How long does it take for the bank to accept/reject offer of asking price?

My husband and I fell in love with a house. It was listed Friday, we saw it today and offered asking price because the price is WELL under what it is worth. We were worried if we offered less they would draw it out. My realtor said it would take 5-7 days to hear back but, has anyone heard back earlier from a bank when they offered asking price?

The house is a foreclosure, been on the market 5 days now.

A house is going up for auction this friday, and we know the bank is buying it back for list- what can we do?

As above, we know the foreclosure auction is Friday, and we know the bank will buy it back to relist it. It's a Countrywide Loan (and we all know how those are going) - who could we contact on Saturday to possibly put a low bid on, or do we have to wait until it's actually relisted before we do anything else?
The reason I dont go to the auction is because I know the bank is going to buy it for list price - and that's way too much for this house. Houses that compare are a lot less, and it's not worth that much. There is a lien on it as well; and finally it would be a great house (without the foreclosure) for about $30000 less than what they're asking.

The house I live it went through foreclosure and did not sell at auction. How long till the bank sells it?

I am currently living in it now. How long before I get evicted? How long before they list it with a realtor? I was the renter and I might be interested in purchasing it but the auction price was $555,000 and I wouldn't pay more than $360,000. Don't think that would go over well.

house buying and bank counter offer?

i put a letter of intent and a pre qual letter into the bank on a foreclosure, the house lists at $44,900 on the MLS listing. after 4 days the bank came back and told everyone to put in their highest and best offer. what exactly does this mean, seems to me they have now turned it into a auction? the bank will not tell us how many offers were made or what the offers are. how can they do this when the house was listed at a set price? thanks for any info
This house was allready owned by the bank when they put it on the MLS that's why it was confusing to me. why just not auction the house instead of MLS listing it and setting a price. If you are going to list the house let's say for 45,000 usually people offer less than that then the seller has a decision to make. however when listed and someone offers a higher price which I did you would think the offer would be accepted and not turn around and say oh we don't want to sell it for that we want you to pay more. oh well that's why i ask questions...lol..thanks for all the input

How Do Real Estate Brokers List Reo (Foreclosure) Properties?

I AM NEWLY LICENESED REALTOR AND I WOULD LIKE TO KNOW WHAT PROCEDURES ARE NECCESSARY TO BEGIN LISTING REO PROPERTIES. IS THERE A LIST THAT I NEED TO ADD MY NAME OR DO I HAVE TO CONTACT BANKS IN REGARDS TO MY INQUIRY? NOT SURE...

THANKS

Has anyone had experience buying a foreclosure from Bank of America?

My husband and I made an offer on a foreclosure that Bank of America owns. We offered 5,000 below the asking price and asked them to pay closing costs. What are the odds that they would agree to the terms of the contract? Has anyone had experience buying a foreclosure from Bank of America? Thanks in advance!

What happens after you make an offer on a bank-owned home?

I'm getting ready to buy my first house, so I don't know too much about the process. Since I don't have money, all the houses I'm looking at are foreclosures or bank owned. What happens when you make an offer on the house? If the bank accepts your offer, are you legally bound to follow through or is there some leeway?

How does a bidding on a bank foreclosure work?

does the bank eat the cost on foreclosures, when the borrower cant make the payments?

National City Bank foreclosure - Cash For Keys question?

We are renting and our landlord is facing foreclosure in 3 weeks.

Does anybody know if National City Bank offers a "cash for keys" program? If so, how much do they normally offer?

How do I overcome lowball bank appraisals to refinance my home? Can I contest an appraisal? Other options?

I purchased my 1950's California home in 2005 for $450k and subsequently sunk $175k into substantial improvements, making the total investment about $625k.

I currently owe $340k on this home and have no other debt.

I was attempting to refinance at a new, low rate, and get some cash out for my business. Yesterday I received a crushing appraisal from one of the bank's selected appraisers. The guy came back with $312k--less than 50% of my investment.

I personally took this appraiser through my home, pointing out all the improvements that had been made and where all the money was spent. I even gave him a breakdown of everything on paper that he took with him. I offered to provide him with before pictures but he wasn't interested.

