Upcoming Foreclosures

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.

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?

Bank Owned properties: How do I get information about REO for free? I have found some houses that are currently bank owned (I assume a REO). I have found these through a site that lists pre-foreclosures, foreclosed houses up for auctions, and bank owned properties... But it won't list the address, or anything about when the auctions are, and I have no idea who to contact if I am interested in this house without paying for the service. Are these records listed for free anywhere? Can I go to the cityhall of the city the house is in? Do I have to go to each bank to find it out?

Is it common for most people to not know the differences between Foreclosures, Short Sales, Preforeclosures,? Is it common for most people to not know the differences between Foreclosures, Short Sales, Preforeclosures, and Bank REO properties? Is this something that needs some additional clarification for the general public?

Anyone have experience with REO foreclosures? How negotiable are the banks? How tough is it? Would you recommend it? We came across one by accident.. not sure if it's a hassle or not. Thanks!! Is there an industry standard regarding the lowest price the banks are willing to accept? Would they take 15% less than asking if its been on the market for a few months? Any tips on how to get them to accept a lower offer?

Bank costs incurred while holding an REO? I’m trying to get a concept how the REO process works. I understand that when a bank initially takes on an REO, the incur these expenses: the loan balance on the property, accrued interest on the property, attorney’s fees, and all other costs associated with the foreclosure process. And of course when they sell, they have to pay out agent commissions. So does the bank incur any additional costs over the above while holding the property other than the mortgage payments they aren’t getting? I’m guessing they’ll have to pay property taxes, but are there other costs? Additionally, do you think a bank would be more receptive to a loss on a house if the sale occurred at the start of their fiscal year vs. the end? To be clear, a *fiscal* year is the 365 day period a business uses to track expenses. It may or may not follow the calendar year. In my experience, it’s easier to deal with a loss earlier in the fiscal year (so it’s already factored into end of year estimates) than at the end of the year after said estimates are already in place.

REO foreclosure properties? Hi I'm looking for a new creative real estate investment strategy. I was thinking of trying REO or bank owned foreclosure properties. Can I get a good deal from these types of properties, say at least 20% off market value? If I pay the "repo amount" is that the only costs involved; will I own the property free and clear? Thanks

What is the Transfer Value of an REO foreclosure property? I live in the UK and have seen an REO foreclosure property listed online with a Transfer Value of $10. The site does not list any other costs for the property. It is a 3bed 2.5 bath in Orlando - does this mean that the property is available to purchase outright from the owner (Bank of America) for $10?

Looking for Bank Owned or Foreclosure Income Properties (4+ Units)? I am looking for a good deal on an apartment complex as an investment. I know there are foreclosure sites out there, but I can not find any sites to find commercial or multi-unit foreclosures and bank owned properties (REO). Can anyone help lead me in the right direction? Thank you so much everyone!

Regarding an REO foreclosure, websites usually list a REO "sale price", is this the price to own the house? For example, if you consult any foreclosure website looking for REO properties, they usually mention that the sale price is for example $20,000. So does this $20,000 represent the final price that i should pay to the bank to own the house? or is the $20,000 a part of a bigger sum that I have to pay to the bank??? I am a bit confused on this, thank you for your help.

How long does it take for a Bank Owned Property to be listed on HUD.gov? I have found a house that has gone through the foreclosure process and is now bank owned or REO. Called the bank, which said it is an investment property. Got the contact information and was told the house is going to HUD. The house is not listed on HUD.gov. So, how long will it take for the house to be listed on HUD.gov?

reo property contractor? How would I ,as a contractor go about becoming a contractor for reo properties or for bank foreclosures in the state of michigan. I believe it is referred to as a 3rd party contractor.Your help is appreciated!!

Why do bank owned foreclosures resell for 3 times or more than what the foreclosure was assumed? With SO many foreclosures on the market and hundreds more every day, WHY are the REO's so expensive and hard to negotiate with? Quite often that county's property appraiser's office will show what the note was bought for and the resale price is quite hefty! I tried to negotiate with Fanny Mae TWICE on 2 different properties and they stubbornly held to their selling price of 3 times over the foreclosed amount! This was BEFORE the Fannie Mae/Freddie Mac collapse! No pity for them here! To: monkeypb...I thought Freddie Mac AND Fannie Mae DID get bailed out?

Looking for Bank Owned or Foreclosure Income Properties (4+ Units).. Help!? I am looking for a good deal on an apartment complex as an investment. I know there are foreclosure sites out there, but I can not find any sites to find commercial or multi-unit foreclosures and bank owned properties (REO). Can anyone help lead me in the right direction? Thank you so much everyone!

