<< Back to all Blogs
Login or Create your own free blog
Layout:
Home > Foreclosures

Foreclosures

May 18th, 2008 at 05:48 pm

Anyone know anything about foreclosures. They are published in the paper every week that they houses will be sold on a certain date on the courthouse steps.
However, I have seen the same foreclosured houses in the paper for months and months.
Is that because the houses just don't sell? Will the bank not take less than what is owed on the mortgage??
Just curious.

Posted in Uncategorized | 4 Comments »

4 Responses to “Foreclosures”

  1. mooshocker Says:
    May 18th, 2008 at 09:13 pm 1211145216
    1211145216

    Usually the auction starts at the balance of the loan on it. From their, the auctioneer works to get the purchase price up. A buyer usually has to come to the auction with 10% (you can decide how high you are willing to bid, then get a certified check for that amount paid to you). Once you win, you usually have 30 days to obtain financing for the reamining balance.

    HOpe this helps...God bless.

  2. scfr Says:
    May 18th, 2008 at 10:24 pm 1211149467
    1211149467

    The laws probably vary depending on where you live.

    We followed one foreclosure house very closely in our old neighborhood. The foreclosure auction on that house was scheduled and then postponed a couple times.... The homeowner was probably able to talk them in to delaying it. But finally it went to auction.

  3. A Nonny Mouse Says:
    May 19th, 2008 at 12:07 am 1211155640
    1211155640


    Based solely on what I have heard on different HGTV shows that deal with house sales, banks and foreclosures are a P.I.T.A to deal with because the bank can and/or will jerk you around and drag their feet on closing the deal simply because they can.

  4. Harley Says:
    May 19th, 2008 at 01:29 am 1211160575
    1211160575

    Big hang up is you are on the hook for the past property taxes. There are plenty of foreclosure houses for sale in Cleveland for $100. Sounds like a good deal until you are told the property taxes are a couple years in the arrears.

Leave a Reply

(Note: If you were logged in, we could automatically fill in these fields for you.)
*
Will not be published.
   

* Please spell out the number 4.  [ Why? ]

vB Code: You can use these tags: [b] [i] [u] [url] [email]