contacting foreclosure attorney when buying

Do I need a lawyer to buy a foreclosure property?

Buying at a Foreclosure Auction. Buying at a foreclosure auction is the riskiest way to purchase foreclosed property, and shouldn't be attempted by a first-time buyer. It means that the lender has decided to foreclose, and put the home up for sale at a public auction, to go to the highest bidder for cash. The main disadvantage to buying at ...

How can a foreclosure agent help you buy a house?

When a house is in preforeclosure, this means that the homeowner has fallen behind in payments and the lender is starting to take action. Perhaps the lender has filed a notice of default or started a lawsuit to officially begin the foreclosure process, but …

How to buy a foreclosed home?

Jul 23, 2018 · Contact: 303-494-3000. Menu. Practice Areas. Real Estate Law; ... As a foreclosure attorney for a number of lender clients, my staff and I constantly field phone calls and e-mails from would-be purchasers of the properties we have in foreclosure. ... So make an offer to the owner, set a closing date well prior to the foreclosure sale date, and ...

Do I need a Reo agent to buy a foreclosure?

Feb 15, 2017 · Things to Consider When Buying a Foreclosure Property • Hire an attorney. I know, big surprise for an attorney to suggest this. However, an attorney can assist you in getting a title search and conducting your closing. • Title search. There may be superior liens, mortgages, taxes, or other encumbrances on the title to the foreclosure property.

Can a mortgage lender own a house?

Mortgage lenders often end up owning the house themselves after a foreclosure auction. The bank will then typically pay off any other outstanding debts, such as property taxes or amounts owed to the IRS, in order to sell the house with a clear title.

Can you buy a house without a third party?

If you can communicate with a homeowner whose property is facing foreclosure, it might be possible to buy the house without any third parties getting involved. The idea would be that you give the homeowner some amount of cash (likely less than the home is worth) in exchange for any equity built up in the house. You'd then be responsible for paying any outstanding debts or liens on the property.

How long does it take to get a notice of default?

Depending on the state in which the property you are buying is located, the homeowner could have as little as a few weeks between the time the lender files what's known as a "notice of default" (advising the owner that he or she had better catch up on the mortgage by a certain date) and the foreclosure sale date.

What does it mean when a house is in preforclosure?

When a house is in preforeclosure, this means that the homeowner has fallen behind in payments and the lender is starting to take action. Perhaps the lender has filed a notice of default or started a lawsuit to officially begin the foreclosure process, but the foreclosure sale has not yet taken place.

What is an auction?

An auction is the traditional form of selling a home that has gone through the "preforeclosure" phase. Once the auction takes place, the home is considered foreclosed. See Nolo's website for more information on buying foreclosed properties. Talk to a Lawyer.

What are the duties of a buyer's agent?

Here are a few things you'll want to know about buyer's agents: 1 Fiduciary duty: A buyer's agents has a fiduciary responsibility to protect your interests. 7 2 Representation: A buyer's agents does not represent the seller, even when the seller is paying their commission. 3 Costs to you: The seller generally pays the buyer's agent. It does not cost you to hire a buyer's agent. 4 Broker agreement: The buyer's agents may ask you to sign a buyer's broker agreement, which will specify the agent's duties and designate who pays the commission. 8 5 Agent experience: Consider working with a buyer's agent who has experience working with REOs.

What is the fiduciary duty of a buyer's agent?

Fiduciary duty: A buyer's agents has a fiduciary responsibility to protect your interests. 7. Representation: A buyer's agents does not represent the seller, even when the seller is paying their commission. Costs to you: The seller generally pays the buyer's agent. It does not cost you to hire a buyer's agent.

Why do banks own real estate?

Banks own real estate because they have acquired the properties through foreclosure. A foreclosure occurs when a homeowner is unable, or refuses, to pay their mortgage payments. When that happens, the lender that backed the mortgage repossesses the home, since the property is collateral for the loan.

What happens if a house is repossessed?

Once repossessed, the lender—typically a bank—will auction off the property in hopes of recouping the losses it incurred when the homeowner missed payments. If the home fails to sell in the auction, it goes on the bank's books and is referred to as a "real estate-owned" (REO) property.

Who is Elizabeth Weintraub?

