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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

184 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

5,294 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

4,008 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

13,796 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

35,840 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

47,144 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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CalAttorney2

Attorney

Doctoral Degree

20,132 satisfied customers
Bought a REO 3.8 acres home in Agua Dulce,ca. In 2012. A

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

108,100 satisfied customers
I am currently on contract and in escrow buying an REO in

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

33,582 satisfied customers
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