Your Questions About Foreclosure
February 4, 2012 · Print This Article
William asks…
What's the difference between a regular foreclosure and an REO foreclosure?
I've been looking up foreclosures at the county office to buy a foreclosure (the ones about to be auctioned). Someone said I should be looking at REO foreclosures. What's the difference, and how do I buy one and or get info on these?
 |
 70 acre Gold Mining Claim Fiddler Gulch Trib of Josephine Creek Oregon US $3,500.00 |
 PHOENIX AZ TURN KEY CASH FLOW SINGLE FAMILY RENTAL INVESTMENT PROPERTIES US $1.00 |
 Real Estate Investors Complete Turn key US $5,000.00 |
 10 ACRE NEVADA RANCH PARADISE VALLEY MINERAL RIGHTS $195 DOWN $100 MONTH 0 INT US $195.00 |
Landlord Specials answers:
Step 3 ~ REO = Bank has already foreclosed on the home
Step 2 ~ County Foreclosure Auctions = Could be tax foreclosure or home that bank will be there to be the highest bidder on a home loan default.
Step 1 ~ Short Sale = Pre-foreclosure (Buy from Seller where their bank approves a short payoff on their home loan)
Foreclosure auctions are the absolute riskiest way to buy a home. You are not provided with clear title unless you pay for one prior to attending the auction. Could also have tax liens, utility (water & sewer) liens, materialmen/mechanic liens (contractor), unpaid HOA fees, etc.
Also, you may not be afforded the opportunity to inspect a home prior to bidding on it at auction. Could be a big nasty bucket of worms.
Buy at Step 1 or 3, never Step 2 unless you are an experienced and seasoned foreclosure investor.
Sandy asks…
What's the difference between bank foreclosure and homeowner's association foreclosure?
My sister is already facing bank foreclosure but she also just got a letter saying that she will be facing homeowner's association foreclosure because of unpaid dues. They're filling a lien against her ... I don't understand the difference ... I thought only banks could foreclose.
|
|
70 acre Gold Mining Claim Fiddler Gulch Trib of Josephine Creek Oregon US $3,500.00 |
PHOENIX AZ TURN KEY CASH FLOW SINGLE FAMILY RENTAL INVESTMENT PROPERTIES US $1.00 |
|
Real Estate Investors Complete Turn key US $5,000.00 |
10 ACRE NEVADA RANCH PARADISE VALLEY MINERAL RIGHTS $195 DOWN $100 MONTH 0 INT US $195.00 |
Landlord Specials answers:
Nope they both can since ownership is dependent on paying both your mortgage and association fees.
Powered by Yahoo! Answers
Josh Dunaway has been a certfied Realtor in the suburban Chicagoland area for over 20 years. Aside from starting his own real estate company, he also owns a mortgage company as well.
Comments