How to get up to date lists on foreclosures in my area? I live in Bucks county, PA and was wondering the best way to find information on foreclosures and REO properties. I have trouble finding addresses and when they are being auctioned. All sites I have found ask for money and when i call banks i have received little info

How do I buy foreclosed home/short sale/bank owned.? I am having a really hard time buying a house. After a few weeks of trying by myself to buy a home. I have come to realize that I REALLY need an agent. I have a month to buy a home and have come across the "short sale" which can take up to 3 months. I have been approved for 200k. I want a townhouse and it seems like all the homes I can afford are way out of town. At the same time I see hundreds of homes in short sale and foreclosures. Here are my questions hopefully you can help me out. 1) If I make an offer 5k-10k higher than asking price on short sale, will the accept faster or will it still take the same amount of time? 2) If I go with bank owned/REO should I have a realtor and also what is the wait time on the approval. 3) What is the best way in going about buying a home in foreclosure/bank owned/short sale?

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

In a short sale (mortgage), why does it take 60 days or more for the bank to make a decision? We have been waiting for over 30 days for an answer on a short sale property offer we made on a house that the current owner will abandon as part of filing Chapter 11bankrutpcy. The bank (Homecomings Financial) has been totally unresponsive whenever our Realtor makes contact with them--their consistent reply is: "we don't know when it will be approved, it can take 30-60 days and sometimes 90". The basic question is: what are they doing? The only explanation is that our file is sitting somewhere on someone's desk waiting to be worked. It baffles me that in light of the escalation of defaults and foreclosures in the market that lenders are caught unprepared to quickly evaluate short sale offers that, relative to entering foreclosure or repossession and resale (REO) of the home, could save them tens if not hundreds of thousands of dollars. We are about to give up as we won't be able to sell our home quickly enough before the fall slow down if we don't get a decision soon.

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: 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.

Do banks accept contigent offers on REO properties? We have an opportunity to purchase a house at a great deal that is currently in pre-foreclosure; We would like to make a contingent offer if/when it goes to bank owned. I've been told that YES they will accept and NO they absolutely will not accept the offer. Our agent tried to ask the seller's lender, but they won't give a straight answer (although she said it may be an issue). And I've tried calling banks to find out their standards, but couldn't reach a human and the automated system didn't know. Hopefully someone here does. Thanks!

How do I find and network with "REO Agents" now that I found out WHO lends the cash to flip houses nationwide? I just was given some inside information for real estate investors. I discovered the secret source who lends them the cash to buy those bank foreclosures that they then flip for $100,000 per month. But I want to know what is the best way to locate those "REO Agents". Which are the Insider Realtors who handle those Bank Foreclosures. I can be contacted directly at my homepage. Which is on my Yahoo Profile page, or at my brand new Twitter page, at http://twitter.com/phlander Thanks for answering this! darryl

How do I negotiate with banks to purchase REO properties? Banks seem to want full market value for properties they have acquired via foreclosure. How can I negotiate to purchase the properties at a substantial discount?

Can the mortgage on a REO be assumed? I found a nice foreclosure that is bank owned. I want to snatch it up before anyone else does. However, I still have a mortgage on my present home (I cannot sell it). I think that the only way to get the foreclosed home from the bank is to assume the mortgage. But do banks do that?

Why are some foreclosures listed at such low values when they clearly couldn't possibly be that price? I have been doing research on buying a foreclosure and I understand about preforeclosure, auctions and bank owned REO properties, but what I cannot understand is when I go to a website such as Realtytrac.com and do a random search in my area and find most 3 or 4 bedroom homes in the 250,000 to 350,000 range, but then there are a few listed at around the 3200 or 8600 or 26000ish range. I know that there is no possible way that these homes cost this much, so why are the amounts being listed as such?

How long does it normally take a bank to respond to an offer on a foreclosure? I gave a best and final offer on a foreclosure home in Georgia three weeks ago. I know that the offer went from me to my agent to the listing agent to Fidelity National Asset Management Group and then to Chase REO Bank. In fact the asset manager thought it was taking so long he submitted it twice. Is there anything I can do to speed up this process? There are many other things I would like to do but cant get started until I know exactly where I stand with this. Is there a specific reason why the bank would sit on my offer for so long when the other two offers I had given were responded to within 48 hours?

REO listings in Tennessee? I am trying to find a way to view REO/foreclosure listings in my area. I have searched myself and i find many with a "free trial" but of course they want my credit card number and I refuse to go down that road. It seems to me that banks would not like to carry the cost of a house on their p&l so therefore would make listings available to the public so they may be purchased. I have looked on the HUD website and it is no help. I thought this might be a way to get more house for my money but its becoming a headache. I want valuable information please, so take your time and research your answer. ALL answers will be appreciated. Please help! I am about to give up and just look at agent listed homes!

