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Coleen Hugney

Agent

Coleen M. Hugney, GRI, CDPE, Broker (28 years experience)

Specialties:
Buyer's Agent,
Listing Agent,
Foreclosure,
Short-Sale

Advice

  • (15 Contributions,
  • 0 Best Answers,
  • 13 Helpful)

Contributions are sorted newest to oldest.

Vacant foreclosed home that bank has no record of.

Response

Unfortunately there are many properties in the same condition and state of LIMBO, as I call it.  The banks, over the past 5 years, have sold the notes so many times that no one has a clue who the actual holder of the note is. sooner or later, they will find the property in their portfolio and liquidate it.  The Capitol Investment Companies have been buying blocks of mortgages for pennies on the dollar, those properties are scattered all over the country, so once they either filter down to where the properties are, the properties will get assigned to an asset manager then an REO Agent and the property will be liquidated.  BUT, many times, when they buy the block of loans, they resell them again and again and again, Lord only knows when some of these properties will be liquidated.

  (0)
nancyjlacy@aol.com

Answer

Wherever you are, you would be well advised to contact a realtor who knows about foreclosures/short sales.  I am in South Florida.  I specialize in foreclosures and guide my clients to a value/price that will win them the property.  That is why knowledge is so important, if you don';t know how the banks think, you will not make the winning bid for the property.

  (0)
Is the full cash amount needed at auction, or can some of the funding be a preapproved mortgage?

Answer

Tim is right there are 2 different types of "auctions"  One is on the "courthouse steps"  you need cash by end of business on that day and financing is not possible.  In Florida, the majority of these sales are going back to the bank without any investor purchases and they must be in Cash.  On the other hand there is the other type of "auction" where the bank has assigned an auction company in lieu of an Asset Manager to dispose of the property, referred to in the industry as "ballroom auctions" "On-line Auctions also, you can have financing on these properties and often there is a mortgage company on site to qualify you and provide the financing. And then there is the 10% premium buyers fee that is added to the top of the auction price.

  (0)
Can a listing agent give "comps" to the appraiser?

Answer

I can really appreciate your frustration.  I do the Broker Price Opinions for the banks (snapshot appraisals)  Over 5,000 within the past 4 years.  In the beginning the Listing Agents often brought comps with them.  NOW, if a Listing Agent does that, I have to report that UNDUE influence was forced on my price opinion.  A short sale should not have ANY repairs, the appraisal as well as the sale has to be as is.  In the current environment, it is unethical for the Appraiser to accept the comps, and as well the Listing Agent should be advised that this is not acceptable influence.  (not illegal)

  (0)
What does Zillow mean by "Pre-Foreclosure" ?

Answer

Pre-Foreclosure means that a Lis Pendens has been filed on the property and will be put into the Foreclosure process if the the Owner of the property does not bring the mortgage current.  You have 2 processes.  The states dictate what the process is.  It is either Judicial or NON-Judicial.  The difference is that in a JUDICIAL state, you have about 12 months before the foreclosure becomes final, in a NON Judicial State, the foreclosure can take place in as little as 90 days, BUT they give the owner of the property 12 months to be able to "redeem" the property, meaning that the owner can come back in and make the mortgage current anytime within the 12 monts.If there is no hope of an owner bringing the mortgage current, it is smart to contact a realtor, such as myself, who specializes in Short Sales to guide them thru the process.  This can be a very emotionally charge time for the owners, and they need someone who tells the truth, keeps their Best interests at heart

  (0)
How long does it take after final approval to close on a short sale

Answer

The banks are giving at least 30/45 days after approval to close a short sale.  The process of financing is what has dictated this length of time.  With the NEW guidelines it is taking lenders 45 days to process a loan.  Be patient.  That is one of the problems with a short sale, the buyers get impatient and back out, but if you are patient, you often get a better deal than a foreclosure at the present time in South Florida.

  (0)
Why can't I enter a MLS number to view a house?

Answer

Zillow has a different number.  Go to Realtor.com  I think you should be able to enter an MLS number there, address and get the information you are looking for.  I am in South Florida, but Realtor.com should be a good source for you.

  (0)