maryland (3)

There is a vacant house in my neighborhood that is driving all the neighbors crazy, it has been vacant since October of last year, I am sure if it hasn't foreclose yet it is about to. grass is 5 feet tall, weeds are growing very tall, ivy wraps around the house. broken fence etc.

I was driving home last night and I saw a hand written sign on the front lawn, I stop to read it and was very surprised to read " Froclosure $55K Needs work and the phone number"

It makes me wonder if the listing agent ran out of signs and decided to do this sign, forgetting the broker's information, equal housing  and realtor logo, or it is one of those investors trying to sell an assignment.

 

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Buying Foreclosures - How Foreclosures Work

Buying Foreclosures - How Foreclosures Work
What Is a Foreclosure and How to Profit From Foreclosures
By Elizabeth Weintraub, About.com Guide
.See More About:foreclosuresbuying short salesdistressed homesreal estate investors

Buyers should hire a real estate agent who specializes in foreclosures.
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Home buyers who want a good deal in real estate invariably think first about pursuing foreclosures. Buyers have this picture in their mind of a cute little house, surrounded by a white picket fence that is owned by a widowed mom who fell on hard times, but that scenario is generally far from reality.
Why Do Sellers Go Into Foreclosure?

Sellers stop making payments for a host of reasons. Few choose to go into foreclosure voluntarily. It's often an unpredictable result from one of the following:

•Laid-off, fired or quit job
•Inability to continue working due to medical conditions
•Excessive debt and mounting bill obligations
•Squabbles with co-owner, divorce
•Job transfer to another state
Negotiating Directly with Sellers in Foreclosure
Investors who specialize in buying foreclosures often prefer to purchase these homes before the foreclosure proceedings are final. Before approaching a seller in distress, consider:


1.Foreclosure proceedings vary from state to state. In states where mortgages are used, home owners can end up staying in the property for almost a year; whereas, in states where trust deeds are used, a seller has less than four months before the trustee's sale.

2.Almost every state provides for some period of redemption. This means the seller has an irrevocable right during a certain length of time to cure the default, including paying all foreclosure costs, back interest and missed principal payments, to regain control of the property. For more information, consult a real estate lawyer.

3.Many states also require that buyers give to sellers certain disclosures regarding equity purchases. Failure to provide those notices and to prepare offers on the required paperwork can result in fines, lawsuits or even revocation of sale.

4.Determine whether you're the type of person who can easily take advantage of a seller's misfortune under these circumstances and / or put a family out on the street. Oh, critics will argue it's just business and sellers deserve what they get, even if it's five cents on the dollar. Others will feign compassion and trick themselves into believing they are "helping" the home owners avoid further embarrassment, but deep inside yourself, you know that's not true.

 

http://baltimorelowpricedhomes.com/gold_distress.asp

 

www.baltimoremdforeclosures.com

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Yes, We Have Reached The Bottom!

When a sump pump is running and pumping water from its basin to the outside, strange noises can be heard. When the pump transitions from running to shutting off, there is a loud slurping/gurgling sound as it searches for water before shutting off. After speaking with an REO agent who is listing a home in my area last week, all I could think was, have asset managers really reach the bottom of the barrel?

There is an active property, attractively priced for its location and size, that shows up contingent with a kickout. A client of mine inquires about the property and the nature of the kickout. The MLS states there is a home inspection contingency which while possible, would be unique for any seller to kickout an offer due to a home inspection in a slower market.

Upon calling the agent, she states that she is “new” and asks me how she should have updated the status from active? Dumbfounded I ask her if her client, a credit union has the option of kicking out the contract based on the home inspection, answer- no. Not wanting to embarrass, I explain to the agent that since she does business in a neighboring state, maybe that’s how they do it there. She states that she simply didn’t know and after checking, she has been licensed for 5 months.

There are volumes written and ranted about regarding agents that are trying to break into the REO business. There are viable companies out there selling education, more designations, platforms to become members of, and on and on and on. I find it insane that quality agents are seemingly overlooked for ones that couldn’t find their way out of a cornmaze!

We have experience in working with most REO agents in our area by being a major supplier for BPO’s in the Maryland market. As we see on a daily basis, REO agents are limited in time, so follow up, and returning calls can sometimes be lacking, However, these are agents that typically know their business very well. Once their business is cultivated, they are sent great distances to preserve, market and sell distressed properties. Often times too far. As agents, we have a fiduciary responsibility to serve out clients. Is there a fiduciary responsibility in selecting a qualified real estate agent that serves the market the subject property is located in? I would hope so!

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