How Soon Can You Be Evicted After The Foreclosure Sheriff Sale?

Homeowners in foreclosure are rightfully worried about not being able to save their homes and how quickly they will be evicted after the sheriff sale. Although the lender and various “experts” will threaten them with the sheriff showing up the next day to violently kick them out of the house, this is just not the case in foreclosure situation. The county sheriff and the eviction crew will not show up the next day after the sheriff sale, and homeowners should ignore the fear-mongering that threatens this possibility.

Owners should be aware of the implications of the foreclosure auction, though. The sheriff sale will transfer ownership of the property, and the foreclosure victims will not own the house after this point. But this does not mean that the eviction process will happen automatically right after the house is auctioned, as there are more steps that will need to be taken by the new owner.

The high bidder at the auction will most likely have to have the sheriff sale confirmed (this is not a specifically detailed step in every state). This can take from a few days to a couple of weeks after the auction, depending on how quickly the courts and new owner act. But this is generally just a simple step in the foreclosure process after the sale that involves the sheriff and judge confirming the auction was for a legal amount and that the deed has now been awarded to the new owner.

The new owner will most likely be the original foreclosing bank that the homeowners had been dealing with in the first place to stop foreclosure. About 95% of foreclosures end up being purchased by the lender, rather than a third party.

In order to evict former homeowners, the lender will have to request the court grant it possession of the property and order the county sheriff to evict any remaining people or personal items and change the locks. This is a legal process, though. Homeowners should not fear that a bunch of government thugs with badges and guns will show up at their house the day after the sheriff sale to kick them out. Of course, this is exactly what happens, but at a later date if the foreclosure victims do not move out in time.

But the entire eviction process can take up to a month after the sale; throwing people out of their homes is not a simple process before or after a county auction. The court will have no problem ordering the eviction (unless the former owners go and try to contest the sale, eviction order, etc.), but the sheriff’s department will have to give notice of the impending removal. This can be as little as posting a piece of paper on the property with three days notice to move. Thus, after the sheriff sale, former homeowners better be prepared to leave on their own or work out another solution.

People facing foreclosure should not be overly concerned about being kicked out of a house with little notice. The sheriff will not just show up the next day or a few hours after the sheriff sale, as there is still a legal process that must be followed for a bank to take back possession of a foreclosed property. Homeowners probably have at least two weeks to a month after the sheriff sale date to arrange for a new place to move into.

In any event, homeowners are always encouraged to call the sheriff’s department to ask them when then eviction will take place. Even more promising, they can also usually ask for a few extra days or a week in order to move everything out and give up the house peacefully. There is still a chance to negotiate with the local government for more time (courts and sheriff) so that the former owners are not taken by surprise by the eviction.

Thus, the banks and government officials will not evict foreclosure victims right away after the auction, but there is no time to spare, either. Having a couple of weeks to move out can give people a chance to find a place and move in at their own pace, but even a month-long eviction process will go by very quickly. If in doubt, homeowners should contact their local government officials and ask about the eviction — the courts or sheriff will be able to inform them of the date and try to work out the most reasonable solution. They want as little trouble after foreclosure as the former homeowners do.

Buy A Short Sale Home At Heavily Discounted Prices

You may have been reading or heard about all the money that you can save today with the purchase of a short sale home. Many people who do not even have any experience with buying homes or real estate investments are now buying these homes with great success. This is, however, a process that must be fully understood before being undertaken.

When you are buying this real estate, you are essentially purchasing a home at a heavily discounted price. The words “Short Sale” basically mean that the seller’s lender is willing to accept a payoff amount less than balance of the current mortgage. You can make offers on homes, which the seller and their lender will then consider. Both the seller and the lender must be in agreement for the short sale to be accepted.

Lenders will most often allow a home to be listed for short sale if the current buyer has fallen behind on mortgage payments or has completely stopped making payments. However, in some cases a lender might allow the current buyer to list the home as a short sale even if they are completely current on their mortgage payments. Situations like this may happen when the buyer has become “upside down”(owing more than the home is even worth) in the home due to the real estate market value dropping.

If you are considering buying a short sale house, it is vital that you do some investigation once you have found a potential home. Finding out whether a foreclosure notice has been issued and learning the amount that is still owed on the home, information that an agent can obtain for you, will help you in deciding if this is a good chance to make an offer. Lenders that offer a home that they are foreclosing on may be more motivated than those who have homes that the buyers are still making payments on. Knowing the amount owed is helpful since it will give you an idea of the finances behind the deal: How much the lender might be willing to sell for. Getting all of the pertinent information can save you a bundle when you are purchasing these properties.

Closing Short Sale Deals With the A-B-C Transaction

A little skepticism about Short Sales is a healthy thing. I understand that a lot of people out there are unfamiliar with how they work. That’s why it’s so important for real estate investors to get the right training and be able to answer questions like the ones I’ve been blogging about for the past week.

Just last week I received a letter from a lawyer who advised her client (the homeowner) against proceeding with a Short Sale with a real estate investor. I’ve been posting my point-by-point responses to the attorney.

