out that the bank that owns the property in which the driveway is over and they are having a public foreclosure on the property. Should I be concerned about this? If so, what steps can I take to protect me as the developer?

how much is a bank willing to write off in order to sell real estate instead of letting it go to foreclosure?

Real estate foreclosure ?...? Anyone out there either a lawyer or have personal experience with having been foreclosed upon? Want to know if and how long does the mortgage company have before informing you that the foreclosure was not enough to satisfy the loan amount due. Lost house in late 2010, purchased by a subsidiary of the mortgage company(a real estate company) at auction. Received a 1099-A tax form which states the "fair market value" of the home, more than the principle loan amount, but less than what was actually owed. Suspect that they undervalued the home in order to justify a quick sale, by selling at a low price and hold us responsible for remaining amount. The reason I say that, is the bank accepted the original appraisal, 5 years ago which valued the home at over $325,000 more than what they claim it to be worth now AND our town assessment at the time of foreclosure was over $120,000 more than they claim(policy of the assessors office is to assess homes at 100% of "fair market value". How can I find out if I can be held responsible to pay more money? How long do they have and under what circumstances can they hold me in debt to them?

florida real estate law - change of bank ownership? If a complaint was initially filed by one bank (Washington Mutual) and the successor bank (JP Morgan Chase) continues on with the foreclosure proceedings that were originaly filed by a different bank- is that legal? And if Washington Mutual is still in litigation with Chase regarding the initial transfer of property, then how can Chase even have legal title to note and underlying property?

House in foreclosure * Real estate agent stopped by? Hi, my home is in foreclosure, today this real estate agent showed, saying he works for the bank where I got my loan from, he stated, he was checking if someone is still living here and he will come by in a week, for me to sign some papers, is going to offer my some cash, and I will have to leave my home in 30 days after that. Somethings smells shady, I got a feeling this guy , just wants to get my house for pennies, what do you guys think. Thank you. Ps, By the way, I am planning on walking away from the house anyways, its way too expensive to get it back, If i do sign anything , I will say first make me an offer and cash is up front, if not no signing of anything, Im pretty sure, you dont have to sign anything even when you get an eviction letter lol.

Real-estate - I have a lease on a home and the owner that I am renting from has gone into foreclosure.? I have a lease on a home and the owner that I am renting from has gone into foreclosure. There hasn't been an auction date set by the bank nor has there been real-estate firm assigned to the property. I am interested in buying the home from the bank or renting with the option from the buy. The property taxes are due as well. What is the best solution to acquire this property? I am in IL

Who pays the real estate commission in a short sale the seller or buyer? The bank insists I put the house up for a short sale before they agree to allow me to deed it back in lieu of foreclosure. Do I have to pay the real estate commission if it is sold in a short sale?

Real Estate Agents: would this be beneficial? I'm thinking of a business proposition and wanted your opinions as to if it would be beneficial to you as an agent and your seller. To make a long story short, I've been in several houses recently, foreclosures specifically that are on the market, but are total dumps inside. People just up and left---leaving trash, etc behind. My thought is to charge real estate agents/bank sellers to go in and clean these messes up. My mindset is that if it's cleaned up and doesn't smell so bad, people will be more willing to pay the full asking price which benefits the agent & the seller. What are your thoughts? Would you use it? Like I said, just an idea I want to research a little further.

Real estate foreclosure AZ? I am considering a foreclosure, i live in AZ. I have been told that if you foreclose out here the bank cannot come after any of your assets. Bank of America holds the note on my house and i also bank with them. My question is this, if i foreclose on my house can B of A take money out of my account that i have with them?

Maine Real Estate Foreclosure auction? ok so here is the situation, a friend of mine is going thru the foreclosure process and his property is scheduled for auction on June 19th, 08. There are a lot of holes in the process (legally) as far as our state laws go and I think that he is being taken advantage of. He signed a contract with the auction company but the fees are being paid by the bank's representative. He was not notified in writing about the time/date of the auction. Not even sure if they have actually advertised a public notice of the sale which they are supposed to do per the state laws here unless that was waved because he signed a contract with the auction company. Could he stop the process right now seeing that he signed the contract and make the bank start the process sort of over as far as the auction end of things. I'm thinking that he would have the right to cancel the auction cuz he signed the contract but im not sure. Obviously this would most likely make the bank unhappy and he may be forced out sooner

Pay real estate taxes during foreclosure? My bank is in the process of taking back my home--meaning they are foreclosing on it. I understand that at this juncture I do not have to pay property taxes as the tax follows the residence--not me. So----will I get arrested / jailed or anything like that if I don't pay taxes when a house is in foreclosure?

foreclosure bank article, how does this relate to the economy?? HELP.? http://money.cnn.com/2010/11/16/real_estate/congressional_oversight_panel_bank_foreclosures/index.htm explain in 5-8 sentences. I suck at economy, PLEASE HELP.

