gregorygarver.com

tigger · Joined: 28 Nov 2004 Posts: 6

My friend Alan is in the process of a foreclosed home for 10 months now through Bank of America where his wife surposely work, Alan and his dad purchasing the two house together. They put $50000.00 in escrow sign some few contract (binding to the sale) and inspection on the two house his wife handled pretty much all the transaction with the bank. Every time Alan ask his wife what's goig on with the transaction his wife replied it take a few month for the transaction to go through, Alan had friends telling he sould hire a real estate attorney to find out whats is going, so he decided to do that, but he had to talk it over with his wife. His wife was skeptical about the whole ideal and told him that is not a good ideal she could lose her job over this. So Alan dont know what to do from here ?

Saphira · Joined: 19 Nov 2003 Posts: 7

Call up some banks or realtors in your area and just let them know that you are interested in buying 1 or more foreclosed homes but dont think that you're going to get the kind of deal that you always hear about on tv and radio its really not that easy.

Roni · Joined: 15 Dec 2003 Posts: 3

Most foreclosed homes are sold via sale and notices are posted in local court houses which means it is all a matter of public record. Once a property has been foreclosed upon MOST banks have an auction or list the property with a Realtor. The one thing that could holding up the sale would be other creditors who have liens against the property and the bank is trying to satisfy those creditors to have marketable title to the property.GL

JeffhardypimpinKSTnWo · Joined: 24 Dec 2003 Posts: 3

Something smells fishy. Buying a foreclosure isn’t drastically different from buying from an individual seller. Once an accepted price is reached, and contingencies dealt with (i.e. inspections, etc.) there should be a closing date where the whole thing is finalized (4-5 weeks after acceptance would be normal).Are the homes both owned & financed by BOA? I do know that their mortgage department doesn’t have a reputation for working quickly or efficiently (in plain English they SUCK), but I’ve never heard of it taking 10 months for them to close on something. Your friend should definitely call an attorney, preferably one who handles real estate and divorce in case it turns out wifey has been lying the whole time.

Raymond · Joined: 10 Oct 2003 Posts: 4

Depending on where they are in the foreclosure process, it does take almost 75 days from the first month of delinquency and just a few days from the date of trustee sale. Most home owners do not understand this, so Alan's wife could be getting the right information, but beware, there are many victims out there, did Alan and his Dad, put his ernest money deposit in the title company or escrow company or lawyer? Some states use attorneys, and did they make their deposit contingent upon "Bank's approval"? When you say binding to the sale, it sounded to be- non-refundable, but why enter into such agreement if the property is not an REO ( bank owned yet)? Tessie CuyFounder, Emerynet Wealthgroup510-653-9518

rlloydevans4304 · Joined: 11 Apr 2003 Posts: 3

The only thing that takes any longer about buying a foreclosure is waiting for the lender to make up their mind.I would never put money in escrow on a foreclosure until we had a completely negotiated purchase agreement. It makes them think they've got the power to string you along.Seriously, not only does something stink about this entire situation, but there have been so many things done wrong that your friend had better hire a real estate attorney, and it smells so bad that he might want to start researching divorce attorneys. Losing your job for buying a property that's costing your employer money every month until it sells? Not unless there's something fraudulent going on.