How much influence do listing agents have on REO/foreclosure property list prices? DH and I found a house we love, but it's not on the market yet. Our realtor showed it to us because it's a property she is getting in a couple weeks. Its owned by Freddie Mac, and it's the best foreclosure I have seen - it's move in condition. I asked if it would even be in our price range (I was sure it wouldn't be) and she said it shouldn't be any more than $60k. She said she needs to find comps in the neighborhood to support a price and she was positive there weren't any to support a price of more than $60k. We were very excited, so when we went back home I researched the house. It foreclosed for $102k in Jan. 2010, and the previous owner had it on the market last year at a list price of $120k. My question is, how much weight does the listing agent's opinion have in the bank setting a list price? I was thinking about them wanting a bidding war, but this is unheard of in my area - it literally never happens.

Option to Purchase on Foreclosure? Can an real estate investor put an option down on properties that are: 1.) In pre-foreclosure 2.) REO... Bank Owned 3.) Or properties listed with a Real Estate Agent I am doing research on the Option to Purchase(Not Lease Option), and just wanted to see what other investors had to say. Thanks

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

How to find out who to contact on a bank owned home? My dad owns some land, he sold a small piece of it to a family friend. All was well, until the friend sole the property to some really tacky people. The house is now an REO house, which means that it is foreclosed and the bank is the owner of the home, I know that much from looking online. My dad would really like the property back, but every time he goes to see who contact, their is so much red tape, with lenders and buy-backs and stuff...how do you find out the person to contact on a foreclosed bank owned house? Please, pretty please, if you know about foreclosures, from a banking perspective in the U.S, any info would be helpful...thank you.

Is there an incentive to allow your house to foreclose? I'm looking into buying a foreclosed house or possibly talk with a homeowner in the LA area who has a Notice of Default to take over the title and help them avoid Foreclosure. (Plus this is the only way it seems I can afford a place.) Does anyone know if there is incentive for someone to let their house foreclose? If not, why not make offers way below market value to NOD homes? I'm just trying to understand how the market works. Also, can you make offers on Foreclosed homes that would be considered by banks, or do they usually deal with specific REO banks and auction companies? Thanks.

After foreclousre what happens to the property? After a house has gone through foreclosure, and it is REO. What market does this house show on? Or, how can I find REO properties? I am trying to understand this whole problem is full circle, but I don't understand what happens to all these properties, after all the bank doesn't own them forever.... How do they get back into the hands of public middle class ownership? So, they are sold at a discount, but i imagine that the bank has a limit as too how much they will discount it, ie how much they will lose. So, why are all the foreclosure properties listed under "pay to browse" websites? Seems like a scam.....

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?

How does the transfer of bad bank asset to the US government, benefit the housing market? The hardest thing for me to understand is, how this transfer of bad asset to some sort of US government note, will benefit the housing market. My crude understanding of the market is that prices go up when someone is willing to pay a higher price for an item. So the asset shifts off the books of the banks. If that covers only assets that have not yet slipped into foreclosure, then the new note holder (US GOV) can relax the terms, in the hopes that the relief is enough to keep the payment mill running, if every one continues to pay then, success. That’s all fine and dandy, but what about all of the homes that are foreclosed and will be foreclosed? Who is to hold these assets? As of March 20, 2009 banks are holding many, many REO’s that they are unwilling to sell at a loss because they believe the US government will relieve them of the burden. If the US government takes these and they are released on the market, prices will really hit the bottom, great for buyers, bad for US government, or is it? With interest at these levels (sub 5%) rock bottom prices, we might just see prices increase sooner rather then later, well that is after prices drop lower and the inventory is exhausted. If the US government is expecting these assets to turn a profit that would mean that homes have to be sold, so that the payment mill can jump start the banks. Then it’ll drive all the people that made all the right moves, good credit, savings, good job, a proven worker, earner, tax payers, to buy buy buy. So, that means good news for the banks good news for US government, and more importantly good news for me. I guess this is one of the more optimistic outcome that I've been boucing around on these late nights with no sleep. Let's hear your spin.

How does the transfer of bad bank assets to some sort of US government note, benefit the housing market? The hardest thing for me to understand is, how this transfer of bad asset to some sort of US government note, will benefit the housing market. My crude understanding of the market is that prices go up when someone is willing to pay a higher price for an item. So the asset shifts off the books of the banks. If that covers only assets that have not yet slipped into foreclosure, then the new note holder (US GOV) can relax the terms, in the hopes that the relief is enough to keep the payment mill running, if every one continues to pay then, success. That’s all fine and dandy, but what about all of the homes that are foreclosed and will be foreclosed? Who is to hold these assets? As of March 20, 2009 banks are holding many, many REO’s that they are unwilling to sell at a loss because they believe the US government will relieve them of the burden. If the US government takes these and they are released on the market, prices will really hit the bottom, great for buyers, bad for US government, or is it? With interest at these levels (sub 5%) rock bottom prices, we might just see prices increase sooner rather then later, well that is after prices drop lower and the inventory is exhausted. If the US government is expecting these assets to turn a profit that would mean that homes have to be sold, so that the payment mill can jump start the banks. Then it’ll drive all the people that made all the right moves, good credit, savings, good job, a proven worker, earner, tax payers, to buy buy buy. So, that means good news for the banks good news for US government, and more importantly good news for me. I guess this is one of the more optimistic outcome that I've been boucing around on these late nights with no sleep. Let's hear your spin.

