03-01-2012 09:06 AM
Don't waste your time in todays housing market. The selection is vast. Move on. You'll find even better properties.
Being il informed or stupid is not illegal. Forget court.
I am an investor/lender. There is a lot to tell, but I'll just open the door, you guys walk through it.
I would like to give potential conventional home buyers some INFO crutial to the foreclosure process.
A FORECLOSURE does not mean a bank has possesion of a property. If you know of a property in foreclosure, the sales date amount, ect has to be published in the local news paper to give legal notice to all who have an interest in the property.
This is normally done in the classified ads "legal notice section. They are called "Notice of Default" Get a paper and look.
This little section of info can give one the status of the property. The TS # (Trustee sales number) indentifies the lastest staus of the property when calling the automated telephone update system. It has the sales date,ect. If the sale is not postphoned, and the investor is sure he's bidding on the first mortage, this is where they buy it. Certified funds 100% amount of the winning bid. Cash and carry. No warranties of any kind. Occupants in property (tenants, old owners) investor/new owners problem. Eviction.
ONLY if no one bids on the property does the "Trustee" conducting the sale (Hence the document titiled "Deed in Trust") give the property back to the bank.
Note that today, many sales are postphoned due to owner in negotiations with bank, BK fillings, incorrect or incomplete documents, default cured, loan mods, partial payment made, ect. Or anything a desperate homeowner can stall the sale with.
The question that always should be asked is about the one you want is " who has possesion of the property right now".
Again, this a just INFO and not advise.
The govenment will not and could not ever provide low income housing like the housing market is today. Cheap money, cheap houses. And don't over extend yourself. Banking debt ratios are only for one specific period in time. The loan approval process.