Foreclosure Question(after Winning A Bid)
I know that you have to put down a certain percent to win a bid at a foreclsure auction. My question is, after winning you have to come up with the rest of the amount within 30 days(depends on where u live). Is it possible to get the rest of the money through a mortgage loan in that short period of time? I dont have enough money saved to pay for hte whole tihng myself, I have enough for the down payment.
Before even bidding in a foreclosure sale, you will want to find out what the terms are, as some want the money in full by the end of the business day.
You will first need to have the funds in place before you play in this arena.
[addsig]
Robert,
That is the one that pops up most frequently when i do a search. I just Ordered it!!
Thanks for your help.
Matt
You will find some great materials on this at http://www.thecreativeinvestor.com/Shopping_Cart-index.html
[addsig]
RE Investor: Are you sure you are properly interpreting the Hud 1 statement?
Normally they debit the seller on page 2, and credit the buyer on page 1 when prorating taxes. Then the buyer receives the complete year tax bill to pay ....but the seller has already paid taxes for his portion of the year at closing.
Is that clear to you?
bargain,
I am not sure how it works in Florida, but in California, Seller is responsible for all taxes up to point of closing. These taxes are for year 2004/2005. We closed in January 2005, the bill came delinquent for year 2004, which is the portion the Seller is responsible for.
Is that clear to you?[ Edited by RE_investor on Date 02/26/2005 ]
Hello. It looks like the title company failed to take care of the deliquent taxes for Nov 2004.
Who is responsible for paying those?
Those are always taken care of during escrow by the seller.
Thanks for your help.
[ Edited by RE_investor on Date 02/27/2005 ]
Did you call the Title Company, as this should be your first stop?
You received a closing packet, review the documents to see what you signed and what you signed off.
As stated review the HUD 1 statement.
You said am not sure how it works in Florida, but in California, Seller is responsible for all taxes up to point of closing. These taxes are for year 2004/2005. We closed in January 2005; the bill came delinquent for year 2004, which is the portion the Seller is responsible for.
This is not so, as it is subject to the closing statement (what was agreed upon) - the document that you received from the title company stating who pays what.
Keep in mind that just because one lives in one state does not mean they do not buy and sell in other states!
Remember you are the one asking the question! No need to bite the one(s) offering an opinion!
[addsig]