What companies accept Broker Price Opinions (BPO) from Realtors? * Preferably companies that accept BPO submissions via the internet. * I am a licensed and active Realtor servicing the Atlantic City Metro Area. REO.. Bank owned.. Foreclosures.. Real Estate

How is Florida real estate getting better? Florida is one of the states most affected by the mortgage crisis. The most accessible loans available in this market are FHA loans. After qualifying for an FHA loan I initially thought the difficult part of being a first time home buyer was behind me. However, it would seem that the journey has just begun. Most communities do not meet the requirements for FHA approval. The most common reason is the high foreclosure rate. The community of interest must also be current on HOA fees, there must be a certain percentage of home owners to investors and other such conditions must be met for an FHA approval. With all these regulations and restrictions associated with an FHA loan it is not difficult to imagine that even this type of loan may become obsolete. The dilemma now is not whether you will exceed your budget but whether the available homes within your budget will qualify for the loan type. With all fairness I am obligated to mention that conventional loans or cash sales do contribute to recent sales. The requirements for a conventional loan in Florida are not realistic. Where some borrowers may be able to contribute 10% down payment the newly required 25% down payment to say the least is a stretch on nearly anyone's budget not to mention the budget of a typical first time home buyer. Investor are buying at extremely low prices with cash and conventional loans. FHA loans cannot compete with these investors due to all of the restrictions and rules that they must adhere to. The increasing of number purchases by investors in a neighborhood/community further limits opportunities available to FHA first time home buyers. As a result investors and not "home owners" are benefiting from the low market rates. I have concluded from my observations that the so called homes sales increase doesn't fully disclose the underlying problem. The true rate of available homes and foreclosures properties are not represented in the market. Banks are slowly trickling inventory into the market while the excess or "ghost inventory" remains hidden in their vaults in an effort to manipulate market values. I have also noticed another disturbing trend. Yes, single family homes, townhouses and condos are at an all time low. However, where FHA approval is not available home prices are much lower than market values. One would initially think this is in their best interest but these homes are primarily only available to investors due to requirements and restrictions placed on FHA loans. Where homes are FHA approved this results in homes being listed and maintaining the inflated prices. The limited homes available especially ones built in 2005 and 2006 are in high demand. As a result a new type of bidding war is ensues. Potential home owners of low to moderate income cannot compete with investors of whom recent sales can be attribute to. I expect home prices will continue to fall. Do you predict a change in the way the real estate market and lenders addresses these new issues and it's direct connection to lower home prices? Do you think the government will relax some of the FHA regulation to combat these issues? (which in itself has pros and cons associated with the outcome for home buyers). Finally do your foresee a new program/stimulus that will assist first time home buyers in the near future once this $8,000 tax credit expires? I live in Pompano beach area. I thinking of buying in palm beach county. That market is over saturated with town homes and condos.... Over saturation can be a good or bad thing.

Where do you find legit information on buying foreclosed real estate and attending real estate auctions? I live in CA and have taken two college level Real Estate classes and a few seminars, but no one seems to have any information that is actually available to the public on how to buy foreclosures, where to get the lists from for free and where to find the auctions. My college instructors advised to just buy a house via the "normal" route and avoid many of the problems people have with such properties, and the seminar instructors just seemed to want to sell their own mailing lists which just listed banks that didn't have any information you couldn't find on Google. I've sent a few letters to Fannie Mae and have only received their "new home buyers' guide - which is very informative - but not helpful. I'd like to invest in foreclosures and possibly "flip" a property and I know it isn't easy and it is a true risk of $$, but it seems like those in the know are keeping quiet about their resources - if this is public information, where do you find it without taking a get-rich quick seminar?

Real estate: How come I see soo many REO homes on bargain network for under $30 000? Can you really get a house that is a bank owned foreclosure for less then 30 000 even if its worth maybe 100 000. How are the prices determined. I see a lot of houses which banks owned selling for 30,000 that are supposely listed above 100,000. Just confusing when I hear banks wants the highest possible price.

Florida Real Estate Lease Laws on Foreclosure? We are renters in Florida and we heard that our condo (leased through a private party) may be foreclosed. We don't have a clause in our lease on this issue. I've heard rumors of renters just being kicked out because of foreclosure and I've had legal advice saying the bank has to let you fullfill your lease by law until the end. Does anyone know the laws on this? We can't break our lease without having the pay the rest of our months rent but I don't want to get taken down with them. Thanks

Are bank owned houses REO's and short sales asking prices negotiable? I wanted to know if bank foreclosures REO's and short sale home asking prices are negotiable? Do banks ever accept a lower offering price for property? Since REO (Real Estate Owned) is a property that goes back to the mortgage company after an unsuccessful foreclosure auction.

Yahoo Real Estate coming up with "magic" sales price? I'm an agent in Texas. I showed a client a home that is being foreclosed on listed at $209,900. That same home came up on Yahoo Real Estate under "foreclosures". It said the home will sell for $189,910 (or something close to that). What crystal ball are they using? The actual loan was orginally around $147,000. Do they have access to something with the banks?

what does this mean in real estate ad? Expt-disclos/disclaim what does this mean, it is in one of the listings of a house I like, it is a bank owned foreclosure property.

where would you invest 200K right now ? Lets just say you had 200k in cash...where would you invest it right now ? I am thinking real estate..foreclosures and bank owned...

