http://varealestatetalk.com/2007/08/07/foreclosures-are-still-an-elusive-prey-2/ Just another realestatetomato.net weblog Fri, 21 Nov 2008 08:51:26 +0000 http://wordpress.org/?v=2.6.1 http://varealestatetalk.com/2007/08/07/foreclosures-are-still-an-elusive-prey-2/#comment-34 Virginia Foreclosure Process Wed, 05 Sep 2007 13:14:03 +0000 http://varealestatetalk.com/2007/08/07/foreclosures-are-still-an-elusive-prey-2/#comment-34 [...] After writing Foreclosures are an Elusive Prey last month I had a call from a prospective investor who wanted to learn more about the foreclosure process.  Each state has different rules for the process and in talking to three different lenders it was obvious that their processes for getting homes to the courthouse steps are slightly different as well.  Since I am not a lawyer or an expert on foreclosures I went looking for information and found the United States Foreclosure Law site.  This information is specific to Virginia.  If you are outside Virginia you will want to go to the site and look up your state for specific information. [...] [...] After writing Foreclosures are an Elusive Prey last month I had a call from a prospective investor who wanted to learn more about the foreclosure process.  Each state has different rules for the process and in talking to three different lenders it was obvious that their processes for getting homes to the courthouse steps are slightly different as well.  Since I am not a lawyer or an expert on foreclosures I went looking for information and found the United States Foreclosure Law site.  This information is specific to Virginia.  If you are outside Virginia you will want to go to the site and look up your state for specific information. [...]

]]> http://varealestatetalk.com/2007/08/07/foreclosures-are-still-an-elusive-prey-2/#comment-18 Cindy Sun, 19 Aug 2007 12:47:29 +0000 http://varealestatetalk.com/2007/08/07/foreclosures-are-still-an-elusive-prey-2/#comment-18 Thanks for stopping by. I think as the bank inventory rises they will figure out that they need to respond faster to offers and be ready to bring the prices down to at least market rate. Prices are still higher on some foreclosures than on other local sales. Thanks for stopping by. I think as the bank inventory rises they will figure out that they need to respond faster to offers and be ready to bring the prices down to at least market rate. Prices are still higher on some foreclosures than on other local sales.

]]> http://varealestatetalk.com/2007/08/07/foreclosures-are-still-an-elusive-prey-2/#comment-15 ThePadBuyer Sat, 11 Aug 2007 04:28:31 +0000 http://varealestatetalk.com/2007/08/07/foreclosures-are-still-an-elusive-prey-2/#comment-15 My experience in dealing with short-sale listings through realtors has been that the price listed only tells me that the bank is willing to entertain the short sale. It is their opening salvo. Most properties in this area have first and seconds (an important point to keep in mind for negotiation), it is important to determine which position is foreclosing. After negotiating, and depending on the condition of the home, (and yes hassling with the bank) – the discounts can be significantly lower. My experience in dealing with short-sale listings through realtors has been that the price listed only tells me that the bank is willing to entertain the short sale. It is their opening salvo. Most properties in this area have first and seconds (an important point to keep in mind for negotiation), it is important to determine which position is foreclosing. After negotiating, and depending on the condition of the home, (and yes hassling with the bank) – the discounts can be significantly lower.

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