Elizabeth Weintraub is a homebuying, home loans, and mortgages expert. With more than 40 years of experience in real estate, including areas such as title and escrow, Elizabeth was nominated as a founding member of the California Association of REALTORS' Real Estate Certificate Institute (RECI) and has received more than 600 hours ...

What is REO listing?

Representation: REO listing agents generally represent sellers, not buyers. Relationship: REO listing agents are typically top-producing agents because of the volume of business they conduct. They typically do not spend a lot of time working with buyers and will probably not engage in much hand-holding.

Can banks move REO properties?

There are several ways to find foreclosures or REO properties, but the best option is usually to work with a buyer's agent.

What is pre foreclosure?

To summarize, a preforeclosure occurs when the lender initiates foreclosure proceedings as the result of a default. If the borrower cannot cure the default by paying the arrears, and does not sell the property, it is sold at a public foreclosure auction.

What happens when a property is foreclosed?

When such properties are foreclosed by the mortgagees, the agencies reimburse the lenders for the loan amount and certain costs of foreclosure. The government then takes ownership of the real estate and makes arrangements to sell the properties to the public through contractors and Realtors.

Why do I default on my mortgage?

Owners default on loan payments for a variety of reasons including divorce, illness, death of a spouse, and loss of employment. Lenders try to work out some kind of resolution with the owners to make up the payments in a process called "loss mitigation.".

How long does it take to get a deed of trust?

States that use deeds of trust follow the non-judicial procedure, which does not require a court case. Non-judicial foreclosures can take as little as 30 days to complete. Judicial foreclosures can take much more time because of the need to have the court approve the foreclosure action.

What is a partner in real estate?

Partners are individuals, including friends, relatives, and other investors, who would be interested in providing some or all of the money in exchange for a percentage of the profits you will make when the property is resold. You can advertise by word of mouth, via the Internet, or in local newspapers.

What is the VA mortgage?

The U.S. Department of Veterans Affairs (VA) is a federal agency that guarantees mortgages to homeowners who have served in the military. VA acquires properties from lenders that foreclose on VA-guaranteed mortgages and offers them for sale to the public.

What is REO in Zillow?

If you surf Zillow or Realtor.com, you can refine your search to look for foreclosed properties (REO) or homes that are involved in a foreclosure lawsuit (”pending foreclosures”). There are also web sites dedicated solely to marketing this type of property, usually published by local real estate brokers.

What is REO property in Florida?

Florida foreclosure property is usually referred to as “REO” property by people in the business, including real estate brokers and real estate agents. REO stands for “Real Estate Owned” and these are properties that have been foreclosed upon by the bank. The bank acts as owner (Seller) of the home or condo.

Can a bank foreclose on a condo in Florida?

In the State of Florida, in order for a bank or mortgage lender to foreclose on a home or condo, they have to file a lawsuit. This is a civil proceeding filed at the courthouse, just like a breach of contract lawsuit or a divorce case.

Is real estate a lawyer?

Real estate agents are not lawyers. Neither are real estate brokers. It’s a crime in the State of Florida for either a real estate broker or a real estate agent to practice law, or to hold themselves out as a member of the legal profession. See, Florida Statutes 454.23.

Does the bank own the property in a short sale?

In a short sale, the bank does not own the property, the seller does. However, the seller is having problems with making their mortgage payments, and this makes the lender an interested party in a short sale. Here, the lender needs to agree to accept a payoff that is less than the balance due on the home loan in order to make the sale to the prospective buyer.

What is distressed property?

These are also “distressed properties” sales which have special circumstances as to why they are being sold. These can include property being sold from probate estates, tax deed sales, forfeiture properties, including IRS sales and sheriff sales.

Is foreclosure still happening in Florida?

In Florida, foreclosures are still happening even though the official “foreclosure fraud crisis” has passed. (Read more about that in our free Foreclosure Fraud e-book, “ The Non-Lawyer’s Guide to Foreclosure Fraud 2011 .”)

Boris Shakhmurov

Since its been 2 years since the last post, I was hoping you can share some insights with new people looking to do the same. Can I PM you for details?

Account Closed

Ivan that's interesting. I would think that showing off a luxury car would make them feel like they're being taken advantage of and/or that person with fancy car is profiting off them and their situation causing them to be angry and not close... very interesting.