Posted by Redline on March 12, 2001 at 21:09:40:
99.9% of REO properties listed here are owned by the bank that forclosed and now has the house (not second lien holders with current first’s still in place).
Also, subject-to is not illegal ANYWHERE - it’s just not gonna work with banks.
RL
Foreclosures on MLS??? - Posted by delwin
Posted by delwin on March 12, 2001 at 08:31:28:
I looked at some foreclosures on MLS and I was wondering how can you tell if they are from banks or not. Should they show the listing through a Broker and still be through the bank?
My experience. - Posted by Robert (Houston)
Posted by Robert (Houston) on March 12, 2001 at 17:32:03:
Hi all,
One of my realtors located one for me but is under the impression that subject to is illegal. She says she must protect her seller’s position and won’t let me buy this way. How do I convince her differently. Were in Texas.
Thanks, and keep ur the good work.
Robert
Some are - Posted by Paul_MA
Posted by Paul_MA on March 12, 2001 at 16:17:41:
Some of the properties listed by realtors are in the process of foreclosure. Homeowners will list their house for sale with a realtor to sell before losing it. The realtor may be unaware of it.
If they are bank owned, the realtor will usually tell you.
Re: Foreclosures on MLS??? - Posted by Ben (FL)
Posted by Ben (FL) on March 12, 2001 at 09:01:09:
In addition to what Greg NY wrote, if you take into account the motivations of Realtors (get the highest price possible, even if it takes many months) most don’t list properties that are in the process of being foreclosed. All I have ever seen listed are propreties that the bank has taken back at auction and is trying to re-sell through a Realtor.
Basically, it’s a good bet that if a foreclosure is listed, it’s already been foreclosed, and the bank is trying to sell it.
Incidentally, the asking price the bank sets will have no basis in reality. They do not base their price on a market analysis, comparable sales, or even by studying pig entrails. They just make it up - or base it upon what they originally loaned plus all the costs they incurred foreclosing and fixing the house back up, plus some bonus money. Be sure to do your own market analysis before making an offer.
Re: Foreclosures on MLS??? - Posted by Greg NY
Posted by Greg NY on March 12, 2001 at 08:50:05:
Hi,
In the space that provides the sellers name, it should say:
“corporate”, “such-n-such financial”, or just ask the agent that got you the listings.
Greg NY
Few issues … - Posted by Redline
Posted by Redline on March 12, 2001 at 21:06:39:
First you will NEVER be able to acquire a bank owned property subject-to! It ain’t gonna happen - there’s no loan in place anymore, the bank that made the loan took the property back!
Secondly, the only offers that will fly with banks are straight up. No weasel clauses, no assignments, no fun and games. They will require proof of funds if you’re paying in cash. If you’re getting financed they want a prequal.
RL
Re: My experience. - Posted by Terry (Houston)
Posted by Terry (Houston) on March 12, 2001 at 18:46:14:
Find a new realtor???
There are several here that want to help and will without the argument.
Lifes too short not to dance.
Weasel clauses… - Posted by Mark (SDCA)
Posted by Mark (SDCA) on March 13, 2001 at 10:15:45:
It depends on what you mean by a “weasel clause”.
They WILL accept an inspection contingency.
If you are getting a loan, they will accept a financing contingency.
What more do you need??
Mark