Foreclosure auction- how long until property is listed?
10 years ago
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10 years ago
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How can I get the foreclosure information?
Comments (9)You could make a lot of money buying foreclosures if the people lived in their homes a long time and had a great deal of equity and went into foreclosure just after they paid their property taxes. But thats not who goes into foreclosure--its mostly people who have refinanced and also taken equity lines so there isn't much of an equity cushion. The really big money in foreclosures is teaching the seminars. Be careful also because there are scams that involve "investors" buying foreclosures and letting the foreclosees live there....See MoreShort sale/foreclosure
Comments (15)I live in Florida, in Miami specifically. Jane please understand that one HUGE factor, aside from any of the technicalities you are trying to figure out, is that this state is absolutely inundated with problem mortgages, underwater owners, short sale and foreclosure properties. And because this state is one of the ground zero areas for the housing crisis it is also swarming with vulture investors which are individuals or groups or investment firms looking to buy distressed properties at a deep discount (usually condos but sometimes land or SFH complexes), individuals like you and your husband, international speculators looking for cheap vacation/second home properties and any number of shady characters looking to feed off the detritus of all the above activity. In other words, it is a royal and enormous mess down here in Florida right now. Yes, there are certainly good deals to be had. But as others have warned you it is NOT a situation you can or should expect to manage according to whatever the letter of the law might read. Especially living in another state with no knowledge or insight into Florida real estate. This isn't meant to be disrespectful or rude but you as an individual contemplating a fantastic Florida bargain house are one of literally millions thinking the same thing. Believe me, if it were super easy we residents would know about it. It ain't. Good luck but please be wary, be careful and keep educating yourself....See MoreT-minus 10 days until listing...
Comments (13)My previous place was a condo. The one next door to me with an identical floor plan had sold to a realtor in the spring at $30,000 less than my listing price, but no finished basement, no updating, although the PO had kept it spotless. Some in a different complex across the main road were about 400 sf larger and listed for $20,000 more than mine was, and they sat. They were 3-4 years older than mine, which might have made them lead paint/no insulation situations, but the complex looked much nicer than ours (landscaping, style). However, most had not been updated, and I know from being in a couple of them that there probably was a structural issue with the loft. Ours was completely updated. New 90% efficient furnace, energy efficient decent quality aluminum clad wood windows, totally redone kitchen, new vanity/sink/lights in bathrooms, new paint throughout, new tile in entry & mudroom, new carpet throughout, somewhat recently refinished wood floors in the LR/DR, which almost no other condo in our price range of that decade had. Other smaller things done too numerous to mention. New DH worked really hard to make it move in ready after my having done nothing to it for a long time. Everything was scrubbed. I put pretty planters on the deck and front porch, attractive plantings along the front walk, interesting plants inside in key places. We felt that we had to do most of this, since there were already LOTS of houses & condos sitting on our already declining market, that became a total disaster the following year. When I asked the woman at closing what made her buy my condo, she said, "The updates, and the fact that it was CLEAN!" When my daughter was looking for a house a year before, it was amazing the condition that many places were in--some messy, some grungy, some dirty, lots with uncorrected problems. So price isn't everything when comparing apples to apples. When people come inside yours, they'll see the difference, and know why your price is higher--IF the others have some of the deficiencies mentioned above. Anne...See MoreWelcome to Stockton: foreclosure capital USA
Comments (40)Actually, I don't think Greenspan is the villain in this. I repeat - the Fed has very little control over the securitization of bundled mortgage loans. They are repackaged into equity deals and are collateralized by the RE. Yes, in some areas of the US that RE has fallen in value. But in most areas of the US it has not dropped drastically, and even a 25% decline eventually works itself out through the system. The US simply has too large and global an economy for it to be more than a big burp in the overall history. I do fault Greenspan for keeping rates low too long, but hindsight is always so much better than foresight. Why should he be any different than us folks at the forum - where are all those posters here who declared one could never lose money in RE? And the hysteria over banks is amusing. There is NO CASH CRUNCH. Banks are flush with money, as are most companies. There is a liquidity crunch, which is a thing entirely different. Wells Fargo had very little exposure to subprime loans; they securitize and sell most of their loans to other servicers. WaMu recently added to their loan loss reserve but their core business, checking and savings, is booming like gangbusters and they will have no trouble opening all the new branches they plan to start in 2007-2008. Actually, if I were investing in individual stocks, which I don't, I'd buy Goldman Sachs in a heartbeat. The liquidity messiness has really depressed its stock price and they are the premier deal-broker in the world. Now, when they start jumping out of their windows, then I'll worry! As for RE agents fleeing the field, most of those were part-time and newcomers anyway. It's always been a boom-and-bust business, and probably always will be. We saw the same thing happen in the 1990's. People have such short memories! The vast majority of Americans have pretty much the same amount in their checking and savings accounts as they had two months ago. The vast majority of American, Asian and European corporations can say the same. The only thing changed are people's perceptions, as fed by the media....See More- 10 years ago
- 10 years ago
10 years ago
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