Here’s another excerpt from the attorney’s letter, followed by my response:

The only way such a transaction could possibly be insurable is if the following requirements have been met:

1. There are no violations of any restrictions listed in the short sale payoff letter or closing instructions.

2. There have been no misrepresentations as to the value or ownership of the property to the existing lender, the new lender, or the purchaser.

3. All disbursements must be made exactly as stated on the HUD-1 settlement statement, and only to parties involved in this specific transaction.

4. Each half of the simultaneous closing must be kept separate and stand on its own. The sale from A to B must be fully funded and disburse with money coming from and going to all appropriate parties. The sale from B to C must also stand on its own. The money from C’s lender must not be used to fund any portion of the A to B transaction.

Yes, Ms. Attorney, you’re right on. Clearly you’ve read the advisory letter from your title underwriter (from where you appropriately copied these items). YES – this is how back-to-back Short Sale transactions should be structured and if the investor is appropriately trained (the way I teach it) then this is exactly how the investor will want to do it.

Like I said, a little skepticism is a healthy thing. We’re in absolutely unprecedented, historic times for the real estate market and especially for Short Sales. And yes, there are a lot of scams and bad-faith opportunists out there trying to rip people off out there.

However, when done the right way, Short Sales are win-win opportunities that only work if the deal works for all parties. If your seller is not on your side cheering for you, then I suggest you go find another house!

How do you set things up so your Seller is “cheering for you”? That’s one of the major real estate investor skills I teach!

Foreclosed Home For Sale – Grab The Home You Want At The Lowest Price Now!

Want to find a cheap foreclosed home for sale?

Have you ever wanted to find a foreclosed home for sale around your price range or even lower? Of course you have! Why wouldn’t you want to buy a foreclosed home for sale? Especially when you know there are many extra costs to consider when purchasing a home. We don’t just have the deposit to think of, we also have the dreadful mortgage repayments, water rates, land agents along with council rates or land taxes, depending on which state you are from. You don’t have all those costs when you purchase a foreclosed home for sale.

Keep your money when buying a foreclosed home for sale, after all you deserve it!

Very soon you will learn how to save thousands of dollars when you see the next home of your dreams. What if I said that I knew of a way for you to be able to purchase a foreclosed home for sale directly from the government, if this were true this would mean less fees if any, and having the convenience to buy your next or even first foreclosed home for sale at a rock bottom price?

How does this work? (Foreclosed home for sale)

Its simple; to put this in a nut shell the way this works is you gain from someone’s misfortune when you purchase a foreclosed home for sale, sounds harsh I know. The reason for this is due to a person or persons purchasing a home pay, their deposit and borrow the rest of the money from the bank or lending service. They then find themselves over taken with debt and cannot find the money to repay the bank or lending service. In result after many negotiations the banks or lending services have no other alternative but to repossess what is rightfully theirs. After they have successfully managed this, the banks or lending services then put the house on auction; this is what we call a foreclosed home for sale.

Wouldn’t a home be cheaper to buy privately than governmental?

You would think that, after all when we think of Government we think money taxes etc. In this case it is actually the opposite where in fact it is cheaper to purchase a foreclosed home for sale through the government rather than private or otherwise.

Why do banks have to rush to sell? In result they have a foreclosed home for sale!

Government and banks need to sell up the repossessed homes fast, they do this because if they didn’t it would cost them allot of time and money maintaining the homes that they have seized. The Government and Banks just want to recoup the money as quickly as possible. So they offer a foreclosed home for sale at a very low auction price for you and me every day.

Finding the perfect foreclosed home for sale for you has never been easier.

I hope now if you are searching for the right foreclosed home for sale, you will no longer think you have to go through a complicated process anymore.

It used to be that finding the home of your dreams was a very complicated process. Between never-ending visits to available homes, looking at photos of homes up for sale and searching through papers etc this process takes weeks/months of hunting around for the ideal home, you had to invest an unbelievable amount of time and energy into finding a suitable home. Those tiring days of searching for your dream home are over!

Now finding the ideal home is as easy as looking through a database and finding the most suitable foreclosed home for sale for you and going for it. With taking this easy option to buy a foreclosed home for sale you don’t just end up saving thousands of dollars on the price of the foreclosed home for sale. You also cut out the middle man and keep that money for yourself.

So what type of foreclosed home for sale are you after?

What type of foreclosed home for sale do you want to own? This database is bound to have the right foreclosed home for sale for you. Whether it is you are after a foreclosed home for sale that is of a rural home they have it .Or maybe you are looking for a custom built foreclosed home for sale. With so many homes available, you can find exactly the type of foreclosed home for sale and purchase your home from 90% off what you would regularly pay for a home of this value. Don’t think for a minute if you are thinking of looking into buying a foreclosed home for sale that you will only get a plain home, this database even offers luxury homes and vacation homes, condominiums. So you can purchase a foreclosed home for sale right now at a low price.

What if I’m not looking for a Foreclosed home for sale?

This database doesn’t just offer you a foreclosed home for sale. It also offers many different items. Items of which are jewellery, land, and even cars.

So what are you waiting for?

Tap into the database of your dreams now!

Whether you are looking for a foreclosed home for sale, or are just looking for cheap jewellery or even a car.

It’s all here!