He admitted in his report that he could not find any recent comparable sales in the area and had to go quite a distance out, into neighborhoods that I would not consider equal. He seems to have based his appraisal purely on the last known sale price of homes of similar age and size, and completely disregarded the $175k in improvements that I'd made to my home.

Obviously, judging a home's value by a recent sale price is flawed. We don't know what the circumstances and conditions of that sale were. Foreclosure, short sale? Judging a home's value by its age and dimensions is equally flawed as we don't know whether that home has been updated in the last 50 years, whether it's completely rotting inside or what.

His report also states that homes in the area have fallen 15-30% since 2005. Now, I would expect a super conservative appraisal to value my home at 70% of my purchase price and improvements at 80% of cost, putting the number closer to $455k. That would have put me at 25/75 LTV, and at least given me a chance to refinance.

Is it worth seeking other financial institutions, and pay another $400 for each additional appraisal? Do you expect my experience will be the same with all appraisers at this time? I've read that banks are encouraging appraisers to return values that represent an amount where at it would be impossible for a bank to lose money on the property in a foreclosure... roughly 60% of actual value.

Is it worth attempting to find independent appraisers and contest the bank's appraisal? Is there anything I can do to force a bank appraiser to value my improvements, or just value my home higher in general?

Do I have any other options? I'd really like to refinance while rates are amazing, and I'd love to get cash out or as part of a HELOC for my business.

Rhetorical question/rant: why would people want to avoid foreclosure when their homes are being appraised at 50% of value? How many years does it take to get a foreclosure off your record? How many years will it take you to earn that $300k that your home just lost in value?

Purchasing a short sale with a second mortgage?

I'm in the process of purchasing a short sale property in California that has two mortgages on it. The primary has accepted the offer but I quickly found out there is also a small second. It was probably an 80/20 deal.
How does this generally work and who negotiates with the second? Also, do I have any obligation to the second if they choose to not settle? I assume if they don't agree the deal gets killed and it goes to foreclosure where both banks will lose.
Any insight is appreciated.

Short sale vs Foreclosure and taxes 1099 in California?

What will the tax issues be on my home that I owe 475,000.00 and the short sale is for 325,000.00?

Will the same tax issue also apply if it went to foreclosure instead?

The amount I owe is from "purchase money" loans. I have a 1st for 400.00 and a 2nd for 75k.

My agent said the 2nd is going to accept 3 or 4k from the 1st to call it even?

Does Bush's HR 3648 (Debt forgivness) apply to me?

I've been out of work for 8 months and have not been able to make the payments. I also went through a divorce at the same time. I also have c/c debt, but am making the payments on all but 1 of the c/c's. I only have about 6K in the bank and only a old car and motorcycle (paid) as assests.

I thank you in advance for your help. I know there are several questions to answer. Thanks.

Where to Report Mortgage Lending and Foreclosure Fraud?

I know a loan broker and Realtor in California (Bay Area) who is running the "I buy your foreclosure and you rent it back from me, and you can buy it back when you're on your feet" scam. He is also looking for someone to alter bank documents to help him qualify people for loans. I know the second issue is illegal, but can't prove he's defrauding people on the first. I have a "Dear Homeowner I can help you" letter from him. Do not want to testify because of safety concerns for my family. Who I can I or should I report this to in confidence, or will anyone care? Thanks in advance for any solid advice.

Can a creditor call unlimited times?

I'm in foreclosure losing my house and the lender Bank of America calls on my cell phone every hour throughout the day, every day. I am sooo fed up. Are they allowed to call this many times in California?

How can I find out if my home is in foreclosure?

People have been says County Recorder's Office. but I cannot seem to find one on the web. If it helps I live in Port Saint Lucie Florida. Any help would be great and I am asking because my landlord says everything is fine. yet someone came to the house a month or so ago and took pictures of the outside and were getting a lot of bank of America letters to our house for her

Is foreclosure a wise financial option?

I had bought a house in florida for 200K. When I changed my job, I rented it out with a negative cash flow. Now the price has gone down to 130K, At this point, I have no hope of that Price ever going back to my initial investment. Let alone making a profit.

