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Home > Buying Foreclosure Buying Foreclosure What Is A Foreclosed Home?
If a homeowner with a mortgage on their property fails to make payments on that loan, then the lender will file a law suite to take back the property for non-payment of the loan. This action is... More »
Buying Foreclosure - Your Comments (2)
How Long Does This Process Take?
Generally, the homeowner’s bank, mortgage company or lender does not file this law suite until the homeowner, the mortgagor, is three to four months behind in payments. Until that time, and... More »
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What Is The Auction, Can I Go?
Once the foreclosure court issues a final judgment in favor of the bank or mortgage company, the home is so be auctioned on the courthouse steps to satisfy that judgment. All monies received at... More »
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How Does The Mortgage Company Determine Their Sale Price?
Once the Mortgage Company or bank receives title to the property they will contact Total Solutions Realty to begin marketing the property. We will give them our opinion of value for the... More »
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Foreclosure For A Bad Property
When the property is in poor condition does the bank know how bad this property is?
Yes, always. First, both the Total Solutions Realty salesperson provides the bank with at least... More »
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Does The Bank Or Mortgage Company Repair Properties?
Many do. Over half the properties we market for banks and Mortgage Company’s are repaired and refurbished. Generally, repairs are cosmetic in nature, paint, carpet, regrouting of tile,... More »
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How Does The Bank Determine Whether To Repair A Property?
Determination is based upon their market data and the actual cost of repairs. If the bank feels that they will recapture their repair costs, or significantly reduce their time on market they... More »
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Can I Still Buy The Home As Is?
Up until the bank orders the repairs, you can still make an AS IS offer. Once the repair process begins then it is too late as materials and labor have been contracted. The key here is the... More »
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Foreclosure And The Mortgage Company
Doesn’t the bank or mortgage company want to get this home off their books; after all, they are not in the real estate business.
Absolutely. However, as a rule of thumb, for every... More »
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Some Properties Are Not Repaired, Why?
Not all banks and mortgage companies repair their foreclosed homes. Some prefer to sell them AS IS. Sometimes, even a bank that repairs properties will choose not to repair a particular... More »
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