Real Estate Appraiser - Verify Repairs? This is not a new construction nor a FHA-insured loan. I am trying to purchase a foreclosure in Florida and my bank required repairs made that were noted on a home inspection report. I had 5 licensed contractors come in and do the required repairs (electrical, AC, windows and doors, etc.) ... all minor, maintenance, per the contractors (none noted that any impaired the safety, sanitation or structural soundness of the dwelling). I even had an architect look for structural integrity issues for my own peace of mind (architect opinion allowed under Florida Law). I had each licensed contractor sign the home inspection report next to each repair that applied to them and I have their itemized bills / invoices which state repairs made per inspection report or inspector. Last week the appraiser came out to the property without anyone's knowledge; and therefore, did not go over the inspection report. He said he would only look at what he noted on his original appraisal (items which were not required to be repaired by the bank). The bank order the appraiser again to came back to the house and again specifically order the re-inspection according to the home inspection report. Now another week has gone by. Time is of the essence and I am paying 100.00 per day to the seller for this delay up until the day of closing because I have asked for 3 extensions, so far it has cost me 700.00 for this delay and will cost me another 1,400.00. I also had to sign an extension including that my 2,000 earnest money is now be non-refundable. If do not close in 1 week, I will lose the house and the money I have paid for the repairs (all contractors came in less than 24-hours notice and finished in 4 days). How is the appraiser to verify that the repairs have been done? He will do a walk-through I assume. Some things are visual, but others are not. Can he use my copy of the home inspection report signed off by the contractors and their itemized invoices? Crazy, I know. But the banks are making it extremely had to purchase a REO / Foreclosure. I know you are saying, just get another house. I really want this house, I am getting it for a great price and it is a great investment. I looked at 22 other houses and this one is in great condition for a foreclosure. I agreed to do the repairs because I would have done them anyway. Besides I was 6 weeks into the deal when the bank made the demand for the repairs. This appraiser took 3 weeks to come out and do the first initial appraisal. Thanks for your time in answering my question!! Thanks kemperk. I do have a buyer's broker and he is working hard to fight these people, especially the appraiser. And I do now have an attorney to file suit if I do not close. This is in part "the principal" ... big banks beating up the hard working little girl or guy. I am not the only one this is happening to.

1st time home buyer? REO in's and out's? Hubby and I are looking to buy our 1st home in the clacks oregon area and have questions. We are reproved through the VA for more then we can afford and are looking at only what we can afford. We are very money conscious. We are wondering about foreclosures and how they work. We were told that a bank owned is the best way to go but it might not close in time for the tax credit. Will the bank cover closing cost? We are looking at no money down and the seller to cover closing. How hard it is to get into a foreclosure? Really any info anyone has on this type of home purchase would be great!! Is it worth paying the the foreclosure.com website? ($40 a month!)It seems that might be the only way I might be able to see details on the the forclosed homes. We are "VA PRE-APPROVED" we have the letter in hand!! SO that means no money down!

Short Sale: What percent of appraised value will bank accept? Hi. I'm thinking of making an offer on a home listed at $240K that will be a short-sale. Realtor says bank appraised at $252K, and would likely accept at 80% of value. The house will be sold at sheriff sale in 50 days and also needs some foundation work. Wouldn't the bank go below 80% since it is so close to the foreclosure date? Original mortgage (according to realtor) was $320K still being owed?!? If the bank has to sink another $167K to buy at sherifff's sale, the bank would be on the hook for $487K, and if it COULD end up selling at appraised $252K, the bank's loss would be $235K. Is something wrong with my logic, or wouldn't it make sense for the bank to agree to short sale now at 60% or 70% of appraised value to avoid having to go REO? Thanks in advance for advice- Tim More detail: **Bank has not taken ownership yet. **My $487K number is the original $320K mortgage owed + extra $167K bank will pay at sheriff sale to take ownership **Realtor likely told existing motgage owed by current owner **How much of difference on short sale can bank recoup via insurenace on loan?

