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I want a house....
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 2013-01-29 12:54 PM |
Expert  962   |  Subject: I want a house.......it's been foreclosed on. Was on the market initially and nobody bought. Put up for auction and didn't meet the reserve. Now it appears to be in some sort of limbo. I believe Wells Fargo holds the deed to it but there is no action on it. Question being, how do I get something going on this or do I just have to wait for the corporate machine that is the banking industry to spit it back out? No wonder the banks were in such trouble, they are sitting on a ton of house notes and not making an effort to unload them. Advice appreciated, sarcasm tolerated. |
| 2013-01-29 1:05 PM in reply to: #4599830 |
Expert 3126   Boise, ID | Subject: RE: I want a house....
Need to find a Realtor that specializes or at least has extensive experience in foreclosures and short sales. When my wife and I went looking we looked mainly at short sales and foreclosures. Worked with on Realtor that didn't have a clue about getting our questions answered and how the process worked. Found a guy that specialized and he steered us the way we wanted to go. Someone with experience and contacts should be able to find out what is going on with the house and if it is worth pursuing or not. |
| 2013-01-29 1:31 PM in reply to: #4599830 |
| Regular 139 Quincy | Subject: RE: I want a house.... If you go to the court house you can find all leins against the property. My experiance is that if you give them what they have in the house they will gladly give it up. Also if you ask the previous owner for written permission to contact creditors on their behalf you can find out all the details about the forclosure. I just bought an about to be forclosure this way this past year. |
| 2013-01-29 1:42 PM in reply to: #4599830 |
Champion 17756 SoCal | Subject: RE: I want a house.... I would check on the history of the home. Wells Fargo in currently in a lawsuit for illegally foreclosing on homes so the house could be in legal limbo for a while. Edited by Big Appa 2013-01-29 1:42 PM |
| 2013-01-29 1:56 PM in reply to: #4599830 |
Pro 4313 McKinney, TX | Subject: RE: I want a house.... |
| 2013-01-29 2:03 PM in reply to: #4599902 |
Expert 962 | Subject: RE: I want a house.... klauser - 2013-01-29 1:31 PM If you go to the court house you can find all leins against the property. My experiance is that if you give them what they have in the house they will gladly give it up. Also if you ask the previous owner for written permission to contact creditors on their behalf you can find out all the details about the forclosure. I just bought an about to be forclosure this way this past year. But who do I contact. In looking at the deed history I think I'd be happy to cover their cost. Amount owed is well under appraised value. I've see the house online and been inside. |
| 2013-01-29 2:14 PM in reply to: #4599830 |
Champion 7347 SRQ, FL | Subject: RE: I want a house.... dsand97 - 2013-01-29 1:54 PM ...it's been foreclosed on. Was on the market initially and nobody bought. Put up for auction and didn't meet the reserve. Now it appears to be in some sort of limbo. I believe Wells Fargo holds the deed to it but there is no action on it. Question being, how do I get something going on this or do I just have to wait for the corporate machine that is the banking industry to spit it back out? No wonder the banks were in such trouble, they are sitting on a ton of house notes and not making an effort to unload them. Advice appreciated, sarcasm tolerated. We were in the same boat on a house. Went to auction, bank got it back. I spent hours and hours trying to find out who to speak to. When I finally did they said "don't call us, we'll call you". I am very persistent but they just don't care. It has been sitting now for 7 months, rotting away. No news. No phone calls returned. My advice is to move on. It can be INCREDIBLY frustrating waiting for the banks to do anything. Edited by TriRSquared 2013-01-29 2:15 PM |
| 2013-01-29 2:47 PM in reply to: #4599830 |
Elite 4564 Boise | Subject: RE: I want a house.... I think finding a realtor that knows the foreclosure process is a big help. I bought a foreclosure. I got a great deal. It was listed as 3BR 1 BA 1500sqft .15 acres. Turns out it's 4BR 2BA 1900sq ft .25 acres. I didn't have much hassle to go through though, the house had already been through the process and put out onto the market. I offered asking price and then raised my offer 5% when they had 5 offers on the house within a week. |
| 2013-01-29 3:42 PM in reply to: #4599830 |
Extreme Veteran 1648 | Subject: RE: I want a house.... I found a Wells Fargo person online at reo.wellsfargo.com who was able to answer my questions on a property that was not currently listed. She even gave me a price I could buy it for prior to it going on the market. It was too high, but she did give me the option. This was a few years ago. |
| 2013-01-29 3:51 PM in reply to: #4599830 |
Champion 17756 SoCal | Subject: RE: I want a house.... Funny how all the houses are Wells Fargo..... they are super shady! If anyone has a lone with them I would recomend trying to get another lender. |
| 2013-01-29 5:03 PM in reply to: #4600223 |
Expert 3126 Boise, ID | Subject: RE: I want a house.... Big Appa - 2013-01-29 2:51 PM Funny how all the houses are Wells Fargo..... they are super shady! If anyone has a lone with them I would recomend trying to get another lender. I agree. Unfortunately they buy up loans like they are going out of style. I didn't want them, but they bought my loan so I am stuck with them unless I go thru the expense and time of a refi, at which point I am powerless to stop them from buying it again. |