I am thinking of going into a foreclosure and giving the house back to the bank. Would you consider this a good move or a bad one?

why does it take so long to get an answer to buy a short sale property?

a pre-foreclosure property in osceola county in Florida, seller approved my offer but 4 weeks after seller approved my offer the bank wants to do an appraisel, why do they take so long to give me an anwer?

I'm looking into buying a number of Florida properties in the Sarasota area. Could?

someone post a few good foreclosure and Bank owned web sites for me to link to!? Thanks in advance. I'm interested in duplexes, triplexes, or four unit properties. Maybe commercial too if you have a link for those. Again, Thanks!

Can a landlord evict a tenant if the property is in foreclosure?

As I stated above.
Also if the bank owns the Condo now.
And what are my legal rights and state laws in Florida?
Under what circumstances that I must leave?
And what do I tell him if he tries to forces me out.

i have two foreclosures in alberta is it possible bank can seize my account or my husbands bank account?

What are the possibilites bank can do. b/c i am broken lost my job dont have penny. got leter for foreclosure. and i have no idea about the legalities....
What are the possibilites bank can do. b/c i am broken lost my job dont have penny. got leter for foreclosure. and i have no idea about the legalities....What happens after foreclosure if money still owed.?

What is wrong in this bank foreclosure action?

Bank is forclosing, i got a 3 day notice paper on my door. I did nothing. I was servered with court papers and i aswered. The court lawyer helped and there is a paper that says '' Because plaintiff's attorney signed 3-day notice violated the Fair Debt Collection Practices Act. 15 U.S .C . 1692.
They put the 3 day notice to leave the house long before I was served with court papers.
I really thank you for your time and sharing your knowledge

Can a homeowner sale the house in foreclosure, a day before the bank takes it to auction?

If the house is in foreclosure, can the owner try to sale it a DAY before the banks final foreclosure auction. Will that help the owners credit score, by that time?

Why would the bank attorney reverse a foreclosure?

My parents divorced two years back and they both moved out of the home they shared. My father had already defaulted on the mortgage and it ended up in foreclosure. The bank was supposed to auction it off two weeks ago, but apparently the bank's attorney decided to request a reversal on the foreclosure. Why would this occur? Some background is that I don't know if this has something to do with my father because we are estranged from him, so I just wanted some ideas on why something like this would occur?

Help me write a letter to the bank requesting foreclosure?

My friend signed all the paper work for bankruptcy and the bankruptcy lawyer told her to fax a letter to the bank to let them know that she cant make anymore payment and the bank can do a Foreclosure on the house.
Can someone please help me write this letter as i don't wanna make any mistake.what exactly she should say to make it urgent and brief.also how long can she stay in the house for she is behind 4 month's of payments.
i will appreciate all your help.Thank you

In My Situation is it Possible to Get a Home Loan With a Co-Signer?

Me and my husband would like to purchase a foreclosure home in California for $699,000. I have a credit score of 560 and my husband doesn't have any credit, his score is O. Our combine income is about $120,000. My parents have perfect credit and are willing to co-signed for us in hopes to get a loan. Would a loan be possible in our situation the way the banks are now? Any advise would be helpful and yes, we are working on rebuilding our credit. Thank you.

Are the politicians telling you YOUR ON YOUR OWN if so what is your economic survival strategy?

California -- once the 8th largest economy on the planet --- the political masters of the federation have expanded wars but California is just on its own now --- insolvent Katrina the oil spill that saw workers being denied respirators --- you are on your own

So --- oil leaks in Michigan the Gulf of Mexico -- hurricanes that still haven't been fully recovered from nor have any of the asbestos trailers been dismantled -- just stored empty 100 banks or so in bankruptcy foreclosures and so on If it happens it is about sinking and swimming

So what is your economic strategy

How can I help save my 70 year old father's house?