Foreclosure help needed, expert advice appreciated? My husband and I have found a home that is in foreclosure status (per our agents MLS). We're first time buyers and are new to this (sorry if I sound ignorant in any of this). We have to get pre-qualified through Countrywide first (we are applying this week) then were told we can get the funds through any outside source once were pre-qualified with them first. Here's my questions 1. I have heard that dealing with foreclosures can be a way longer process than dealing with owners, is that true? and why if almost 50% of homes for sale now in Southern California are foreclosures now? 2. Can we negotiate at all or are they dead set at the listing price? 3. Can we ask for help paying closing costs if not all? 4. If we get approved and everythings a go, how long before we get the keys, (the people still live there) do they get a 30 day notice to vacate? 5. On the mls it says "in-forclosure" does that mean its bank owned or REO now or is a "pre" foreclosure? I heard those are better and give more room to negotiate price and other things.. Thanks so much in advance!!! I've googled alot of this but get biased advice and don't know who to believe anymore... I just want straight up real answers from nobody involved... Thanks

How much can you negotiate with the bank on a property that will be soon a foreclosure? I see many houses on-line where they ask you to make an offer before they get foreclosed on but their listing price is often higher than of the comarables...what is the deal? and if they actually get foreclosed on, how much can you negotiate with the bank, let's say on a house that is currently listed for 500k? From what I red online the bank will try to recoup the amount of the loans secured by that property, but usually those loans total more than the house is worth on today's market...I am trying to find out, if anybody knows, how much of a price reduction I could get buying an REO or a foreclosed property. thank you!

Any good websites or Contacts to ....? Find about bank owned commercial properties like Hotel/Motel, Gas Stations, Strip Malls or Mix Used Buildings etc.... I am looking for REO or Foreclosures

2 Questions re REOs / Bank-Owned props (thank you)? Thanks in advance for your help on the following 2 questions that are plaguing me: How SOON (and how OFTEN) after banks reaquire a property from the auction (assuming they bid & win) do banks assign their properties to their preferred real estate agents for sale? I ask these 2 questions because I'd like to be able to purchase a REO direct from the lender before it goes to an agent because the agents (no fault of theirs--it's just business) will usually mark it back up again and it's no longer really treated as a foreclosure and unaware buyers will end up paying "comp" values. As a future investor, I'd like to save any unncessary markup and commissions by getting it direct from the lender. Is there a usual "window of time" after the auction but before they assign the property to an agent that I should act? What's your experience? Thank you for your advice and help! thanks Ron. much appreciated!

Reo Realtor sign up? I want to sign up so I can get foreclosure listings from banks, what are some suggestions on websites where I can do that for free?

Homes in detroit, $1k down, no credit check.. too good to be true? First off this posting is not spam.. I'm asking a question and my account is level 5. I am aware from credible sources (eg CBS) that homes in Detriot are selling as low as $5K range but I have some questions about this claim. Is this too good to be true? Would you have to have actually lived and worked in Detroit for a while? Also are these homes in gang-free neighborhoods? http://detroit.craigslist.org/reb/1125050409.html Date: 2009-04-16, 10:58AM EDT REO hedge Fund liquidating 1000s of homes, 100% financing available, , no credit check, 30 year fixed, $1000 out of pocket, all vacant, investors welcome, agents welcome www.usreogroup.com over 2000 homes under $15,000! REO Hedge Fund Liquidating 1000s of homes in USA, quitclaim deed, need repairs, taxes past due bulk buyers welcome...investors welcome, bulk buyer packages available, open to public, use your title company or ours, fast closings, we own all homes..email or go to www.usreogroup.com all properties are post bank owned foreclosures 100% Financing No credit check 30Y fixed no pre pay penalty $1000 upfront fees per home - $350.00 - $500.00 per month mortgage payment, depending on property NO CREDIT OK 10,000 homes go to http://www.usreogroup.com / bulk buyers welcome, reo tapes available - must register Location: Detroit

What's the best way of buying a REO property? I want to buy a bank-owned house in Miami so I've been looking in websites like realtor.com and ziprealty. I recently found a very attractive bank-owned property and since houses that go thru foreclosure sometimes are not in the best condition, I emailed a realtor asking for details. She is telling me that the house needs a lot of work, that has a weird layout, and that there are open permits; I called the county and the last statement is false (there are no open permits). Right now I'm confused: I don't know if she is being honest and telling me all she knows or if she is trying to convince me not to look at it because she is not getting a good commision. Are there agents that specialize in real estate owned (bank owned) properties?

