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Are banks responsible for foreclosed homes responsible for any fixes prior to selling to buyers?
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How can anyone get into buying foreclosed homes?
When foreclosed homes are put up for auction that are usually held publicly by the banks. If you are able to meet all the requirements than you can purchase a foreclosed home.
What are some benefits of buying a foreclosed home?
There are a few benefits of buying a foreclosed home. Foreclosed homes are generally cheaper than non-foreclosed homes. One can also negotiated for a better deal with a foreclosed home because banks want to sell the home quickly.
Does the bank usually pay condo fees after forclosure?
Banks that own condominiums are not known for their core competency in real estate ownership: it is not their business. It is the rare bank that pays assessments willingly or voluntarily on a foreclosed condominium unit. Savvy association boards deal with individual banks as owners about paying assessments, and for example, utilities, so that an empty, foreclosed unit does not present maintenance issues to the association or loss of necessary income. For example, if the bank does not pay for electric heat in the winter and the unit's pipes freeze, the association becomes responsible for repairing the damage and collecting expenses from the bank. Assessments must be paid on a foreclosed unit -- and the board must exude vigorous collection efforts to get them from a bank owner, because that income is expected in order for the association to meet its annual budget objectives for income.
Are banks responsible for the housing boom that enticed people to buy homes at inflated prices?
yeah they are responsible for this whole scenario
Where can one find bank owned foreclosures?
One may find bank owned foreclosures on the site LoopNet. They collect and provide listings for many properties that have been foreclosed by a various banks.
How can anyone get into buying foreclosed homes?
When foreclosed homes are put up for auction that are usually held publicly by the banks. If you are able to meet all the requirements than you can purchase a foreclosed home.
What are some benefits of buying a foreclosed home?
There are a few benefits of buying a foreclosed home. Foreclosed homes are generally cheaper than non-foreclosed homes. One can also negotiated for a better deal with a foreclosed home because banks want to sell the home quickly.
Where is the best place to buy foreclosed property?
Usually you must contact banks in your area in order to buy them.
What is the banks definition of a first time buyer?
Mostly banks don't have buyers. They have investors and account holders. New customer!
How do institutional buyers and government agencies do their buying?
I assume you mean "How do institutional buyers...do their buying [in the capital markets]". Like in buying securities, as opposed to institutional buyers, buying raw materials or something. Institutions is a pretty broad term. Once it meant mainly banks, insurance companies, and bigger pensions (smaller pensions used banks and insurance companies for investments). And, now mutual funds are one of the largest institutional buyers as well. both institutional buyers and govt agencies buy in both the primary and secondary markets... so they buy securities, directly from issuers and the issuers selling investment banks or primary brokers and they buy on the open markets (exchanges and broker/dealers) directly, through program trades, and dark pools. did you have some specific type of security or market in mind? hope that helps
Who is responsible for monitoring the reserves of state member banks?
The Federal Reserve is responsible.
How can a home buyer assistance program help me?
I would contact the banks that are local to the area that you are moving to. The local banks may be able to offer you a home buyers assistance program.
Does the bank usually pay condo fees after forclosure?
Banks that own condominiums are not known for their core competency in real estate ownership: it is not their business. It is the rare bank that pays assessments willingly or voluntarily on a foreclosed condominium unit. Savvy association boards deal with individual banks as owners about paying assessments, and for example, utilities, so that an empty, foreclosed unit does not present maintenance issues to the association or loss of necessary income. For example, if the bank does not pay for electric heat in the winter and the unit's pipes freeze, the association becomes responsible for repairing the damage and collecting expenses from the bank. Assessments must be paid on a foreclosed unit -- and the board must exude vigorous collection efforts to get them from a bank owner, because that income is expected in order for the association to meet its annual budget objectives for income.
How are banks involved in short selling?
Short selling is a process by which property with a lein against it can be sold by the owner to recoup some, but not all, of the balance of the lein to the creditor. In this case, the banks involvement is usually that of the creditor who has placed a lein on the property.
Are credit card charge-offs purchased by different companies?
The answer is yes. Banks sell their chargeoffs at different points in the collection process. The same buyer may make multiple purchases from the same bank, however the bank may be selling different pools of loans to different buyers at the same time.
Are banks responsible for the housing boom that enticed people to buy homes at inflated prices?
yeah they are responsible for this whole scenario
Are there companies that secure homes after foreclosure you are talking about winterizing homes shutting off water monitoring heat etc?
Yes, the banks hire contractors that secure, empty, and winterize foreclosed properties.