I know millions are going through this crisis. Is there an advocacy group or something that I can contact to stop the foreclosure or at least slow the process? He already received his notice to vacate and he has till the beginning of March to leave.
It hurts that this man is 70, I grew up in his house and he has had this house close to 30 years.
He mentioned to me that something illegal in his bank got the best of him, I personally don't know.
Where should I start? He is in California.
He refinanced a few years ago which made his payments sky rocket. The value of his house declined dramatically and he couldn't pay 2k on a house that went from 300,000 to 75,000
He received a notice to vacate the beginning of this month. He has til the beginning of March to get out.

Can the MORTGAGE COMPANY garnish my wages, after a foreclosure? I live in California.?

Purchased the home for $468,000.00. House has DEPRECIATED $200k since I bought 3 years ago. May is the first month I will not be paying my mortgage.

I want to know, can the bank's garnish my wages? Will they come after me for the difference, after the property sells? Or will they just make it a wash?

If anyone has gone through this in Riverside County, I would like to hear from you especially the length of time I can stay at my home, before evicition too.

I am just confused, nervous and hate to leave, but I don't see the housing market going up $200k anytime soon.
I read california was a non judicial foreclosure state, in which they CAN NOT garnish wages. that is why so many people are walking away. Plus, it costs the Mortgage company additional money to go after you. Please HELP ME. LINKS OR ANYTHING WILL WORK
tell me if I am right then:

NON JUDICIAL-WILL TAKE THE HOUSE AND THAT IS IT?

JUDICIAL-THEY WILL ISSUE FORECLOSURE AND SUE. I will have to repay the difference?

What is the Norm. for California?

Also, do they conside the difference between selling and what I owe, Taxable Income?

Another Property management company took over my lease, can they charge a late fee?

A few months ago we got a letter from the Superior Court of California stating that the house we are renting is in foreclosure because the property management company we were paying our rent to filed bankruptcy. We had another property management company come in and take over the rent collections for the bank as ordered by the court. We did not sign any landlord/tenant agreement with them. They have already tried to charge us a late fee (even though our rent was not late) but can they legally even charge us without any written agreement? And what happens with our deposit?

Do the banks have foreclosure lists, without having to buy them? ?

Bank-owned home? Foreclosure?

I found a home online that is 'bank-owned'. What does this mean? The website doesn't list the bank, but I have the address of the home. Who would I need to contact about it?

I own a home that is going into foreclosure. I recently purchased another home. Can the bank come after it?

I live in Minnesota. I own a home that is going into foreclosure. I recently purchased a new home with a friend. We are both co-owners of the second home. Can the banks/debt collectors come after my second home? I am listed on the deed and mortgage for both houses.
I purchased the 2nd home before the first one ended up in foreclosure. The other party involved in the purchase of the first home decided to let it go.

Where can I receive the N.O.D. list?

I'm looking for the NOD(Notice of Default) list. Im looking for local foreclosures, pre-foreclosues, Bank owned properties, etc. I was told to look at the county courthouse, via Data Processing Dept, but when I call, they don't know what I'm talking about.. I live in Los Angeles, CA (Koreatown). Can someone lead me in the right direction.
P.S. I was also told that it is public information. Was I lied to?

Why are some foreclosures listed at such low values when they clearly couldn't possibly be that price?

I have been doing research on buying a foreclosure and I understand about preforeclosure, auctions and bank owned REO properties, but what I cannot understand is when I go to a website such as Realtytrac.com and do a random search in my area and find most 3 or 4 bedroom homes in the 250,000 to 350,000 range, but then there are a few listed at around the 3200 or 8600 or 26000ish range. I know that there is no possible way that these homes cost this much, so why are the amounts being listed as such?

I just put a contract on a short sale house, the house cost $265k back in 2006, the selling price on the MLS..

is $105,900, I offered $110k to include closing costs. The seller's bank is Banco Popular of North America. Has someone know how the do with short sale buyers offers and if they are an easy going bank? Where I live in Florida all the houses are upside down in value, so a lot of short sales and foreclosures. I'm hoping this bank accpets my offer.

Buying a condo from a seller that just bought it in an auction, what's the risk?

