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It's very difficult to get REO listings right now for a number of reasons - there are fewer banks than there were a year ago, and many REO departments have been centralized at a few locations, which already had networks of agents and brokers who handle these listings. Also, banks haven't released the flood of REOs that many were anticipating
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Depending on what part of the country you live in, you could also have problems with eviction delays and redemption laws (for example, in some states, the homeowner who is foreclosed on has a full year to buy the property back from whomever wins it at the auction for whatever the bid amount saw). For all practical purposes, however, it's very unlikely
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The two sources we look at for delinquency numbers are the Mortgage Bankers Association (www.mbaa.org) and TransUnion (http://www.transunion.com/corporate/business/serviceSolutions/riskMgmt/trendData.page). I think the MBA numbers go down to the state level, but not the metro level, and the TransUnion link above shows a map of the country with individual
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There's not much in the way of public information available to answer that question. You should probably contact an attorney who understands NV real estate and/or foreclosure laws to get the best answer. In general, if your loan was for the original purchase (not a re-finance) and the foreclosure proceeding doesn't go through the courts, the
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There are a number of states which have recently passed legislation aimed at protecting distressed homeowners from "foreclosure prevention" scams, which often included lease option arrangements. In Illinois, you can be charged with a felony. In other cases, lease options are permitted, but with pretty severe restrictions. I'm not sure
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This one has "trouble" written all over it. Short sales can be difficult to begin with. Short sales where there's a second lien can be really, really difficult. Short sales where the owners have divorced (which means they may be less likely to cooperate with each other) and live 4 hours away, and where the foreclosure is scheduled to take
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I'm familiar with Mr. Lucier's book, and it's well written. However, the book, as the title suggests, is about "pre-foreclosure" properties, NOT bank-owned properties. Richard the Great is right that when buying a property in the early stages of foreclosure, the only person who can sell it is the homeowner, and banks are either
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Sarah: There is a real estate professional who is a member of the RealtyTrac Agent Network that we can put you in touch with if you're looking to buy a home for the elderly family members you mentioned in your post. If that's what you're looking for, write back and we'll get you connected.
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One of the downsides of buying a home at a courthouse auction or sheriff's sale is that you're often buying the property without having a chance to do an inspection, and if there are problems with the property there's no "lemon law" that lets you get your money back. Seasoned investors usually do a drive by to get the best idea