Tucker Mullen's Q&A

It's typical for the auction to postponed with an ACCEPTED offer. I had 40+ listings in foreclosure and went through the process of getting the auction dates extended or postponed 20+ times. They required many things including an accepted offer and proof of pre-qualification. Some even requested HUD's 5 days after acceptance which is unheard of.Bad news, on average, it usually takes up to 10 days. But you never know, that's just my experience.Good luck!

They've tried to get the tax credit available for down payment but to my best knowledge as of late, they have been unsuccessful. I wish it would be considered for a down as that would allow many more buyers to purchase.The tax credit is available if you purchase a bank owned/reo property.

Some agents advertise open houses via MLS and private advertising. I'd contact a local agent or simply drive around looking for open signs. Open houses aren't advetised as much as they used to be. Simply because of the market and the cost of advertising. Good luck! :]

Well I'd say the first tip is to make sure there are no hidden fee's. I just recently had some clients contact me about a home, I worked with them and they soon found out some hidden fee's that came up with their lender. It was mainly fee's for credit repair, which they never agreed too. Basically, he gave them tips of repairing some credit issues then tried to get them to pay for those services. I then set them up with a different mortgage lender that I always sent my clients needing financing.So, I would advise you to contact some local realtors and ask them. They should be able to forward you to a good lender.

As long as the bank has not accepted your offer yet, you can back out without losing deposit/earnest money.

I would assume that there has been sales in the surrounding areas. Maybe not many, but some. I again, would assume that the "Zestimate" values would change according to the sales. If a similar home sells for XXXX amount, a home similar to that could have a change in "Zestimate" value. Just assuming that is why, not 100% sure.

Locate a realtor in your area. The local MLS service that they have access to will show recent and older sales. Older sales, depending on how far back, can usually be found in the archives. Good luck! :]

(1) Usually how long will the bank and the seller agent take to response after my offer?Some will tell you, weeks, months, ect. If it is a short sale, then yes, weeks or months. But I believe you're asking about foreclosures such as "bank owned/REO" properties? Then 72 hours is the longest I've ever waited. Being a buying agent in today's market. I write many REO offers with my buyers and have never waited longer than 72 hours. I'd say the average wait time has been 24-30 hours.(2) Will the bank negotiate the price like other normal transaction ? or will they just turn it down and no more negotiation if the offer is too low like 20% off from the list price?Banks might not like to negotiate but they have too. It also depends on the listing date. The longer the property has been on the market, the more they will negotiate. Now don't mark my words on this for as every bank is different. But if you send an offer $20k off listing price the day after its listed, they won't be so open to negotiations as they will be 30-60 days later. They are in a hurry to get rid of these properties yet, they like to "test the market" before accepting lower offers. Can't blame them, it makes sense. But to answer your question, yes they will negotiate and you should see a counter.(3) The bank asks for pre-approval letter for the offer.  e.g. if the house list as 600K, I make an offer starting at 480K so I will have pre-approval letter to show I am qualify for 480K loan. If the bank allow counter offer, do I need another per-approval letter like e.g. 540K to make a counter offer?Ran into this situation before as well. Buyers had to get another approval letter for the next countered amount by them.(4) Does any chance I can appeal to reduce the property tax?Simple process of having the property re-assessed.(5)  How can I find out the outstanding loan for a foreclosure home?Unaware if this information is accessible. I'll be looking for the answer to this one as well as I am curious------------------------------All these answers were simply based of my experience working with buyers on REO properties. **Correct me if I'm wrong please! Thank you!**

When I go look at my listing in the public view, another agents profile link is under the lisitng picture. I am the listing agent on Zillow yet it still shows another agent on the listing. I was wondering what this was about and if I can remove this? Thanks!