Forclosures???

Forclosures???

I recently paid for one of those forclosure lists - has anyone else done this? I am just curious on to how it all works. I was sent the list and I see a house listed in the area I am looking - but I know nothing about them - has anyone bought a home this way? As you can see at this point we are trying everything.
I NEVER thought finding a home was going to be this difficult.
I feel like my whole life is on hold b/c we can''''t find a home - My shower was a year ago next month and my gifts are still sitting in my parents basement.
I know we will find a home (someday) I am just starting to become very discouraged.

Forclosures???

My company forecloses on homes and buys and sells property. There is usually a significant savings on the home and occasionally you can find some real diamonds! Just make sure you do all your research on the property, i.e. inspections, etc. Keep in mind that some foreclosed properties will not be in the best shape, but you should make out on price. Companies like mine need to make sure the property stays in saleable shape so we don't have to keep the asset on our books. Good luck - I will let you know if my FC list comes out with properties on Long Island, if you are interested!

lee- Junebride...let me know as well

interested in homes in Long Beach

THANKS
Where do we go to buy those lists JuneBride?

My parents bought a foreclosure

My parents bought a foreclosure in the early 90's, during the recession. They bought a studio apartment on 72nd Street off Central Park West, across the street from the Dakota for 30K. My mom sold it for 4x that a few years ago. It was the best investment they ever made, they regretted not having bought another one. The apartment was in good condition, they only had to buy a refrigerator.

I'd love to know where you can get a list of foreclosures. There's an article in the NYtimes about the growing number of foreclosures, especially since 9/11, so many people lost their jobs, they can't meet payments.

Who gets the original owner out of the home?

Someone told me that you have the responability to get them out... and it can take up to a year and in that time the house is destroyed -
anyone know any of the details?
Thanks!!!!

Who gets the original owner out of the home?

No, that's not your responsibility. The way it works is, whoever is holding the mortgage at the time is responsible for getting the person out of the house. So, the servicer or bank is responsible. The thing is, in a state like New York, which is a 'judicial' state, it can take an awfully long time to foreclose and then evict the homeowner. Most companies try to incentify the homeowner to leave prior to the foreclosure sale, in order to protect the property...my co has plenty of strategies. Also, whoever is the current owner of the property after a foreclosure is complete, should be responsible for basic maintenance on the property in order to keep it saleable. The thing is, in most legitimate cases, you are seeing a house either at the foreclosure sale (the owner will be given a timeframe to leave), OR it is already an REO property (real estate owned) which has been foreclosed on and the holder of the asset is looking to make any money they can back on what is already a loss on the property. You would never buy a home if the title wasn't cleared, and that would come up during the contract phase. I've never honestly heard of a case in my firm where the buyer is responsible for evicting the former homeowner...but nowadays I'm sure anything is possible..

We can't get the seller to close and get out....

Our contract was for 'on or about Feb. 28 which means they really had the extra 30 day window to extend - making it March 30. She (the ex-wife still living in the house) STILL not found herself another place to live although the real estate agents that brokered the deal say she's looking every weekend. Our lawyer just sent a letter stating that if we did not hear from them by this Friday with a closing date, then she would be setting it with the bank for April 15th and if they do not show up she will proceed with the 'cause for specific action' which she is filing this Monday. In other words, we will proceed with sueing them to comply with the contract.

It's ridiculous that we have to go to this extent to purchase the house that they put up for sale! We never dreamed that we would not be settled in our new home by our first anniversary.

Karen - it's not a foreclosure, is it?

That is a shame! I'm keeping my fingers crossed for you...

No - she listed the house... (long venting)

It's a divorce situation, but from what I'm told, the divorce started 4 years ago and she has a boyfriend that we met when we looked at the house the first time, so it's not like she's devistated that he's walked out on her recently... The trouble is she has a 13 year old son that she wants to keep in the school district, so she's looking in a small area. She found a couple of houses she liked, back in December and January, but the boyfriend didn't like them so she did not make an offer. The real estate agent and our lawyer think he wants to keep her money liquid by forcing her into a rental. She seems to be thinking there will be something else that she likes better if she just keeps looking, and is totally disregarding the fact that she signed a contract and accepted the deposit (in escrow). She just keeps procrastinating on making a decision on going somewhere. She accepted our offer over 4 months ago, so she's had ample time and I no longer feel sorry for her situation as this is costing us more and more money, and hubby is still living and working in Boston since he needs to be a resident of Suffolk county before he can establish his business here, and he has NO PLACE TO LIVE! I'm staying with his Grandmother in Queens and it really s#*@ks that we'll either be spending our anniversary (which falls on a Sunday) with his Grandmother or with me driving back from Boston to be at work on Monday unless we spend even more of our savings to go away somewhere.... OK - enough whining! Thanks for letting me vent!

Karen

Sorry to hear that your house buying has turned into such a nightmare. One of my sisters went through something similar last summer although there was no one living in the house. The owners had furniture in the house and couldn't decide if they wanted to leave it for my sister or sell it (it was all old junky stuff not worth 2 cents). They delayed the closing for so long that my sister and her family (who were selling their house)ended up with no place to live for over a month. The people finally made their decision when my sister's lawyer threatened to start charging them for my sister's living expenses.

I hope that all works out for you soon. Best of luck!

Karen - that is a nightmare!

I'm sure you're lawyer has probably thought of this, but in our contract, the sellers tried to put in a clause that said if we didn't close by a certain date we had to pay them a certain amount on a daily basis for their trouble. We of course put something in saying if they weren't out by a certain date, they owed us money -- you are right to take her to court of course, but that's not helping your situation very much, is it? I'm so sorry to hear it has turned into such a nightmare for you...

Definitely a nightmare-I hope you get some resolution soon!! *NM*

Karen, I cannot believe what you are going through...

I feel like I'm going through a lot trying to buy the house... now I have this to look forward to. After I finally find the home then the real nightmare begins.
I hope it gets settled SOON!!!

Karen .. I`m so sorry .. I wish the best for you *NM*

Thanks for all the good wishes & support...

I'll keep you all posted on what happens next!

Forclosures - Online list

http://www.glensold.com/thelist.html

I came across this some time ago, its updated weekly. I havent seen anything interesting yet but you never know.