Motion For Execution
When you win by default for eviction in Massachusetts the appeal period is 10 days, but on the 11th day, does the judge automatically issue the execution or do you have to go to the court house on day 11 and obtain it? We took a blank form that they had at the court house, do I need to bring it back there and get an appointment to see a judge? Or do they mail it to me automatically?
NO more lethal injections...too humane!!!!
John (LV)
"I would think it is; Best Price, Cash, Quick Close, No Inspection Contingency, Proper paperwork the first time."
None of the above. The only thing considered after O/O is "Net to HUD". The system uses totally computerized decision making.
As far as cheaters claiming to be O/Os - we know it happens, mainly on lower priced properties that could be bought for cash. On nicer ones, I would think it would be harder to fool your lender than to fool HUD.
[ Edited by tbird56 on Date 02/27/2008 ]
well it is a FHA foreclosure
Is that the same as HUD?
The listing agency tells me we will know in the morning , but since you mentioned daily reduction, I will definately ask about it, if we lose.
There were 2 other bids and ours
FHA is an agency of HUD.
If the property was originally financed with an FHA insured mortgage and the lender foreclosed, the property is now in the HUD inventory of foreclosed homes.
If an owner occupant buyer wins the bid on a HUD property, often the buyer can use an FHA insured loan to finance the purchase. FHA insured loans are only given to owner occupants.
Once the HUD property moves out of the owner occupant bid period, it becomes available to all purchasers on a daily bid period. This means that all bids submitted from investor and owner occupant buyers during the day are opened the next morning and the bid with the highest acceptabe net to HUD is declared the winner. In the case of a tie, the owner occupant is given preference over an investor.
Bids submitted Friday, Saturday, and Sunday are all considered as submitted simultaneously on the same day. All these bids are opened on Monday.
Chris was speaking figuratively when he said a low price today may be acceptable tomorrow. Even though the simultaneous bid period is daily, the list price tends to remain in place for two weeks. If there has not been a sale in those two weeks, then the list price may be lowered. So, if your bid is too low on the Friday at the end of the two week list period, it may be acceptable when a lower price is posted the following Tuesday.
A lower price at the end of two weeks is not absolute. If there has been a lot of interest in the property, the list price may remain unchanged during the next two week list period. Another possible outcome is withdrawing the property from the market for two weeks and starting over at the same (or lower) price with a new owner-occupant only bid period.
The house is now owned by Fannie Mae, if that means a difference
Fannie Mae is not FHA. Disregard everything I told you about HUD foreclosures -- it does not apply to Fannie Mae REOs.
Fannie Mae lists their properties with real estate agents who market the property to all buyers. There is no restricted bid period, no simultaneous offers. Fannie Mae is not concerned whether the buyer is an owner occupant or an investor, they just want to get the property off their books for the best possible price. Fannie Mae is not a lender so you have to get your own financing for the deal.
Commercial lenders will still give you a loan on a gutted property provided the property appraises high enough to cover the purchase price.
BTW, before a residential mortgage lender will give an owner-occupant a loan for this property, they will demand a certificate of occupancy from the county inspector. The loan will not close until the CO is issued.
[ Edited by NewKidInTown3 on Date 02/29/2008 ]
NewKid , That sounds more like the experience I was having.
Well , we did not get the deal, we were too low.
The agent did tell me that the chosen otfer was cash and contingent on the inspection but offered more $$
Another offer was contingent on a loan.
Ours was cash and no contingencies at all, we were just too low
The last one we bid on, we lost to a buyer who was lower than us by $600, but they waived the inspection According to the agent, by removing the contingency, they were able to secure the bid.
Both were foreclosures and listed with agents but different banks, maybe with different rules,
The addendum in each case did ask if the house were to be owner occupant
Maybe the 3rd time will be the charm
These were both great deals, darn it[ Edited by LynLinz on Date 02/29/2008 ]