Tampa FL Foreclosures at Courthouse $100 Bank bids ? This is specific to Tampa FL- courthouse home auction- why do banks have to bid on props they already have foreclosed on? Several banks bid $100 and some higher. I thought the title to the property was being auctioned by the bank, so why would they bid to buy back what they already own ? Why do they have to bid against others since one would assume they took back the property in foreclosure. Any info from county courthouse clerks, real estate attorneys, investors would be helpful to clarify the legal process and why banks bid.

Foreclosures. I have heard one can buy a foreclosed home simply by taking over payments...how true is this? I have heard there are so many foreclosed homes, real estate/banks will let people buy a foreclosed home simply buying moving in and taking over monthly payments with no down payment. how true is this?

I am a Real Estate Agent in Dallas, TX. How do I go about getting foreclosure listings? ? As I mentioned above; I am a Realtor in Dallas, TX . Recently I thought about venturing out in the world of foreclosures to build my business. How do I go about getting foreclosed homes listed with me? With all the recent foreclosures to hit next month in September, I am wondering what do I do, what process; if there is one, to go about getting banks to list foreclosed homes with you? Thanks for taking the time ro read my question.

Real Estate Tax/Insurance Deduction in Foreclosure? If you are in foreclosure and it is not final, can you claim the real estate and insurance premium deductions on your income tax? The bank is paying the taxes and insurance in my name still. I don't believe the bank can claim it, so who gets the deduction?

Can you get a real estate loan (Gov/Trad) to purchase a more affordable home when you are now in a foreclosure Job loss and injury caused us to fall behind on our mortgage payments. The Bank wouldn't work with us and began foreclosure proceedings after 30 days late. We cannot afford our current home. We are trying to sell, but the sheriffs sale has happened, our time to sell is limited. We have located a different home that is 1 1/2 times cheaper & will allow us to make MUCH lower house payments. We have some money to put down (the bank wouldn't take partial payments, work out repayment plan etc..) but we need to finance the balance for this different home. Our credit is terrible now because of this but we need a home for our family & children...are there any loan programs (government or traditional) out there to help us get into this home. We tried going Contract for Deed but the Foreclosure Co. wants to cut the home loose (the home we are trying to buy is a foreclosed property that needs repairs but the payment would be $100's less than we pay now) -Any guidance would be appreciated.

Are there companies that assist real estate agents with their listings in a bad market? One of the agents in my office doesn't know the contact info, but was telling me about a company that helps sellers negotiate settlements with banks if their house can't sell for the payoff amount. From what I understand, the listing agent can mark the house down to a sellable price, and when an offer is made, this company can present it to the bank as a settlement in lieu of foreclosure. In addition, the listing agent can still make their regular commission. Does anyone know of a company that does this?

How to save the Economy and Real Estate Market? With the current economic situation, here is one way to resolve the issue. What is your opinion or way to save the economy? First off, $700 billion bailout from the government? ouch By saving the real estate market, it will help the entire economy get back on track. Home owners bought outside their means, didn't understand what they were agreeing to, or took out equity at the peak of the market. Now these individuals have lost their homes, or are in foreclosure. Banks/Lenders can't sell these homes and are sitting empty. Ex-home owners have had to move in with family and friends, rent, and in some cases become homeless. MY SOLUTION Home owners that are unable to pay their mortgage, should be allowed to have their home value reassessed and be given a lower fixed apr. That being said, the difference between the current value of the home, and what is currently owed on the home will need to be repaid upon the home being sold. In addition, once the home is sold, any amount over what is owed, will be split 50/50 between the home owner and the government. The home owner would not be able to sell their home for 5 years, unless the home can be sold for at least what is owed (mortgage & gov). Example -Home owners have a mortgage for $400,000 -House is assessed at $200,000 -New house payment 1/2 as much -15 years later the house is sold for $600,000 Home owner pays off what is remaining from mortgage. Repays $200,000 that the government paid, and splits the remaining $200,000 50/50 with the government. This will drastically cut the foreclosures, and save the US economy, especially the real estate market. When homes are sold in the future the government will get its money back, and profit from all homes sold under that program well into the future. My first draft had interest included in the repayment of what the government covered. As far as living within ones means, I agree completely. However, with the current situation, its about limiting the houses reaching foreclosure, and keeping home owners in homes. My plan is not about forgetting about what a person owes, it is about making the payment within their means so they do not go into foreclosure. Also by the home owner having to repay what the government subsidized (w/wo interest), and splitting any profit from selling their home, it is not only removing a huge profit from a government program to a home owner, but also giving additional income back into the government.

Why are banks buying their own foreclosures at real estate auctions? I've been to a few New York Real Estate auctions at courthouses recently and often the banks are buying the properties back, They either have a specified bid they come in with or will outbid the public. I don't understand. Don't these banks want these properties off the books?

