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Old 08-14-2007, 10:01 PM
 
109 posts, read 369,232 times
Reputation: 37
Unhappy Seeking Help on Foreclosure

Is there an Experienced Realtor dealing with Foreclosure sales in this forum?

My family and I are very very sad almost emotional, we wanted to buy a property that was listed in the MLS, it was a short sale, we summited the offer but from what I can understand my offer was not reviewed by the bank because it was too late

Now the home went to auction, I have my loan preaproved and I was just waithing for the right house.

We liked to much the house that I summited the full price. Now my Realtor says that I can't buy it any more, Is this true?, any tips you can share?.

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Old 08-14-2007, 10:19 PM
 
Location: NW Las Vegas - Lone Mountain
15,757 posts, read 19,960,118 times
Reputation: 2661
Quote:
Originally Posted by coolricks View Post
Is there an Experienced Realtor dealing with Foreclosure sales in this forum?

My family and I are very very sad almost emotional, we wanted to buy a property that was listed in the MLS, it was a short sale, we summited the offer but from what I can understand my offer was not reviewed by the bank because it was too late

Now the home went to auction, I have my loan preaproved and I was just waithing for the right house.

We liked to much the house that I summited the full price. Now my Realtor says that I can't buy it any more, Is this true?, any tips you can share?.

Very sorry about that...you have unfortunately been welcomed to the real world of bank involved real estate.

The price listed is not binding on the bank. They do not approve short sale prices. When you make an offer it goes to the bank who decides whether to take it or not. It makes no difference what the lsit price was...the crucial question is what the bank will take.

As a general rule banks are less agreeable to lower prices than individual owners with good equity. Banks, in general, have a fiduciary duty to the owner of the mortgage to get the best price. That is generally well above the price acceptable to a private seller.

After the bank takes the property they will relist it. It may be possible for an agent to intrude in the process and get you a shot at the property before it goes on the MLS...but it is tough...

Once it is listed the banks will generally come down periodically but often slower than the market. You can make an offer but they may turn down an offer for a price they will list at 4 weeks later. In some respects banks are...basically...dumb.

Best strategy is too watch the property and see what happens. If you need quick resolution banks are not helpful. It often takes them 60 days for a perfectly straighforward deal.

There...more than you wanted to know.
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Old 08-15-2007, 03:40 AM
 
Location: Los Feliz
1,749 posts, read 5,784,692 times
Reputation: 717
I was down this road a few months ago but in L.A. The bank did a light rehab on the house and raised the price. It then sat on the market. And sat. And sat. Yes, watch the property. There's a LOT of inventory in your area...also chances are you can find a home pretty much identical if you look.
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Old 08-15-2007, 09:11 AM
 
109 posts, read 369,232 times
Reputation: 37
Thanks for the replys guys, we'll keep an eye on this house.

Now is true that when a property goes into auction the only way to buy it is cash only? same goes for a foreclosured? can I buy a home with a loan?.
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Old 08-15-2007, 10:09 AM
 
Location: NW Las Vegas - Lone Mountain
15,757 posts, read 19,960,118 times
Reputation: 2661
Quote:
Originally Posted by coolricks View Post
Thanks for the replys guys, we'll keep an eye on this house.

Now is true that when a property goes into auction the only way to buy it is cash only? same goes for a foreclosured? can I buy a home with a loan?.
In general the mortgage holder will bid the value of the mortgage. If that is greater than the value of the property you don't want to bid. And it generaslly is...that is why the foreclosure.

You also have to deal with seconds and other liens on the property. In general foreclosure purchase is a specialty task. Not a good place for a straight buyer.

Once the bank has bought the property they will list it at something perhaps more reasonable than the mortgage value. A knowledgable agent can also make an unsolicited bid on such a property once the bank owns it. Works sometimes....sometimes it gets lost in the banks process.

I think you have to face it...Bank owned property is difficult to deal with at best and sometimes impossible for a while.
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Old 08-15-2007, 12:05 PM
 
Location: Las Vegas, Nevada
11,349 posts, read 19,450,513 times
Reputation: 3930
Hey Olecapt, I've been wondering about these foreclosures. If all those people couldn't afford the loans the mortgage companies were giving them, wouldn't they have been covered by PMI (PMS, PB&J)? We had to take it on our mortgage in Albuquerque since our down was minimum, and it's a good thing we did. By the time we had to move back here real estate values had dropped drastically and it saved us from foreclosure or paying the loss out of our own pockets. Signed, Confused in Nevada
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Old 08-15-2007, 02:00 PM
 
3,295 posts, read 7,117,201 times
Reputation: 1334
PMI covers the lender...not the borrowers. If you are paying PMI with your mortgage payments, but then quit making mortgage payments you will get foreclosed upon.

In simple terms the PMI will cover the shortfall once the bank sells the foreclosed upon property.
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Old 08-15-2007, 06:53 PM
 
Location: NW Las Vegas - Lone Mountain
15,757 posts, read 19,960,118 times
Reputation: 2661
Quote:
Originally Posted by TimtheGuy View Post
PMI covers the lender...not the borrowers. If you are paying PMI with your mortgage payments, but then quit making mortgage payments you will get foreclosed upon.

In simple terms the PMI will cover the shortfall once the bank sells the foreclosed upon property.
Actually PMI has fallen out of use. All sorts of secondary vehicles to avoid it. Just as FHA and VA went away during the boom. Back now though.

Hmm I wonder if PMI removes the 'forgiven debt" tax liability.
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Old 08-16-2007, 03:44 PM
 
Location: In my house
8,783 posts, read 14,730,332 times
Reputation: 5368
Quote:
Originally Posted by Buzz123 View Post
Hey Olecapt, I've been wondering about these foreclosures. If all those people couldn't afford the loans the mortgage companies were giving them, wouldn't they have been covered by PMI (PMS, PB&J)? We had to take it on our mortgage in Albuquerque since our down was minimum, and it's a good thing we did. By the time we had to move back here real estate values had dropped drastically and it saved us from foreclosure or paying the loss out of our own pockets. Signed, Confused in Nevada
I wish it were that easy with a peanut butter and jelly sandwich.
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Old 09-16-2008, 01:50 AM
 
9 posts, read 12,972 times
Reputation: 10
I just bought an investment, and no one will offer PMI right now on a 2nd house, I had to go with 20% down.

Some of these houses aren't selling at auction, keep checkint the MLS, not a great chance, but some of them do come back. I get back maybe 10% or our auction properties.

And don't fall in love with 1 single house, there are a TON of great houses out there right now, with over the top upgrades in great neighborhoods. Keep looking, the newer houses up north are dropping rapidly still.
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