Need advice on buying a foreclosure/short sale!? In a sticky situation and I need some advice! Hubby and I put in an offer on a short sale in January, thinking we would have plenty of time to close, since we were hopefully going to do so March 20. Unfortunately the seller was an idiot and failed to give her lender the paperwork in a timely manner. So now we're in this situation: We can accept a pre-closing occupany for this home in which we will move in the end of April and live there rent free until the closing of the sale. The downside is there are quite a few renovations that need to be made. The only thing that has to be fixed before we live there is the small amount of mold in the basement. However, it is likely that the roof needs repaired and the garage needs major rehab. Plus we would have to pay for an inspection and if should anything fall through we would be out that money. Our other option would be to put in an offer on another home, not a short sale. We have to be out of our apartment at the end of April, but we would like to get out in the middle. If we would buy a foreclosed home (one that is REO, bank owned property) how long would it take to close? We already have several picked out, but my husband is worried about the timing. We've already been pre-approved for the money for a mortgage, and have the right connections for lawyers and such (Hubby's uncle is a real estate agent). I'm just looking for a straight answer and what would you do? I guess I should also ask how long does it take to close if the home is not a short sale or a foreclosure since I am a first time home buyer. Help!!! We're ready to move!

HELP!!! His house is REO, but he keeps telling me that he is selling???? I have an ex who owes me $31,000 in back child support. He owned a home,which I had a lien placed on it, and it was foreclosed on, now Bank Owned. He wanted to work out a deal with me to give me a lump sum of $20,000 and wipe out the other $11,000. However I have found out about the foreclosure and I told him "how in the heck are you going to sell a house and give me $20,000 when your home is now bank owned!!!" Of course he keeps trying to convince me that it is working out. I am going nuts. Why would he even bother to keep trying to work out a deal with me, considering my child support lien was wiped out when the home was returned to the lender??? Is there something I do not know about with the lien? I don't mean to sound stupid, but can someone please try to help me figure out what is going on?? Is there a catch. Didn't I get screwed when he foreclosed?I just do not see what he has to gain. I would SO appreciate some serious input. Thanks in advance!

Refund from Lender After REO Property Sale? after losing my home in foreclosure,the lender took possession of my home after the Public Auction failed to attract any bids for the $386K mortgage debt owed.After some routine refurbishing (new carpet,paint and new appliances) the home was placed on the market for $430K and was sold after a few weeks. Assuming the bank made some profit, am I entitled to any portion of thier profit? If so,are they required to notify me of such monies owed to me or will I need to involve an atty in order to assert my rights accordingly?

What "seems" like a simple fix is delaying our closing...? We found a great home that has recently been foreclosed. They accepted our offer on September 4th with a closing date of September 30th. We have been approved for a FHA loan, and have gone through underwriting. We paid earnest money, had a FHA assessment, paid for a home inspection, bought home owners insurance, etc. over $3,000.00 invested thus far. The day before we were due to close, I got a call from my mortgage guy saying there is a problem, the company listed on the title is not the company that accepted the offer. They are apparently "sister" companies and an attorney gave Power of Attorney to the wrong company? Unknown to me, they (our mortgage company and the title company) were working on this for over a week with no responses from the owners. Here is the note we got on September 30th from the title company.... "First of all the Bank never gave "REO Company 1" (the company that signed the offer) Power of Attorney to sign the contracts, etc. so the contract needs to be re-executed with "REO Company 2" listed as the seller and signing. The other issue is that this property was incorrectly vested when the foreclosure was done, so they have to have the foreclosure attorney correct the vesting to read "REO Company 2", instead of "REO Company 1". We previously addressed this with our contact over there when the title work came back and was told it was fine and that they could sign off that way as well. Apparently that person did not know what they were talking about because now they are stating it is wrong......" she continues... "With all that being said, we unfortunately will not be able to close this today. They are supposed to get back with us later today to let us know the time frame on corrective vesting deed and we will also need the agents to revise the contract and get it re-executed. Any expenses incurred by the buyer because of this delay will need to be addressed between the listing and selling agent and approved by the seller when the new contract is executed." *We rewrote the offer (no change n purchase priceand have extended our closing date. We love this house and am not willing to walk away. The bank that owns the property is located in S. Carolina, their lawyer is located in Florida, the REO Company 1&2 is located in California and the property is in Wisconsin and listed by a local real estate company. We keep hearing from our mortgage guy and my real estate agent that we will get this house.....my question is this....HOW LONG CAN THIS TAKE TO GET RESOLVED??

