Foreclosures are complicated. I work for a FC attorney for 5 yrs now and if you go to a foreclosure auction and they start the bidding, and theres actually people there to bid against you, the Referee (conducting the sale) has a certain amount (given to him by the bank) to bid up to. This usually includes the judgment amount (how much is owed left on the mortgage) and any attorneys fees/costs, BPOs, inspections etc. If someone bids higher then the Referee's final bid (upset price) then you'd have to bid against that..and it eventually stops when one person gives up lol Then you have to have 10% of what the winning bid is. This usually has to be a certified check. Either you go with the Referee or get you a$$ to a bank in the area and bring back the money. Like the other girls were saying, you need to have that money available right then there! It's not like you have months to get things together. And even in foreclosures, you buy the home AS IS. And from the stories i've heard, they can be complete disasters!
JimmysPants
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Re: ugh...housing update
Posted by 040508Bride
yeah.....it stinks...if you have the money to do the DP though, it could be worth it
How do u get listings of foreclosures though for free?
dajc23
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Re: ugh...housing update
Posted by mookie73
Posted by 040508Bride
yeah.....it stinks...if you have the money to do the DP though, it could be worth it
How do u get listings of foreclosures though for free?
I know people use that RealtyTrac or whatever its called, but its never updated regularly, and they dont get their information from the actual attorneys office handling the FC, so their sale dates are wrong. You're better off just looking in your local paper under 'Notice of Sale' It will list all the info, like date, time, place, Judgment amount etc
november152008
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Re: ugh...housing update
if anyone is looking for houses/condos/coops in the brooklyn new york area i am a real estate agent and can help anyone out....feel free to FM me.... prices are coming down with the market so you would be supprised at some good deals... also its better to own and pay your own mortgage then pay rent and pay someone elses mortgage......exspecially with the prices of RENT these days.....
DiamondPipa
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Re: ugh...housing update
Posted by november152008
if anyone is looking for houses/condos/coops in the brooklyn new york area i am a real estate agent and can help anyone out....feel free to FM me.... prices are coming down with the market so you would be supprised at some good deals... also its better to own and pay your own mortgage then pay rent and pay someone elses mortgage......exspecially with the prices of RENT these days.....
i agree that it's better to own and pay your own mortgage but sometimes it's easier to rent and easier to save money to buy the home of your dreams instead of rushing into something just to have something to move into when you're married....i'm doing the same thing ESPO is doing..not worrying until after the wedding unless i find something that is such an unbelievably great deal that i cannot pass up.
TJ22908
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Member since
Re: ugh...housing update
Posted by november152008
if anyone is looking for houses/condos/coops in the brooklyn new york area i am a real estate agent and can help anyone out....feel free to FM me.... prices are coming down with the market so you would be supprised at some good deals... also its better to own and pay your own mortgage then pay rent and pay someone elses mortgage......exspecially with the prices of RENT these days.....
I agree somebody told me one time that when you buy your actually putting money into your pocket & when you rent your actually putting it in someone elses pocket!! Makes sense cause at least when you own when you sell you will have a deposit for another house from your profit!!
ChristineAaron08
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Re: ugh...housing update
NJ is the same as NY, except after you win the bid @ sale, I think the homeowner has 10 days extra to reinstate with the bank otherwise its yours.
But in NY, if you bid and win, you need 10% of the bid amount THAT day and need to be able to close within 30 days. You can get a mortgage for the remainder but ned to be able to have bank approval by 30 days.
