Foreclosure

there're usually 3 steps in foreclusure.

1. the owner try to sell the house, even at a price lower than what he owe to his lender, when he got the notice of being foreclosed. this is what usually refered to as "pre-foreclsure" or "short sale". he still need his lender's approval if the selling price is lower than the balance he owes.

2. the foreclosure auction, a.k.a. "trustee's sale", which usually happens at the doorstep of your county courthouse. the lender tries to sell it to the highest bidder and this is an all-cash transaction. there are a lot of risk involved, such as the title, the condition of the house, the eviction of the owner, etc. so usually very few ppl
bid on that and the lender then bid themselves and take the ownership and the house becomes so-called "bank-owned".

3. then the bank need to sell the house, either through the normal mls listings or through another auction.

标 题: 我来讲讲买foreclose和short sale房子的经验 (1)

现在市场不好,但是很多seller还不愿意降价,所以,市场上价格比较好的,很多都是foreclose或者short sale的房子,我来普及以下这些知识,说错了请校正。

1.foreclose,是指破产以后,被银行收走的房子。银行收了房子,会有专门的人去评估市场,并请专门的agent处理。foreclose的房子,大多数已经空置了很长一段时间,因
为住户搬走,到银行收楼,银行也可能会先送去auction,auction不成,才上市。

假设有一个foreclose的房子,asking 30w,如果想下foreclose房子的offer,价格不能和asking price相差太远。银行大概隔一段时间会重新评估一次,在重新评估之前,银
行的专人相信这个房子的市价就如此,不会愿意接受很低的offer.也不可能来一个offer,就请人重新评估一次这个房子值多少钱。如果你看见合适的foreclose房子,但
是价格不满意,大概也只能等他自动降价。

还有.foreclose的房子是sold as is,在submit offer的时候,除了正常的contract,还有也sold as is的abendment.法律条文解释应该是:sold as is 的房子不能提供
insurance claim report和seller disclouser.seller disclouser是一个表格,很多问题,包括房子有没有被flood过,等等。insurance claim report是过去一段时间这
个房子claim insurance的纪录。由于银行不知道这些信息,无法提供这些信息,因此叫sold as is.有的人解释sold as is是不修,这是不对的,当然银行修的可能性不大,所以你在下offer前,要把repair cose加进去,才知道这个房子是不是真的便宜。

标 题: 我来讲讲买foreclose和short sale房子的经验 (2)

short sale和foreclose的房子不同之处在于:shortsale的卖家还是home owner,由于房子的asking price低于他欠银行的钱,所以房子的买卖要银行同意。

买short sale房子的成功率很低,银行并不真正拥有这个房子,所以不像foreclose一样,有专门的team处理。short sale offer上去,银行审批一次平均是6-8个星期。而
同时房子会有一个foreclose day,这个日期可以让agent帮你拿到。如果foreclose day逼近,银行仍然不审,最终就要被foreclose.据说还有一个因素,比如这个房子当初以
50w买下,5% down,第一贷款40w,第二贷款7.5w,现在short sale 38w,这个price需要同时两间银行都同意这个offer,才能交易成功。如果两个贷款是同一银行还好,如果是
不同银行,第二银行get nothing,不管交易成功以否。所以第二银行可能根本不会派出人手来审批。

short sale的房子一般保养会比foreclose好,因为房子还是home owner的,他还有希望拿到一个good offer,一般的maintence都会做,除非需要大钱修,而他没这个钱。

short sale递交offer时,有一个short sale amendments,而没有sold as is amendments。这里就可以看出sold as is根本不是指“不修”,因为short sale和
foreclose都不大可能修,但是short sale可以拿到seller discloser 和 insurance claim report.

假设你认为short sale的价格高,你可以submit你认为合适的价格,history offer price也是银行判断这个房子价值的因素之一。这个跟foreclose不同,foreclose是先
评估,再出价,因此答复都很快,但是价格比较死。short sale是先收到价格,再评估,因此答复时间长,但是比较灵活。

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