How Do Real Estate Brokers List Reo (Foreclosure) Properties? I AM NEWLY LICENESED REALTOR AND I WOULD LIKE TO KNOW WHAT PROCEDURES ARE NECCESSARY TO BEGIN LISTING REO PROPERTIES. IS THERE A LIST THAT I NEED TO ADD MY NAME OR DO I HAVE TO CONTACT BANKS IN REGARDS TO MY INQUIRY? NOT SURE... THANKS

Real Estate Question - are people much more motivated to sell their house pre-foreclosure..? meaning with delinquent mortgage, compared to having the bank sell it as part of the foreclosure process itself? I'm referring to the period of time the bank gives the owner to sell their house prior to foreclosrue/public auction? what is the owner's main motivation here to sell it pre-foreclosure? is it their Credit Report not showing foreclosure and that's it? or is there another reason for the property owner to sell it pre-foreclosure compared to it being sold on foreclosure or, lastly, do you think in reality those property owners are not that more motivated to sell it pre-foreclosure compared to foreclosure once they have issues with the bank??? THANKS

Home Foreclosure Question for Real Estate Lawyers? If I own two houses and have to default on my loan and foreclose on one of them, does that affect my other house? Could they take it? Would I owe the bank money, or would they just take the house I defaulted on? The reason I ask is that we want to sell one of our homes, but the real estate agent said even if we sold at market value we'd have to PAY $8,000 to sell it. I've paid my mortgage on time EVERY month for three years, have remodeled the house, installed a solar power system... But what if the sh*&t hits the fan and we can't pay our mortgage a year from now??? Can I just move into my other home (a run down trailer on a 10 acres) or would my one foreclosure affect the other? This is a separate mortgage with a different bank. Thanks!!!

How much money will the bank give me to move out of a foreclosed house where I was a tenant? I am a tenant in a house that went into foreclosure. A real estate agent called me up yesterday and offered to give me cash to move out of the apartment ASAP. How much should I expect to be offered since now I have to start over with security deposits and 1st/last month's rent to move in to a new place? How much do they usually offer?

Does everybody understand the connection between The Real Estate Market and the Recession? Many people seem to think that The Iraq War and Oil Prices caused the Recession, which is false. The cause of the Recession is because during the Real Estate boom, many people took out loans they can not afford or loans that are very risky (variable rate mortgages). Since, they many can not afford those loans, many homes went on foreclosure. Since many homes went on foreclosure, Banks are not getting a dime. All these foreclosures resulted in a large group of people not able to get loans and Credit Cards (with a decent rate), so they are not spending as much, so their money is not going into the economy. (The number of people on foreclosure is massive, so they not spending had a HUGE effect on the economy.) So, since they are not spending, the whole economy begins to suffer. Remember, business's rely on money to survive. So since people are not spending, companies are laying off people to make up for the lost profit. So now that so many people are layed off and not spending, the whole economy really starts to suffer. Since almost every business is not making money, the stockholders stock starts to lose value. And most large companies rely on stock to survive but everybody stopped purchasing stock because they are too scared to get involved. Since not only did stocks lost a huge amount of it's value but also nobody is investing in the stock market, business's can not expand. With no money/investment=there is no growth. With no growth, there is no job creation. (I forgot to add that since; 1. Many people have bad credit due to declaring bankruptcy (and can't get approved for Auto loans). 2. Millions of people are layed off (and can't afford Auto loans). That is why the Auto industry collapsed (or near collapsed) Talawa- I would have debated this in your question but I didn't want to add on all these additional details to my answer, and make your question hard to navigate through. :)

I want a US Bank owned house that's not listed, how do I contact US bank directly? I cannot get in touch with US Bank's real estate owned department. I cannot contact a realtor because this house has been taken off MLS. It's not sold, so I'm not sure how to go about getting this house. It went to foreclosure auction, and I was there to bid on it, but it was taken off the auction block just before it was to be auctioned. Now the foreclosure auction people can't tell me how to find it either. Any help is so appreciated!

Real Estate Agents...HELP!! How do you do a short sale? I am a new real estate agent and my broker isn't readily available. A friend of mine is behind on her mortgage 3 months. It is her investment property. She has 2 mortgages on the property, 1 is for 98K the other is for 23K. The house appraised last year for 125K. She just gave me authroity to call the bank on her behalf to negociate a lower amount. Who should I speak to and what are the next steps? How do I get paid is she is in pre-foreclosure?

What happens after an unsuccessful auction on R.E.O. real estATE owned property?>>>>>>>? I work for a title company and just got transferred to the reo dept. Ok, so first the bank files a foreclosure complaint. Then a sherriffs sale (foreclosure) occurs. 2 questions. What happens if no one bids at the sherriffs sale? Does the bank still own the property? And are they required to release their mortgage? 2nd question. What happens if a "John Doe" wins the auction. Does the bank get this money and thereby release their interst by satisfying the mortgage?

If foreclosures just hit a record and the federal govt. owns to the two largest mortgage lenders..? If foreclosures just hit a record and the federal govt. owns to the two largest mortgage lenders, isn't the economic "recovery" in serious trouble??? I know Wall Street is making profits, but unemployment continues to rise as well as foreclosure numbers. http://money.cnn.com/2009/10/15/real_estate/foreclosure_crisis_deepens/?postversion=2009101507 NEW YORK (CNNMoney.com) -- Despite concerted government-led and lender-supported efforts to prevent foreclosures, the number of filings hit a record high in the third quarter, according to a report issued Thursday. "They were the worst three months of all time," said Rick Sharga, spokesman for RealtyTrac, an online marketer of foreclosed homes. During that time, 937,840 homes received a foreclosure letter -- whether a default notice, auction notice or bank repossession, the RealtyTrac report said. That means one in every 136 U.S. homes were in foreclosure, which is a 5% increase from the second quarter and a 23% jump over the third quarter of 2008. stephanie......."It's not in trouble because there was no economic recovery" Yes, indeed.

