Dec
31
Foreclosure Round Rock Tx
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Dec
31
Abogados De Foreclosure En Miami Florida
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Dec
31
How can I find out about my home that supposedly went into foreclosure?
Filed Under Foreclosure | 1 Comment
I have been unable to locate any documents regaurding a home of mine that supposedly went into foreclosure.I had a realestate person aquire me some documents that stated that the loan was paid off before foreclosure had begun. How can I find out who paid off this loan? And why are there no documents stating that it was in the foreclosure stages. I was told to get out of this home, by someone whome I thought was the bank. I believe that in this situation my ex husband was given this house because of some watts credit thing.
Eve
Dec
31
Foreclosure Purchase Requirements
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Question about buying foreclosures?
What is the difference between buying regular real estate and purchasing a forclosure? Do you have to put more down on it? How do you go about finding forclosures, have to pay on those sites? How do the lending requirements differ? Is it a good way to buy a house?
I just saw those forclosure websites, don’t know anything about them, though. They aren’t listed on the regular MLS and I wonder how to find them w/out paying money.
Don’t know about before and after foreclosure…
You can go to a bank and ask them for their foreclosure listings. A foreclosure is a piece of real estate, let’s say a home, that the owner couldn’t keep making payments on, or lost due to nonpayment of taxes, and whoever owned the mortgage took the house. (I’m being very general here) and now they’re selling it.
You can get a great deal on a foreclosure, because everyday the bank has that house, they consider it a loss, so it’s in your best interests to look into them.
My husband and I were looking at houses and our real estate agent asked if we wanted to look at a foreclosure. We saw it and we loved it. She told us the former owner was a contractor and he built it himself, but his business went bad and he couldn’t afford to keep it. He tried to sell it, and painted the whole house (it was in perfect condition when we bought it) in anticipation of selling it, but it didn’t work out and the bank took it.
Now we were lucky because a lot of people, when they know they’re going to lose their house, will sabotage it. I’ve heard stories of people pouring concrete down all the pipes, so the new owner had to replace all the pipes, but these are things you must look at when you look at the house and if you’re serious, have an inspector look too. You’ll have to have it inspected anyway, before you close.
You don’t have to put more money down on a foreclosure. We got a fixed 30 year mortgage and it was no different than if we were buying any other kind of house.
We did not have to pay cash. In fact, we did a piggyback mortgage, which is one mortgage for the deposit (we did a 3% downpayment) and one mortgage for the remainder. The smaller one was at a higher percentage rate but after six months we consolidated, cashed out a bit to pave the driveway, and got a great percentage rate.
It is a good way to buy a house as long as you are savvy about the condition of the house. Also, make sure you do a title seach (which is the law in NY and NJ) because if they los the house because they couldn’t pay, they probably have unpaid debts that have been put against the house. When you do a title search, the title company looks for those debts and makes sure the bank shows proof that they were satisfied, or they must satisfy before you close, or you will be responsible-so that’s another thing you must look out for.
Worth it? You bet.
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