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On a foreclosed property why would the Bank seller have a contingency on getting PMI approval?
Wiki User
∙ 16y ago
Sounds like they want to make sure another forclosure doesn't occur, sounds perfectly normal to me.
Wiki User
∙ 16y ago
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What happens if you do not pay your property taxes while getting ready to have house foreclosed?
You will no longer be responsible. The bank will have to worry about that after they foreclose your home.
How do I know if I'm getting a fair price for a foreclosed home?
In order to determine whether or not the pricing of a foreclosed home is fair, you may want to consult a property lawyer. They will be able to find out how much the home is really worth.
Do you get your car taken away after getting foreclosed?
Er.Yes
What is contingency conditioning?
Getting ready for anything to happen.
How can you buy a foreclosed or bank owned property?
I mean, can anyone with cash basically look them up and make an offer?There are a few ways that one can purchase a foreclosed home. Some of these would include getting preapproved for a mortgage, finding an agent that specializes in foreclosures as well as knowing that the home is sold as is.
Is purchasing foreclosed property a good way to invest in possible rental property?
it all depends on the property itself. If the property was run down and didn't look like it would make you any money there would be no point. If the property was in a nice location and nicely decorated and would attract people to rent it then its a sure fire way of getting a little extra cash in your pocket.
What would be some advantages and sisadvantages to getting congressional approval?
The advantage of getting congressional approval is that you will have political goodwill, the disadvantage is it might take long to get the approval.
What are some of the social benefits and cost of the contingency-fee system?
The social benefit of a contingency-fee system is that plaintiffs will be encouraged to seek justice. The disadvantage of a contingency-fee system is that lawyers may end up getting large salaries for only a few hours of work.
Tips for Purchasing a Foreclosed Property?
Due to the high rate of mortgage defaults over the past few years, most commercial banks and mortgage lenders are dealing with an unprecedented amount of foreclosures.� Since these are assets that they do not want to keep on their balance sheets, most banks are always looking for ways to sell off the foreclosed properties.� Because of this, most people could end up getting a great deal if they purchase a foreclosed property from a bank.� While it can end up being a great investment, purchasing a foreclosure comes with a lot of different risks.� Due to the risks, there are several tips that you should follow when purchasing a foreclosure. � When purchasing a foreclosed property, the first thing that you should do is have a title search completed. While these are typically required if you are taking out a mortgage, it is something that could be overlooked if you were going to purchase the property in cash for a quick close. A title search will verify whether there are any existing liens against the property.� While this is important for any property purchase, it is extremely important for a foreclosed property because it will determine whether the previous owner was behind on their tax, association, or any maintenance payments.� After purchasing the home, you will be responsible to pay off any liens against the property. � Prior to closing on the purchase of a foreclosed property, you should also have a property inspection completed.� Foreclosed homes often end up being unlived in and neglected for a long period of time.� Because of this, a significant amount of deferred maintenance could be needed after you purchase it.� A property inspection will go through the home and determine if there is any evidence of mold or termites and whether you are going to need to spend any money on any capital repairs in the near future.� Having the inspection completed will give you a better picture of how much the home purchase will truly cost.� � Most importantly, when purchasing a foreclosed home, you need to ensure that the home is unoccupied.� While banks may have sent foreclosure notices, the previous owners could still technically be living in the home.� While they may not legally be able to live there, it could take some time and significant legal fees to have the previous owners legally removed from the premises.� In many jurisdictions, the previous owners could have up to 90 days to move after you have legally requested them to move. �
How do you buy foreclosed properties in the Philippines?
It is very easy to buy foreclosed property in the Philippines. The major banks advertise in the major newspapers and on their websites. The rural banks offer the better bargains because they don't have the marketing depts behind them. Better if you have a local GF to negotiate for you so do you don't pay too much. My GF got a lot for P2700/m2 in a subdivision when the market rate is P5000/m2. Great to flip. The foreclosed market makes less sense now unless you see a strategic buy opportunity in rural areas. The banks are simply prepared to carry these properties since they go up in value, and many properties are simply not 'saleable' because they have issues like being a 80-degree vertical slope, or land conflicts, or uncertain title. There are however opportunities in rural banks because they have cashflow issues; but also some reticence to write down loss-making loans. i.e. Like the 80-degree property (slope) I saw. Nice view though. lol. There are a lot of agents, but they are poorly trained so do your own research. Its getting to a point when foreclosed properties will make sense again, particularly as a lot of the banks are still carrying a lot of acquired assets. We are not there yet....but interest rates will eventually rise...property prices will get to bubble levels. You can also attend public auctions conducted by some banks, others post their foreclosed properties for negotiated sale. Foreclosed properties that are for negotiated sale can give a buyer better prices because he can submit an offer that can be below the minimum bid price, subject to bank evaluation and approval of course.
What actions does the US now say it can take without getting approval from great Britain?
The United States has not asked for British approval since 1776.
What is the outlook for getting a lawyer?
Easy if you can pay. Contingency depends on chances of recovery. Pro bono only if publicity makes it attractive.