Do any real estate gurus know the ins and outs of a financial investment in a tax foreclosure home? I have been reading that market value of homes in the general market are expected to drop another 10 to 20%! I was curious if anybody knew, generally, if tax/bank foreclosure deals are far enough below market price to provide a buffer in that drop in value. Basically I want to know if I were to buy a tax/bank foreclosed home in the near future, if there would be enough of a buffer so it wouldn't drop the home's equity to below what I would pay for it. Thank you everyone for your detailed responses. You answered many questions for me. I appreciate it. Hey, I noticed one of you is in San Diego. That's where I was planning to buy. I have found some 1 bedroom apartments down town that are going for $140k! 5 years ago, the same properties were selling for $750k and even one of them, now selling at $148k, once sold for $1.1 million! I was wondering if the value could possibly drop any lower than that.

Real estate question? Assuming I have no down payment (VA loan) and I get the closing costs paid by seller or bank(foreclosure)? What out of pocket expenses(expenses that wont be included into the initial loan) will I incur when buying a new house?

Does Robert allens real estate investment scheme of no money down work? I would like to hear from professionals as well as amateurs in the field of real estate who have tried his techniques. Does his website which promises to give pre foreclosure listings nationwide actually work. In a free seminar i attended, they said, there would be atleast 9000 listings for the houston area. Also the personal advisors will look up the MLS for any property and will advise us of the fair market value of the property. Also that there are plenty of private investors who will lend atleast 80 % of the FMV of the property, not the purchasing price as banks and other lenders do. I wonder how much is true and how much is hype. Would like to hear from those who have tried his methods and signed up for his programme

short stocks. financial and real estate. why doesn't it adjust as much for real estate? when banks have bad news, bank stocks drop like a rock and short stocks such as SKF skyrocket 2 times the inverse of the financial market. yet when when there are foreclosures in both the housing market and in huge commercial property companies, short real estate stocks such as SRS don't adjust much. whats the reason?

Can a agent get commissions from Foreclosures? I am currently a NYC real estate agent, my brokerage never dealt with foreclosures before. I found a foreclosure that one of my buyer wants to participate. Am I entitled to a commission? Do I get the commission from the bank?

HELP I want to put in an offer for a house of $40K for $20 ASAP!!! REAL ESTATE AGENTS AND LENDERS PLEASE HELP!? I have found my perfect house! But its not the typical, move in ready house. Its a BANK foreclosure and it's the cheapest in the metro region, that I've ever found only $40K, in that area it's usually $100K. But I don't want a RE agent to take 3%, and I want to give an inicial offer of $20K, also I can put in up to 30% of the amount but would prefer 20% or less, I looked for a lender and couldn't find anyone that gives a home loan of less than $50K. So I don't know where to look for a lender and I don't know if the low ball will insult the bank, Please help me out!

I want to cancel a real estate purchase contract- Please help? I was thinking about buying a foreclosure property and I got cold feet due to the bad economy. My closing date is schedule for this Friday and my attorney told me if I cancel the contract the bank (seller) can sue me but most likely they won't. What should I do? take my chances and cancel the contract or buy it?

foreclosures, auctions, bank owned...im confused? allright, i was on Yahoo! Real Estate and they have all these auctioned homes and my question was, if i am the winning bidder, do i have to have the cash ready right then and there? or can there be a loan? im in GA is it true that there is no redemption period in GA? what do i need to look out for? whats the catch i guess...thanks for your help

Does a mortgage entitle the bank to property/assets outside of the property mortgaged? Say that a person lets the property go into foreclosure ... and the bank eventually sells the property at a loss of $10,000.00 can the bank seize the persons other assets like retirement accounts, savinings accounts, and real-estate they live in?

Real Estate Investing Help.? I would really like to get into real estate investing, but do not have the funding available to me. I am not new to real estate and have worked with pre-foreclosures before. I used to find them, work out deals (sometimes short-sales) with the banks and then submit them to a network of buyers that I am affiliated with. What I want to do now, however, is invest in real estate for myself rather than collecting small finders fees after doing all the work. I am an expert at finding nice properties for pennies on the dollar, but am unable to purchase these properties myself because of a lack of funds. This would not be as big of a problem if it weren't for my own poor credit score. Which makes it impossible for me to secure a loan using traditional techniques. So what would be required is either a true "equity based" loan or "no doc" loan; or a private investor. Does anyone know how I can get money to make these investments, i.e. private loans, hard money, etc. and more specifically how to get in touch with them? Thank you in advance.

real estate tax for my county, 1099c tax etc? im filing chap 7 for a home which should end up foreclosing and... i got the county real estate bill due in jan. 7th. my bankruptcy lawyer told me on a phone that the bank or whoever buying through foreclosure will end up paying the tax, so don't worry about it. is this true...? someone told me that i should have lawyer 'amend' the bk ppwk stating the buyer has to pay tax owed in a property. i left a vm earlier for lawyer to call back in that regard but not sure if he will do that for me... what should i do... hey, if homes foreclosed and chap 7 (hopefully not convert to chapt 13 as decision pending), will i owe irs 1099c?