| 2013-01-29 5:16 PM in reply to: #4600090 |
Champion 7347 SRQ, FL | Subject: RE: I want a house.... JoshR - 2013-01-29 3:47 PM I think finding a realtor that knows the foreclosure process is a big help. I bought a foreclosure. I got a great deal. It was listed as 3BR 1 BA 1500sqft .15 acres. Turns out it's 4BR 2BA 1900sq ft .25 acres. I didn't have much hassle to go through though, the house had already been through the process and put out onto the market. I offered asking price and then raised my offer 5% when they had 5 offers on the house within a week. Once it's released to the market it's a different story. But until that happens the banks will not talk to ANYONE. You could offer $1M cash and they'd ignore you. |
| 2013-01-29 8:03 PM in reply to: #4600317 |
Master 1327 Ann Arbor, Michigan | Subject: RE: I want a house.... TriRSquared - 2013-01-29 6:16 PM JoshR - 2013-01-29 3:47 PM I think finding a realtor that knows the foreclosure process is a big help. I bought a foreclosure. I got a great deal. It was listed as 3BR 1 BA 1500sqft .15 acres. Turns out it's 4BR 2BA 1900sq ft .25 acres. I didn't have much hassle to go through though, the house had already been through the process and put out onto the market. I offered asking price and then raised my offer 5% when they had 5 offers on the house within a week. Once it's released to the market it's a different story. But until that happens the banks will not talk to ANYONE. You could offer $1M cash and they'd ignore you. ^^^^^ This. Hubster's a realtor. He's done a number of foreclosure sales, short sales, you name it. I can't tell you how many people come to him saying "I know this house is foreclosed, can you call the bank." Nuh-uh. Doesn't work like that. You have to wait till the bank puts it up for sale. We stalked sheriff sales ourselves for our own house, and Bank of America was the WORST. We were long settled into our new home for almost a year before a house we'd previously stalked had come to market. |
| 2013-01-30 8:13 AM in reply to: #4600493 |
Expert 962 | Subject: RE: I want a house.... travljini - 2013-01-29 8:03 PM TriRSquared - 2013-01-29 6:16 PM JoshR - 2013-01-29 3:47 PM I think finding a realtor that knows the foreclosure process is a big help. I bought a foreclosure. I got a great deal. It was listed as 3BR 1 BA 1500sqft .15 acres. Turns out it's 4BR 2BA 1900sq ft .25 acres. I didn't have much hassle to go through though, the house had already been through the process and put out onto the market. I offered asking price and then raised my offer 5% when they had 5 offers on the house within a week. Once it's released to the market it's a different story. But until that happens the banks will not talk to ANYONE. You could offer $1M cash and they'd ignore you. ^^^^^ This. Hubster's a realtor. He's done a number of foreclosure sales, short sales, you name it. I can't tell you how many people come to him saying "I know this house is foreclosed, can you call the bank." Nuh-uh. Doesn't work like that. You have to wait till the bank puts it up for sale. We stalked sheriff sales ourselves for our own house, and Bank of America was the WORST. We were long settled into our new home for almost a year before a house we'd previously stalked had come to market. Thats what I was afraid of and what one realtor told me. I was hoping someone knew some sort of trick. Yeah I've been stalking the county site for a while now. Thanks |
| 2013-01-30 9:10 AM in reply to: #4599830 |
| Master 1946 Memphis, TN | Subject: RE: I want a house.... Agreed on finding a realtor who has experience in foreclosures and short sales. They are different than traditional sales that most realtors did during the boom. Most wouldn't even touch foreclosures since the money wasn't as good. The paperwork and process is different. |
| 2013-01-30 1:12 PM in reply to: #4599830 |
| Regular 139 Quincy | Subject: RE: I want a house.... On the one that I bought I paid a title company $100 to do a title search just to make sure their were no outstanding leins against the property. Then I recieved permission from the owner to contact all parties with leins. Often they have been sold to collection agencies. around hear the bank must put the house on the market before they can forclose. It maybe that it is not technically theirs yet. You will have an easier time dealing with and geting info from the previous owner if you can help them avoud the actual forclosure. We were able to work with all creditors and settle all of their debts (that had leins) and pay off their mortgage for far less than what the they were asking for the house when they had to pay the full lein amounts. |
| 2013-01-30 2:04 PM in reply to: #4599830 |
Pro 9391 Omaha, NE | Subject: RE: I want a house.... Just move in and claim squatters rights.  Worked for this guy: http://www.wpbf.com/news/money/real-estate/Squatter-Andre-de-Paula-Barbosa-takes-possession-of-2-5-million-dollar-house-neighbors-outraged/-/8788660/18268048/-/rm4mec/-/index.html?absolute=true |
| 2013-01-30 6:19 PM in reply to: #4599830 |
Extreme Veteran 438 Maple Grove,MN | Subject: RE: I want a house.... I bought a short sale house for half the previous owner got it for, honestly we went in low and got it for 20k under there short sale price. i dont see wells fargo wanting to hold it long. the only hiccup we had was the appraiser on their side was using horrible comps from unreliable websites. I used a regular realtor too. |
| 2013-01-30 8:19 PM in reply to: #4599952 |
| Austin, Texas or Jupiter, Florida | Subject: RE: I want a house.... bradleyd3 - 2013-01-29 1:56 PM Two words..... Adverse Possession. Leave it to a Texan to bring-up Squatters-Rights... Kayippee Yippee Ay!! |
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