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Recent real estate law questions

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

 
3,670 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

 
12,238 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

 
33,942 satisfied customers
This question is . You may remember me,

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

 
44,784 satisfied customers
I'm wanting to file a quiet title action , bc my home

I'm wanting to file a quiet title action , bc my home foreclosed with a service provider ( diff than my original lender )My title is clouded .Anyway - what is the first step that I take ?Also I've had an eviction filed against me on the foreclosed home .The sheriff posted a notice to be out by Tuesday . Will or can my action delay the moving out - or forcing out of the home?I believe that the QT action can still be done even if not in the home , correct ? But I'd like to stay until this is complete .I must do it myself as I can't afford legal counsel.Thank you .

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William B. Esq.

Attorney

Doctoral Degree

 
18,506 satisfied customers
Bought a REO 3.8 acres home in Agua Dulce,ca. In 2012. A violation

Bought a REO 3.8 acres home in Agua Dulce,ca. In 2012. A violation from previous owner of dumping dirt to make a pad and creat a second driveway/road to back of property in 2008. In eight years the pad is basically gone and the water runoff has formed it's natural path to the creek that runs along the border of the property. Is there a way to have it removed or at least reduced to a minor fraction.

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Law Educator, Esq.

Attorney At Law

Doctoral Degree

 
104,268 satisfied customers
I am currently on contract and in escrow buying an REO

Hi,I am currently on contract and in escrow buying an REO in California. There was a judgment filed in 2010 against the property. There seem to be a complex suit with multiple lenders involved in what seems to be a double escow. Banks were trying to fight to get lien priority. Preliminary title was ordered and has a lis penden. US bank and other bamks succcessors in interests now own the property after a foreclosure sale. A week ago in order to get title cleared US banks withdrew the lis pendens. I am worry about if I buy the property, other banks who were trying to get lien priority will file suit against the property I am currently buying which the title company wont cover anything after closing. I have the county recorded documents you might want to see.

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Roger

Litigation Attorney

Doctoral Degree

 
32,850 satisfied customers
I placed a bid on a house on an online reo auction .

I placed a bid on a house on an online reo auction for 300k. Discovered damages were worse than appeared so I explained that then lowered the bid to 250k. I was told to be on standby. While I was waiting on a reply. I noticed on several listing websites not the actual online auction site I placed counter bid on. The listing was listed as "asking price" of 150k not starting bid price. I contacted listing agent and was told there was no alerts regarding new asking price. I had not heard my offer was not accepted. So I told him to put contract on property for asking price of 150k and told him I would bring check to him. He explained it was done electrinically and it would take 2-3 day before he would know anything. So then I contacted the online auction site and explained I had not heard anything about my bid but I noticed the asking price was significantly cheaper on listing websites. They replied my bid wasn't accepted and that they had nothing to do with listing prices. So my question is.......Do I not have a right to be offered that property at the listing price since I immediately noticed something was going on. I'm thinking there is some wrongdoing taking place. No one wants to acknowledge that I want property for asking price. When you go buy a car you pay what the asking price is. I can't get any if the online listing sites to give me information as to when the property asking price was lowered.Should I not use the buyers agent and get my own? I do know I feel like the property should be sold for asking price. I am very upset. I believe the asking price was lowered to get more interest. But I should have been notified my bid wasn't accepted before I seen it on the online websites since this would allow someone else to come in ahead of me and get property. Please advice thank you.

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Irwin Law

Juris Doctor JD

 
8,074 satisfied customers
When purchasing a REO property, I know that there

For Loren. When purchasing a REO property, I know that there is an IL law that states that up to 6 months of past due assessments are imposed on the buyer. However I am unclear as to whether that is ONLY for condos, or ANY PROPERTY with an association. Can you please help clarify this? Thank you.

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Loren

Juris Doctor

 
34,652 satisfied customers
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