Is there a way to find foreclosure listings for free?? I was just wondering if you can get foreclosure listings actually for free.Do you have to go to the bank?Real estate agent?.Or is there an actual web site..Thank you for reading this.

Once the big 3 fall how much more money will bankers need from taxpayers to buy their homes ? So the bankers needed 700 Billion dollars to buy real estate with -- the foreclosures that were going to bankrupt them Now the big 3 are going under More foreclosures on the way ---- how much money will the banks have to rip the taxpayers off for this time ? How much money will the people have to fork over to the banks to buy them more real estate ? Where will this end ?

Real estate question? Transfer of deed after foreclosure.? This is a bit complicated. I hope someone can sort it out. I was the renter. The house foreclosed. There was a trustee sale and the deed to the house went back to the bank. Financial instiution in this case. In my research I found the following. The owner of the financial instituion is the sister of the debtor. Sister A bought the house and put it in sister B's name. Sister A was making the payments not sister B. So when it was sold back. Sister B's credit took a hit. Not sister B. The new owner is sister A. Because she owns the loan company that made the original debt. Is this even legal? I was renting from Sister B. My deposit was never returned to me. I'm trying to get the owner served for court. If I can't find her I will have a family member served. See my dillema? Yes you can serve family members. It is called substitution of service. Sister A is the single owner of the company. Any holdings belong to her.

If A house is being forclosed on and is listed on a real estate website is it for sale for that price ? I was looking on Yahoo Real estate and they have a section for foreclosed houses. just for fun I put in my zip code and there was like 35 pages of houses in my area that are in foreclosure and they all have prices next to them. one that was a 3 bedroom house in a good neighborhood was priced at $2,345 or around there. it said that that was how much was left on the bank loan that was defaulted. does that mean that I could theoretically buy a hous for a few thousand dollars or is there more to it, because I do not know much about real estate. If anyone is a real estate agent or actually knows what this means let me know please.

you give a bank your taxes information, bank info, and check stubs for a short sale can they use it aganist u? My Real Estate agent wants to short sale the house it is due to foreclose in a month and we have a cash offer, but the short sale process is asking for tax info, bank infor and check stubs I am worried they will use it against me. Should I not worry and just do it since it is better then foreclosure.

investors private michigan real estate? I am a licensed Michigan realtor specializing in placing people with weak credit into bank owned foreclosure homes. These homes are usually purchased for 30 to 50 % less than market value, and the purchasers come to closing with at least 15% down and first year taxes and insurance. Looking for private funding of these purchases. doug mandeville 734 271 5770

Foreclosure? When looking for a house on the net, and a house has been forclosed and is real estate or bank owned, and the foreclosure price is listed, is that the price that the house will be resold for? Even if it is a $100,000 home and the foreclosure price is like 3 grand?

Am real estate agent wanting to list Fannie Mae, Freddie Mac Foreclosed houses? If someone could direct me to applications for RE agents to fill out to list foreclosed properties for Fannie Mae, Citi Bank, Countrywide, etc. I dont understand how only certain RE company in a town list all the foreclosed properties from these mortgage entities. When a Fannie Mae loan is defaulted on and they get it back and want to sell it, I would like to be the agent or one of the agents that they call in my area (North LA) to list the home for sell. ALSO I would like to sign up with FANNIE MAE as Property Preservation Specialist to maintain these homes, such as lawn care, winterizaions, damage assessment during foreclosure. I have scoured Fannie Maes website and can not find one place that helps me. Also need find the Fannie Mae guidelines on property preservation such as a handbook outlining their requirements to be done. I also need to find HUDS guidelines and would like to be Agent in my area to list HUD Homes. Is it true, u have to knw peple in hgh places to get in.

what does a judgement in district court mean? we recently had a foreclosure happen on a business real estate we owned. the bank has issued a judgment in district court. i just spoke with my banker, she told me to look it up. does it mean they can attach to our bank accounts? we are going to file bankruptcy as soon as we can afford to. does anyone know what this really means as far as the immediate action the bank can take against us. thanks

Real estate question again? Real estate question (S) help !? I have a 100k+ in the bank (investments); I want to buy ( first home ) a small inexpensive house in the mountains. and will most likely sell in 2 -5 years (or rent depending on location -undecided ) I will most likely inject another 5-10k in the property for modern upgrades. What would suit me best ? 30ymortgage? 15yr, or ARM? And what program would be my best target ? FHA, HUD, Foreclosure?? I am not too picky and I have the abilities to do major renovations. This property will most likely be in the Johnson city TN. area. And it is possible I might consider another (affordable) property in another state ( the following year for business). Now, what are my options and how can I least affect my bank investments. ONE last item how much should I put down? 20%+ (to cancel the PMI??)or is it worth it? I am making roughly 8.8% on all my bank investments- (net). Thanks ! for me it is about choices...

