All Forum Posts by: N/A N/A

What's the connection between chp13 and a foreclosure? Is one predicated on the other? I noticed a chp13 filed 11 months ago but the lis pendens 6 months ago. Does a chp13 affect my purchase of foreclosure?

Happy Holidays!

Looking a a property listed at 349K it's a short sale. Apparently 5 offers have come and gone over the 6months. Why is this not a foreclosure by now? The listing agent said it's time consuming and expensive to go into foreclosure. All 5 offers were not responded to by the bank. I asked why not- too buy I was told.

So, I'm told owner is into 480K-500K and that the bank would probably take 325K. I said, that's not a short sale- respnse was, it is when he owns almost 500K.

Q? Can't the banks write off the seconds as bad debiot and move forward.
Q? Should I look to offer 10% of the second and find a FMV for the first or overall property FMV?

Q? Once this property goes into default, will the acceptable price go down.
Finally, I want to best deal possible in this market_ primary

nice tip

Family, house, job, friend, this decision is financial but it's a life decision as well- not strickly for profit

Both good suggestions. I am thinkin lowball offer

Does anyone have experience with Countrywide buying foreclosures? Asking because I want to know if the bank will counter an offer I submit on a foreclosure? Or at this time are they too busy? I realtor "friend" told me if I didn;tof 80% - forget about a counter? Is there a genral rule of thumb here? IF not, I want to submit at 65% asking price.

thanks

Hello;

We need a primary residence- it's where we work- and it is in a market in Florida that is overvalued. After reading and hearing multiple sources regarding how much longer this soft market will continue -many think well into 08 and early 09 I'm considering renting. That being said, what are the advantages/dis of renting or buying- say a foreclousre we have been looking into?

thanks

Okay, fair enough- SInce this property is Bank owned and is listed with a realtor, was there qa 3rd party involved like an assest disposal company, that is bank assigns it to asset disposal, asset disposal assigns to realotr.

I'm asking to get a since of wht rules are in place. I understand 80% of list price is considered a fait offer. Any thoughts?

that was vague. Can I deduct expenses incurred from demolition of an unsafe/mold/leaky room and then deduct the remodel from the offer?

If I may, not looking to hi-jack here :)

We are looking at a foreclosure listed for 285,900$. The bank has it now. The LP was filed August 07. We are interested in making this our primary residence. Been there, checked out the property.

The house was rehabbed about 80%. An enclosed patio on the back that was like an extra room- it had windows and an exit door to the back yard with a flat roof is leaking and has missing ceiling tiles exposing the flatroof rafters- it must go. The carport was enclosed, garage door added and the "garage" measures 11x15- unable to park a car. Many other unfinished items.

If I declare the patio enclosed section demoltion can I subtract the price for takedown and disposal.

Can I then gets bids on the cost of remodeling and adding back the "room" then once these costs are known subtract the amount as part of my offer?"

HL