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Recent REO questions

A bank that I own stock in foreclosed on and took ownership

A bank that I own stock in foreclosed on and took ownership of property that was valued at five million dollars. The bank sold the property a few months later for only nine hundred thousand dollars. The properties consisted of two new homes worth 1 million each and 10 vacant building lots worth 250k each. The new owner just sold one home for a million dollars. Something is very wrong. Is this allowed for a publicly traded company? Could they be taking a loss for tax reasons? Is a complaint to a regulator authority warranted? Should the IRS be notified as well? any suggestions?

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TJ, Esq.

Juris Doctor (JD)

11,474 satisfied customers
I am the winning bidder at an auction site for an REO

I am the winning bidder at an auction site for an REO property in NJ. The foreclosed property is occupied. The bank is selling it as is. I would be responsible for evicting the tenants. How much would a lawyer charge for that process?

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Barrister

Attorney/Landlord/Realtor

Doctoral Degree

50,256 satisfied customers
I am looking at some property that is behind my current

I am looking at some property that is behind my current property - it is full of trash, house unliveable, etc - I just want it for the land - Assessed value is $67K Maximum plaintiff bid is $187K Land is valued at 31K. If the plaintiff wins what do they do with the property?JA: Because real estate law varies from place to place, can you tell me what state this is in?Customer: Sorry - FloridaJA: Has any paperwork been filed?Customer: I am new to this - what do you mean by paperwork? It goes for auction on the 11th of this month.JA: Anything else you want the lawyer to know before I connect you?Customer: How much i sthis going to cost?JA: I'm not sure of the exact price, but there's only a $5 deposit. The rest of the price information will be on the page I send you to.Customer: ok

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RealEstateAnswer

Juris Doctor

33,216 satisfied customers
Re: Real Estate Wholesaling, I want to buy REO's(/Real

Hello,Re: Real Estate Wholesaling,I want to buy REO's(/Real Estate Owned) properties from the bank. Therefore, the assignment of contract is not a consideration. I will purchase the REO outright (using my own money,no financing).This gives me the right to purchase and sell immediately to a cash buyer using a double closing.I think this is O.K.(Legal) in the state of VirginiaEmily

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David Stewart

Vice President Legal Affairs

Juris Doctor

466 satisfied customers
Some years ago my lender offered me a short payoff not a

Some years ago my lender offered me a short payoff not a short sale. A short payoff where I would make an offer on my property and they would decide if they would accept it or not. If they accepted it then I would have to verify I have the funds and they would collect payment and release my title. At the time I didn't have the money however my question is why would a lender even suggest that as an option. Is this common practice? I must admit I was significantly behind on my mortgage.

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Gerald-Esquire

Juris Doctor

6,114 satisfied customers
When buying homes via auctions, how is that homes that are

When buying homes via auctions, how is that homes that are worth hundreds of thousands of dollars sell for $100 vs other homes that sell for hundreds of thousands of dollars? When you win the auction, does the winner have to pay winning bid "in addition" to what's owed on the defaulted mortgage?

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KimberlyLaw

Principal Attorney

Master's Degree

4,050 satisfied customers
I rent an apto ina 3 family house in Newark, NJ. A year ago

Hello, I rent an apto ina 3 family house in Newark, NJ. A year ago I received a letter from the bank notifying me about the foreclosure process. I kept paying the rent as advised by the letter. Now, I found out through a notice at my door about two weeks ago that the house is going to be auctioned at a sheriff's sale on June 21st. The landlord never sent any notices about the foreclosure. On June 13, he came to the house and changed all locks, gave me the new keys, didn't ask for the rent money, but introduced me to a supposelly new owner (who, according to him is a friend who is buying the house). On Tuesday he came back with an appraiser and the "new owner". Again, didn't attempt to collect the rent. Yesterday, June 17th, he came asking me to pay the rent or he will go to court. If the house is up for auction, do I pay the rent? What are my rights? What are my obbligattions? Is it possible to have a new owner before the auction? Thanks for the advise. It will be much appreciated.

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legalgems

Juris Doctorate

15,436 satisfied customers
We are purchasing a REO property. Our contract is dated

We are purchasing a REO property. Our contract is dated April 4th and our closing date was supposed to be May 6th. May 6th came and went with no closing ....low and behold at the end of May we were asked to sign a mutual extension for June 3rd.....and another extension after that. At least the second extension was extended prior to the second closing date. I am aware that these things take time; however, we are about 75 days into a cash sale. Supposedly we are just awaiting an "executed deed" from Chase.I have spent days on the phone getting the run around and now I am sent straight to voice mail. Do we have any legal options with the fact that they violated the contract? Or did we void that option when my husband signed the after the fact extension? We want the home.....we just want someone to find out what the delay is.

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Ray

Lawyer

Doctoral Degree

39,248 satisfied customers
This question is. You may remember me, we talked before.

Hi. This question is for Barrister.You may remember me, my name is***** we talked before. What I want to know is:If I buy a discounted REO from a bank can I still sell it later at a foreclosure sale or do I have to use a broker?

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Barrister

Attorney/Landlord/Realtor

Doctoral Degree

50,256 satisfied customers
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