I am planning to buy a condo in Florida and it was listed as a foreclosure, but I just found out the seller just bought it in an auction 30 days ago. I am planning to get a mortgage, so I know the bank has to protect its interests, but what are the risks of getting a "special warranty deed" and closing with the sellers title company? Thank you

IAM RENTING AND THE HOUSE IS GOING ON FORECLOSURE.WHAT TYPE OF RIGHTS DO I HAVE AS A TENANT?

ABOUT 3 MONTHS AGO I RENTED A HOUSE IN FLORIDA,JUST FOUND OUT THAT THE HOUSE IS GOING ON FORECLOSURE.THEY(BANK) HAVE A LAWSUIT AGANIST THE OWNERS.WHAT SHOULD I DO? THERES PEOPLE THAT TELLS ME "DONT PAY HER PUT THE MONEY ON A "ESCROW ACCOUNT"CAN I DO THAT?I HAVE A SPECIAL KID AND I CANT AFFORD MOVE AGAIN RIGHT NOW PLUS I DONT KNOW IF SHES GONNA GIVE ME MY DEPOSIT.ALSO I HEARD ABOUT "CASH FOR KEYS".THAT SOMETHING YOU ASK THE BANK THAT TAKES POSSESION OF THE HOUSE TO MAKE A DEAL WITH YOU AND HELP YOU OUT TO MOVE GIVING YOU SOME MONEY.HOW CAN I CONTACT THE BANK IF I DONT HAVE THE PHONE NUMBER ONLY THE NAME OF THE BANK.HOW I SEARCH FOR IT?WHEN I RECEIVE THOSE PAPERS AT MY HOUSE THAT MEANS SHES DEFINETELY GOING ON FORECLOSURE OR THE PROCESS IS JUST STARTING?PLEASE HELP!

is setting up an llc important to protect assets from a judgement?

I have a foreclosure coming up soon in new jersey and i was wondering if setting up an limited liability company would be a smart move to protect cash monies. i live in florida so they cant touch my house here and as head of household they cant garnish my wages. i would like to put all my money into a bank account under my LLC.does anybody have knowledge of this kind of asset protection.

Should Obama be worried that foreclosures during April are UP 32% from last year?

Seems like this whole house of cards is coming down soon enough.

http://finance.yahoo.com/news/RealtyTrac-April-foreclosures-apf-15225719.html

The number of U.S. households faced with losing their homes to foreclosure jumped 32 percent in April compared with the same month last year, with Nevada, Florida and California showing the highest rates, according to data released Wednesday. Ohio was in the top 10............"We've never seen two consecutive months like this," said Rick Sharga, RealtyTrac's senior vice president for marketing. "It's the volume that's surprising."

While total foreclosure activity was up, the number of repossessions by banks was down on a monthly and annual basis to their lowest level since March of last year, RealtyTrac said.

But that's far from positive news. Because much of the foreclosure activity in April was in the default and auction stages -- the first parts of the foreclosure process -- it's likely that repossessions will increase in coming months, RealtyTrac said.
alarmist...........I didn't forget.
alarmist........also, are you implying these numbers are somehow positive??

The bank does not want to negotiate a SHORT SALE! What should I do??? HELP!?

My mom bought her town house approximately 7 years ago for 435,000 plus some 30,000 in improvements. With the depleting real estate industry in California the fair market value of the house is 189,000. She went to see her realtor to do a short sale, since the loan modification didn’t worked out (it only reduce the monthly payment for around $200). Everything was alright until the Credit Union calls the realtor and told her that they were not going to do any kind of negotiation. They also told the realtor that they do not have any foreclosures because they are very selective with their clients. The realtor told my mom that is the first time a bank calls her saying no to any king of negotiation. The realtor had sold over 10 houses in same neighborhood on Short Sales and all banks she’s been dealing, they have been open to negotiations. In addition, my mom is 60 right now and in the past year she’s been having some serious health problems (heart, cholesterol, etc.). And a lot of them are related with the stress of the mortgage payments. She has two jobs to support her self, which is not recommended due to her age and heath conditions.

