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Real Estate Law Foreclosure Article
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What To Expect At Real Estate Foreclosure Auctions
from:Real estate foreclosure auctions, sometimes referred to as sheriff sales, usually take place in a designated area in the county courthouse. Sometimes they can even take place on the steps of the county courthouse. There is nothing fancy about them. They are set up to be quick and business-like affairs with rules put in place to help expedite the process. You can expect some regulars to show up and new bidders sometimes too. They may be weekly or bi-weekly events, and can vary depending on the number of foreclosures in the area and the backlog. The listing for foreclosures are listed for people who attend the real estate foreclosure auctions on a list or they can also be researched beforehand in the local newspaper too.
How To Buy At Real Estate Foreclosure Auctions
Rules can differ from county to county, but you will be usually expected to pay some percentage of your bid upfront once you are declared the winning bid. Expect to pay at least 5% of the value of your bid. You will also need to pay the remainder of the the bid by the end of the business day. So, if you bid $100,000, you might have to pay $5,000 upfront at the end of your winning bid and the rest some time later, usually by the end of the business day.
Bankers Buy Back
The original bids will probably start out with the bank or lender who holds the mortgage bidding a nominal amount to get the process going. They may even bid against you to drive up the price to an acceptable loss for them. They certainly won't try to give away the property, even if they don't want it on their books. However, if they don't get the bids they want at the real estate foreclosure auctions, they will simply bid to buy back the house. This way they don't take a huge loss on the home.
Do Your Research Before You Go
Real estate foreclosure auctions are fast-paced and you will need to know ahead of time what property you are willing to bid on and the fair market value of it. You should have researched as much as you can about how much is owed, what the neighborhood is like, and what the condition of the home is like. You will also want to make sure you understand all any fees or liens associated with the property that you will be responsible for bringing current should you have the winning bid.
Real Estate Law Foreclosure News
Supreme court limits reach of 1974 real estate law - Reuters
 Bakersfield Now | Supreme court limits reach of 1974 real estate law Reuters WASHINGTON (Reuters) - Supreme Court on Thursday made it harder for home buyers to sue mortgage lenders for certain overcharges at settlement, limiting the reach of a provision of a 1974 federal law on real estate settlement procedures. Supreme Court: Families cannot sue over loan discount fee US High Court Bars Louisiana Fee Suits Against Quicken Loans |
Foreclosure-prevention efforts bog down - Kansas City Star
 Arizona Capitol Times | Foreclosure-prevention efforts bog down Kansas City Star Since the start of the real estate bust, foreclosures have been a persistent drag on the state's homeowners and economy. Experts see reducing foreclosures as key to getting the housing market back on track. How to do that remains a matter of intense ... MBA Advocacy Group Challenges California Foreclosure Legislation |
REAL ESTATE: Texas firm targets homeowners with foreclosed 2nd mortgages - Press-Enterprise
 Press-Enterprise | REAL ESTATE: Texas firm targets homeowners with foreclosed 2nd mortgages Press-Enterprise Heritage Pacific was started by identical twin brothers, Chris and Ben Ganter, who once starred in a reality TV show, “PayDirt,” about investing in the Dallas-Fort Worth real estate market. The company's lawsuits often accuse defendants of misstating ... Firm Targets Calif. Homeowners With Foreclosed 2nd Mortgages |
FDLE: Man posed as real estate agent, took down-payments on homes not for sale - Orlando Sentinel
 Orlando Sentinel | FDLE: Man posed as real estate agent, took down-payments on homes not for sale Orlando Sentinel By Amy Pavuk, Orlando Sentinel Florida Department of Law Enforcement agents say a Central Florida man posed as a real estate agent and collected down payments on homes that were not for sale. Paul Vencatasawmy was arrested by FDLE agents last week on a ... INVESTIGATORS: Fake Real Estate Agent Stole Thousands From Florida Residents |
Letter: Some law firms refuse settlements that can avoid foreclosure - TCPalm
Letter: Some law firms refuse settlements that can avoid foreclosure TCPalm Just when it seemed the foreclosure crisis was finally beginning to correct itself, a new form of fraud has emerged. It involves some of the law firms that represent second-mortgage holders. To the credit of many of the major banks that hold the first ... |