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Foreclosure Property for Sale

11/30/2014

2 Comments

 
Very recently, I happened to experience first-hand several foreclosures. This brought my attention to what foreclosure is all about.

Initially it begins with a mortgage deficiency, a borrower fails to make mortgage payments as they become due. To protect lenders’ security, they have no choice but taking legal action. Once passing a redemption period varied from one day to six months granted by the court, a foreclosure action is launched by a lender against the borrower.

In most foreclosure actions, a court order for Conduct of Sale will be issued, which gives the lender the exclusive and legal right to list and sell the property along with the court approval at the hearing for the Order Approving Sale.

Unlike an ordinary sale, a foreclosure proceeding can be very specific. There are several things that interested buyers should always keep in mind:

First, although the lender will only bring one chosen offeror forward to the court for consideration, any other “unsuccessful” offerors may still be given a chance to present their bids in front of the master on the hearing date.

Secondly, the master can only approve an unconditional offer without any subjects attached, such as subject to building inspection, financing and insurance, etc.

Last but not least, when purchasing a foreclosure property, the buyer actually gets something called “as is where is”. Therefore, the ordinary clauses that deal with included items and property condition that should be in substantially the same at the possession date as when viewed by the buyer, must be deleted.

With some of the uncertainty during process, foreclosure properties are less likely for everybody. For sure, the listing price can be the most attractive, but in the meanwhile, unpredictable risks may increase, especially for the first time home buyers.

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The Problem of Listing Machines

11/8/2014

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Nowadays it seems that everything existing in the world can be manufactured on a large scale, such as listing houses, or making wine.

A good house listing is like good wine. For example, for you to fully understand a seller’s needs and wants calls for you to put in time and attention, much like an upscale French winery making a good wine with emotion and time. However if an agent were to rush through a listing without fully acknowledging its “highest and best use”, he would not be able to obtain the best price for his sellers which is what they want. This much like a commercial winery that only focuses on producing as much as possible while lacking quality. For example when a sellers is trying to sell a house where he has been living for years, a house where he has committed so much emotionally and finically, does he really want an agent that is overburdened with clients, or one with an optimum number of clients? He would most likely want the latter.

Dealing with a house needs time and attention. The number of listings that an agent can handle has limit. If he goes over this limit, then he will diminish his ability to meet the wants and needs of his clientele.

2 Comments

    Blog posts by Winnie Wu

    Just want to take this opportunity to share information and  thoughts with you. Please bear with me if I don't write like a pro.

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