What my mom should do?? Please help! If you have some websites with laws or laws interpretation related with this will be helpful!! Thanks

Note: She bought the townhouse as an investment. Seven years ago things were great in the area she’s living, so the plans were buy it, live it for a few years a sell it. With the supposedly gain, she was going to build her retire home in her home country and live from the pension she’s receiving.
The 2007 Mortgage Forgiveness Debt Relief Act (Public Law 110-142, HR 3648), amended the tax laws to allow borrowers negotiating the loan on their primary residence to avoid having to declare this debt as income (limited to debts of $2 million or less.).

Short sale or Foreclosure and Assets? California?

So we bought our house 2.5 years ago we paid 417.000 for it it is now valued at 220.000 my wife lost her job and now is going to school.
We can no longer afford to make our house payments. So we tried to get a modification we were denied. So we are looking at short sale or foreclosure we are 4-5 payments behind.
We own 2001 dodge truck 2003 honda mini van and two harley's 1999
and a 1996 and a 1988 ski boat. can the bank take any of our vehicles.
And what do you recommend us to do? This is our primary residence with no additional loans on the property..

how long will it take for bank to take house?

i have a cousin that has a house in California that she bought with now deceased boyfriend. he past away in 2007 and she kept up the payments for about a year which were 2400, then in late 2008, she stopped paying the payments. the bank which is bank of america, has not taken the house and has not even sent any notices of past due or what not. she has had people renting out the house cuz she couldn't live in it, and they have been renting it out for about year and a half now. my cousin is now paranoid that the bank can just come one day and tell her renters get out which is true but is there some sort of notice or sign that this will get ready to happen. she knows some one that works in real estate and had them look up the status of the house and its not in foreclosure status but the interest that has accumulated is like 45,000. the house is not in her name so calling the bank cant solve anything because they wont release info to her, like i said, is there a sign or will they send notice saying anything about foreclosure or can the bank just pop up and be like get out....let me know. thanks

Mortgage/Foreclosure/Bankruptcy question in California?

My wife and I were dicharged a chapter 7 BK over 1 year ago. We continued making payments on our home; but never reaffirmed the mortgage. We are now behind in our payments and the home is worth considerably less than the loan. How long will we be able to stay in the house before the bank takes the house and will we have ample notification from the bank? We have no plans to keep the house at this point.
I have heard anywhere from 6 months-year because of the backlog--I want to know how much time I have to pack--or can they just kick us out on a day's notice? I know a foreclosure-they give 90 days notice---but this house is included in BK filing already. Thanks!

Foreclosure?

I have two homes that I am buying from the bank. I know that one Foreclosure is bad for your credit-But my question is, how bad is two foreclosures in California?

do banks give out free foreclosure lists?

i am looking for foreclosure homes to look at
and i cant seem to find any websites that give me the exact address of the homes so i can go check them out,
so im wondering if i can get a list of the homes in the bank?
i have a bank of america account by the way, dont know if that matters

can you see a bank's "shadow inventory"?

I've had my eye on this one house that was being built. No one has been working on it in months and it's clearly not finished. I looked through the foreclosures and it wasn't listed. Later I found that banks can have 'shadow inventories' where they keep what they aren't selling.
I'm very interested in this house and I want to know if there is a way to see what bank it is listed under and, if so, how much it will cost.
Is that possible?

Are there public list of homes prior to foreclosure and people interested in short sale?

I am looking for people interested in short sales for homes and I need a list of people who need their homes sold fast. Is there a public list that I can use to find people who really need help with this? Would the banks provide the information if I ask for addresses?
Thanks

What are the advantages and disadvantages of buying a pre-foreclosure?

I understand a preforclosure means the bank has not yet taken possession (the owner still owns the house). but will the seller be easier to work with or the bank when it does become an actual foreclosure? If I wait, can I count on the bank listing at a lower price than what it is now listed at?

Short Sale offers, how much should I list my house for?

My house has been for sale for a year now and I can no longer afford to make payments. I want to try to do a short sale before I consider foreclosure, but the bank will give me no suggstions as to how much an acceptable lowball offer would be. I owe 165,000 on the house and want to get out of there asap!!! I was thinking 139,999, what do you think would be the lowest the bank would take?