This "seems" like a simple issue delaying our closing...? We found a great home that has recently been foreclosed. They accepted our offer on September 4th with a closing date of September 30th. We have been approved for a FHA loan, and have gone through underwriting. We paid earnest money, had a FHA assessment, paid for a home inspection, bought home owners insurance, etc. over $3,000.00 invested thus far. The day before we were due to close, I got a call from my mortgage guy saying there is a problem, the company listed on the title is not the company that accepted the offer. They are apparently "sister" companies and an attorney gave Power of Attorney to the wrong company? Unknown to me, they (our mortgage company and the title company) were working on this for over a week with no responses from the owners. Here is the note we got on September 30th from the title company.... "First of all the Bank never gave "REO Company 1" (the company that signed the offer) Power of Attorney to sign the contracts, etc. so the contract needs to be re-executed with "REO Company 2" listed as the seller and signing. The other issue is that this property was incorrectly vested when the foreclosure was done, so they have to have the foreclosure attorney correct the vesting to read "REO Company 2", instead of "REO Company 1". We previously addressed this with our contact over there when the title work came back and was told it was fine and that they could sign off that way as well. Apparently that person did not know what they were talking about because now they are stating it is wrong......" she continues... "With all that being said, we unfortunately will not be able to close this today. They are supposed to get back with us later today to let us know the time frame on corrective vesting deed and we will also need the agents to revise the contract and get it re-executed. Any expenses incurred by the buyer because of this delay will need to be addressed between the listing and selling agent and approved by the seller when the new contract is executed." *We rewrote the offer (no change n purchase price and have extended our closing date. We love this house and am not willing to walk away. The bank that owns the property is located in S. Carolina, their lawyer is located in Florida, the REO Company 1&2 is located in California and the property is in Wisconsin and listed by a local real estate company. We keep hearing from our mortgage guy and my real estate agent that we will get this house, no one else can buy it out from under us, etc.....my questions are this.... HOW LONG can this take to get resolved? Can some one buy it out from under us? Can the price change?

Foreclosure question reguarding the process!? I'm In California and I'm aware it takes 120 days for a foreclosure to be finalized but how long must the new owner/bank wait before they put it on the market or how long does it take for them to file proper documents to put the house for sale on the market? Also can they put the house on the market if there is occupants in the reo home? If not, hoW long will it take them to evict the occupants which are renters not the previous owner and what proper notices should they post before they start the eviction?

How to solve this house buying issue? We signed a sales contract on to buy an REO property 3 months ago. The delay on the closing is because the seller (bank) needs to get a document signed by the previous owner. The foreclosure attorney has sent the document several times to the previous owner to sign but is not getting anything back. I am guessing that the previous owner is angry that she lost the house (she is a realtor and bought the house as investment) and is refusing to sign the documents. This game has been going on for 3 months. What can we do from the buyer's standpoint to make the sale happen? I know who the previous owner is and where she lives. I cannot believe what she is doing is legal. She is basically obstructing a legal process. Please advice. Ernie I want to clarify a few things: the ex-owner is a realtor but is not representing this property at all. I have no contract with her. The sales contract we signed with the bank does not give us any benefits or right to charge if the closing date extends. They can charge us a per diem if we fail to close but we cannot charge anything. The contract completely protects the seller (bank)

Loss Mitigation Training? Does anyone know how to become a loss mitigation spceialist? I have been in the real estate business for 7 years and It's pretty much dead now and I know that people who do loss mitigation are doing great even in these bad economic times. Plus, I've heard they make well over a $500 an hour to help people stop foreclosure. Has anyone here done loss mitigation training? If so, where did you go and how much does loss mitigation training cost? And let me make it clear that I'm not looking for foreclosure training, I've already been through that, I'm an REO agent for several banks. Please only respond if you have either gone throught loss mitigation training or you know a good online loss mitigation training course. Thanks,

If house is situated on 2 parcels. Mortgage company made mistake and only put mortgage on 1, and I still own.. The 2nd parcel is still owned by me. I didn't want to lose the house, but my husband left and I couldn't afford the mortgage so they foreclosed on me. But, they can't sell the house because it is on both parcels and I still own one. What should I do? Do I have rights? They are acting like jerks at the bank, but I can't get a loan, obviously because of the foreclosure and divorce. I left the property like 3 years ago, and it is just sitting there. I have tried contacting the attorney in charge of the property, but she NEVER calls back and everyone else I spoke to in REO department, always seems to stop working there after I speak t them concerning it. But, the last person in that department that I could speak yo left last week, because they said the property is not in the REO department because it is still in litigation and not for sale. What do I do? I need my house back. Can I just go in there, or will the cops come get me? Also, they have had potential buyers, contact me and offer me $1000, for me to sign over my portion of the property. I have been paying rent for the last 3 years of almost $1000, so I wish they would just grant me to go back in and pay a mortgage to re-pay what I owe. Can they do that?

How long is the redemption period for a house in Texas after a mortgage foreclosure? How long is the redemption period for a house in Texas after a foreclosure? My brother rented a house and It went on foreclosure, now he is in the redemption period. Can someone tell me how long is the redemption period in Texas. Thanks 16 hours ago - 3 days left to answer. Additional Details 16 hours ago It is a mortgage foreclosure, the house did not sell the auction day, so it went back to the bank and now is in the REO department. How long do the tenants have untill they are evicted? Thanks for all your help. Victor

Question about a contract? I entered into a contract to buy an REO home. Today I got a call from the Closing attorney stating she had found problems with the title. Apparently the bank foreclosed on a dead person, instead of their estate or heirs as they are supposed to... now we have to wait for the home to go through foreclosure all over again and run the risk of loosing the home to another buyer during the homes second run through the foreclosure process, and even after it makes it through that, we may be too late for the 8k first homebuyer tax credit. My question is, since the bank was knowingly trying to sell us a house they did not have legal ownership of, do we have any grounds for a lawsuit? I would imagine this is at least a breach of contract/misrepresentation issue and at the very worst flat out fraud.