How do I go about looking at foreclosure homes? How do I go about looking at foreclosure listings in my area? Do I go to the bank or a real estate agency??

Whether the real estate market is good or bad....is the media to blame? Do you think the media should be the driving force of whether real estate goes up or down? is the media a good economic predictor? In 2004, the media dangerously touted how “red hot” the real estate market was and that everyone should jump on the bandwagon before its too late. “Buy! buy! buy! The American Dream of home ownership is within reach!” I couldn’t believe the frenzy created by the media as if they were out-of-control monkeys in a zoo who just escaped from their cage. I was in shock reading the news resports and the news on television about how the media was alone----fueling this upward real estate trend so recklessly when they dont even know real estate! They are only journalists! Then mortgage brokers and banks foolishly starting throwing subprime loans at minimum wage earners who worked at McDonalds. Banks were qualifying these minimum wage earners for $250,000 home-doc and piggy back loans. They told them not to worry because they could refinance next year when the real estate market keeps going up(even though your hourly won’t) Your low 1% interest rate wont adjust until next year! Dont worry----because thats what the media and economic data indicates. The market will keep going up...up...up! Then, in 2006 the real estate market collapses and three-quarters of country goes into foreclosure. So much for the economic data and the media. I blame the media for this fraud. The economists are just as bad. Look at this negative nonsense posted in Jan. of 2008..... "We are closing the book on the worst year for housing possibly since the Depression," said Joel Naroff, chief economist at Naroff Economic Advisors. "I keep thinking a bottom is near, but we haven't gotten there yet." We havent gotten there yet? Well, according to the positive news posted in Jan of 2008 on Bankrate.com it states that.... “new home sales are actually up from last month, albeit slightly, even though median prices declined. The gist of the post was that demand will likely ramp up sales and assist the rebound and likely the "doom and gloom" will likely be over late in 2008. Still more mortgage resets coming in the next few months and it will likely take 2-3 mos. for the inventory to be normalized after the foreclosures.” Now the question is....Who is lying and who is telling the truth? Should real etstate be swayed by the media’s opinions? They are just journalists who promote or destroy with no real knowledge of market conditions---other than the crap thats fed to them by other journalists and economists. What is your opinion?

Questions on foreclosure properties.? Please bear in mind that i live in the state of Connecticut. 1. Does the downpayment price represent 10% of the total asking price? 2. Is the total asking price the appraised value of the property, or is it the balance on what is owed to the bank? 3. How do you find where the foreclosures are at? Through the bank? real estate office? newspaper? 4. If i buy a foreclosed property, what should I be looking out for? i.e. Are liens attatched to the title? Can i find out the condition of the home before bidding on a foreclosed property? 5. If i buy a property via foreclosure, can the person that owned the home still redeem the property after i buy it? 6. How do I go about doing preforeclosures?

I purchased a real estate wholesaling program, But I need a little help.? I purchased a wholesaling program about a month ago, but I still having trouble understanding the process. I negotiate a price with the home owner in foreclosure and then the next step is to turn around and sell it to a rehabber for 60 or 65% of market value. I understand it so far, here is an example. I find a property for $100,00. the owner owes the bank $50,000. The property need some work $15,000 I get my fee $10,000 the owner gets $10,000. back payments $15,000. =$50,000. When I go to the title Company how do I write up the contract because my understanding I get my check and the owner gets his check at closing, but what happens to the repair cost. The rehabber already gets a property valued below market, does he also get additional $15,000? It looks like the rehabber will be buying the property for $50,000? Thanks for the help

A successful bidder at a real estate tax sale, with a new tax deed, if liens are on the title, what then? If a bank somewhere has a mortgage on it (the property is in Pennsylvania) will (or can) they then start foreclosure proceedings against me if I don't qualify to assume the former owner's mortgage?

how do I beat the real estate investors with cash? My fiance and I are trying to buy a house in a suburb of Detroit, MI. There are a lot of houses in our price range, mostly foreclosures and bank-owned homes but some privately owned as well, that we would love to buy and fix up slowly. We want to actually live in a house, not do a crappy remodel and sell it again. The problem is, every time we find a house that we both like, that we can afford, and is in a good location, our offer is always beat out by an investor who pays for the house in cash. We are approved for financing, but we don't have $50,000 in cash. We've been trying to offset this fact by offering over asking price but it still doesn't work and we end up holding our breaths for a week only to find out we have been declined again. What can we do to win over these guys? Any advice in appreciated. Thank you.