Help with buying a foreclosure!? I found a REO house that i want to buy in wilmington, nc, but when i contacted the bank they said that the home was foreclosed through Maryland and not North Carolina so i have to wait on the MD courts. What can i do as a next step to try and buy the house?

What are closing fees like in Hallandale, FL - Three Islands Blvd - foreclosed condo apt.? Looking to purchase a REO foreclosed condo apartment in the DeSoto Park area (Hallandale, Three Islands Blvd). This apartment is currently listed with a Real Estate office and has been on the market for 2 months. Price was lowered twice, but the price per sq. ft. is still a bit high, and I am trying to negotiate & counter offer. Although I like the area I've never lived there, so any input on the neighborhood and the foreclosure purchasing process would be very helpful! 1. Any reviews of the DeSoto Park, Three Islands Blvd. community? -Safety/crime -Kids & family friendly area -other neighborhood pros & cons 2. Any suggestions, advice, or experiences with purchasing a foreclosed condo? -Negotiation tactics, -closing & title insurance fees, -dealing with the Bank -any issues or unforseen fees with a foreclosed property Many thanks!!!

If house is situated on 2 parcels. Mortgage company made mistake and only put mortgage on 1, and I still own.. The 2nd parcel is still owned by me. I didn't want to lose the house, but my husband left and I couldn't afford the mortgage so they foreclosed on me. But, they can't sell the house because it is on both parcels and I still own one. What should I do? Do I have rights? They are acting like jerks at the bank, but I can't get a loan, obviously because of the foreclosure and divorce. I left the property like 3 years ago, and it is just sitting there. I have tried contacting the attorney in charge of the property, but she NEVER calls back and everyone else I spoke to in REO department, always seems to stop working there after I speak t them concerning it. But, the last person in that department that I could speak yo left last week, because they said the property is not in the REO department because it is still in litigation and not for sale. What do I do? I need my house back. Can I just go in there, or will the cops come get me? Also, they have had potential buyers, contact me and offer me $1000, for me to sign over my portion of the property. I have been paying rent for the last 3 years of almost $1000, so I wish they would just grant me to go back in and pay a mortgage to re-pay what I owe. Can they do that?

A REO PROPERTY MEANS A REAL ESTATE OWNED .I GET PROPERTIES AT FORECLOSURE AUCTION AND WANT TO LIST THEM AS? FORECLOSURE PROPERTY AND NEED TO KNOW IF STATING REO I AM NOT MISSREPRESENTING .THE WORD REO MEANS REAL ESTATE OWNED .BUT EVERYBODY ASOCIATE THE WORD TO A BANK OWNED AND THE PROPERTIES I SELL ARE FORECLOSURES OBTAINED BUYING THE JUDGEMENTS AT COURTHOUSE . PLEASE ADVISE I am concerned because when i list them as regular sales , find customers that do not want foreclosures.sorry for the caps the keyboard at my office is broken. still need an answer please...

foreclosures offer $5,000 over mine will I be able to counter? let's see if I can make this more understandable.The property in question is a bank owned REO, located across the street from where I live prior owners best of friends but let it go. (they walked) I went as far as to buy in auction (they wanted to much) didn't sell. apx 2 month later the house went on the marhet as a bank owned foreclose priced at 60% under loan balance. ie $429,000 loan -- real estate listing price $259.000. ok here's the issue we put a offer in at $260.000 the day before it was listed in the MLS (no contingencies) basicaly we told the bank (in the offer) that we would pay almost all closing cost 20 day escrow. the next day the property is being shown by the listing office and I over heard them say that there is an offer in at "over list" and the buyer asked what would be a good offering price the listing agent said $265.000 maybe a good start. (please note I was in my yard and they where by there cars in the street so it was very easy for me to hear this and they had no way of knowing I had put an offer in the prior day..the agent knew that my offer was there they are not going to allow there potenticial buyer put in an offer knowing it is under what has already been submitted they want to make the sale so where is the ethics here. footnote to this: the listing office knows what the offers are and nobody is going to show a property and let there clinents put in an offer under what has been submitted they don't work for nothing. and they only way they get paid is by selling property not showing property. Do you think the bank will counter my offer along with his and ask for a "best and final" my agent said they will what is your opion thank you have a great holiday