Real Estate Agent Question....What do you think? Liar or What? This is Really Long so If you dont have the time or patience please STOP! Me and my husband are looking for a multifamily. We saw this really great house and found an agent to help us but it seems like he lied to us and we really don't know what to think of him or if we should keep doing business with him??? so this question is to any experienced individuals with real estate intelligence. Ok, this agent was the listing agent for a house that we came across and wanted to see. he showed up, we saw the property but it needed alot of work so we decided to keep looking. we had a list of properties we had already drove pass so we gave him the addresses so he could give us more details and also to set up appointments to view those houses. we came across one house that we went to see and it turned out to be the house that i really really really liked. it was beautiful so we met up with him. gave him a $1000 good faith deposit which is refundable and went ahead and put in a bid of $320,000 w/ $9000 of seller concession so actually it was $311,000. even tho he told us that we should start the bid at $330,000 w/ $9000 concession and that utimately he predicts they will accept $345,000 w/ $9000 concession. but we felt like that was too high to start off with so we bid what we did. after putting in the bid he said he will get in contact with the listing agent, obvisously he was not, and let them know there was an offer pending. he also explained it might take about 24 hrs to hear back from them. let me also add that the day we went in to sign all the paper work to put in an offer he stated how he spoke to the listing agent to see if any other offers came through and she said yes but prior to us seeing the house there were NO offers "supposedly" and the house was on the market since Jan 08... In the mean time he stated that we should look at other properties while we were waiting to hear back from this one. and we did but had no luck. so we waited and waited. finally about 4 days went by and we havent heard from him. so i called him and he automatically began to talk about the appts for other properties we were suppose to look at during the week. finally i asked if he had heard anything from the house we put the offerfor and he stated yes, the bank accepted another offer. they bid the same as us but had 40% down??? i was like 40% down that's crazy. so i asked when was this and he said yesterday???? so i asked well did you call me and he said yes i left you a message but he lied because i was constantly checking my messages because i was so anxious to hear back from this house. so i was madd that he knew for about almost a whole day and didnt tell us anything until i called and lied about calling me! so we couldnt put another offer in because he said it was already bank approved??? also all along this house was a short sale, pre-foreclosure, which he states he had no clue about??? how are you an agent and dont know these things is what i thought???? the listing agent and the agent i was working with both work for weichert but not the same office. he stated that she told him that the person who bid was her buyer so she could have given them more preference over us being that she worked for both the buyer and the seller.... i was so upset and i just had a feeling that he wasnt telling me the whole truth so me and my husband waiting a few days and we got in contact with the actual listing agent and she told us she was not the buyers agent, the other bider had an agent that worked for century21 so that was a lie. she stated that they offered $310,000 and only had 20% down but the bank had not accepted anything so any offers that come thru she had to submit. which gives us another chances of submitting another offer and not once did we hear all the things that he was telling us about. If we had not gotten in contact with her we would have never tried to put in another bid because we automatically assumed it was over and done with. but now it seems like we have a possibility at this house. we got our deposit back and we havent spoken to the agent but we are suppose to see the house that we really love again with the actual listing agent and also plan on telling her up front of what happened. just to see her side of the story. so she doesnt know anything about us or our situation. we just called as an interested home buyer. we dont know if maybe she did give him that information??? and thats what he told us...? or he told us these lies because ..... well i dont really know why? so can anyone give us some feedback of what you think might have been the issue here. btw the lady seemed really nice and she seems very motivated to find a buyer so i cant understand why she would tell him all those things which would jeopardize a sell???? sorry for this being so long and i will defly be picking a best answer. Thanks.

I am interested in buying foreclosure property in California.? I want to purchase a foreclosure property in California to live in. What should I do first, how do I begin the process? Do I contact banks, real estate agents or what? What are the common mistakes people make in dealing with foreclosure properties and what do I avoid? I am obviously a beginner at this and don't even know how to start the process, any help would be wonderful!

Help! Renting from a Private Owner through a Real Estate Agent? I am renting a townhouse through a private owner. We rented this property through a real estate agent. The deposits were for 1 1/2 months and the check was made out to the Real Estate Company. We recently have been getting phone calls n mail about this property being under foreclosure. After some investigating, we found out it is "lis pendens." We called the real estate agent and he knew nothing of it. Our landlord has been unreachable from day one of move in. He never returns our calls or gets back to us. In fact, we have never met. Talking to him is impossible. A few questions: 1) I want to know my rights, if any. 2) I want to know, say nothing comes of this foreclosure and our lease is up. What happens, if we leave this place in perfect condition, and say he doesn't have the money to give the deposit back? 3) What happens if the bank takes our house? 4) Can we break the lease since he breached contract by putting the property at risk? I heard it was a breach of contract actually from the news. They had a story on this. I don't know if this is true or not, but supposedly, tenants have the right to send a 7-day notice to the landlord to correct the situation. If not, then the tenants can move without legal action. I have NO idea if this is right, correct, or anything. Any help would be great, and please keep the comments pleasant.

Buying a house that is a bank foreclosure???? My husband and I are going to look at a house tonight. It is being sold buy a real estate company, but I just found out that it is a bank foreclosure. I'm not sure what this means for us if we decide we want to make a bid. They are asking $89,000. It has 1.1 acres of land and is 4 bedroom 1 1/2 bath. The realtor I spoke to said it is in a housing complex, but just happens to have a large piece of land. She also said it needs work. The kitchen is old, needs new carpet, and painted. Any thoughts on what price we should have in our heads going into this? I'd love to know any other thoughts you may have on buying a property like this. Thanks a lot