Auctions:  Hopkinton bank owned homes start with foreclosure auctions

Why not buy at auction??
Most bank owned homes do not sell at auction. In fact, only a rare few do. That’s because the bank that is selling has to attain a “market value” price to avoid the sale being invalidated by Sec 548 of the Bankruptcy code.
That means the bank may have to bid up the price at auction (over what they are owed) to attain fair market
And Foreclosure Pay per List services usually show estimated equity for the upcoming foreclosures so these auctions are always well attended as well.
Most deals on foreclosure homes come only after the property has become market worn and received several price reductions
Bank owned homes often come back on market above prevailing market value.
Both the asset management company and the bank have incentive not to sell too fast.
Larger banks spread out losses on their balance sheets to buoy stock prices.
Internet driven asset management outsource companies get rated for how close to the appraisal they can sell the asset but are mostly driven by getting a paycheck weekly so they play a game.
The key to buying foreclosures is knowing how the banks work, what asset managers do to avoid post audit, and when they will be amenable to price reductions

Interested in knowing more about foreclosures, bank owned, short sales, and distressed property. We have been getting our clients tremendous foreclosure deals since 1991. History repeats itself and there are deals out there for savvy buyers who know a value when they see one.

Give us a call-let us help you get on the inside track for price reductions and solid investment deals.

Bob Marquedant Local Realtor
(508) 435-4009
(508)341-5630 Cell
Toll Free: (866) 336-BOBM

Email: Bob@HopkintonRealty.com

Remember the tax consequences of a short sale.
Many homeowners that sell at a loss are surprised that they may have to come up with additional tax monies because even though they lost everything they still paid less than they owed and the IRS treats the amounts forgiven by the bank as a taxable gain.
So when calculating tax liability the amount is not the difference between fair market value and what you own on it.
It is based on the difference between your tax basis (what you paid for it originally plus capital improvements) and  the amount that you owe on it at the time of the short sale or foreclosure.
If your home improved in value and you refinanced it for more than your original purchase price to take cash out but never repaid that money before the short sale or foreclosure, then you owe tax on the cash out portion of the refinance too.
Be wary of credit restoration companies that you find on the web. You must have seen some of the articles in the WS Journal and others where several of these companies were indicted and entered plea agreements.

If you are behind on your payments, call us for a FREE, confidential consultation. You can’t waste time.  You must be proactive and find out what your bank will do for you. We specialize in helping families with no nonsense advice on dealing with the bank and the loss mitigation or short sale person.

We’ll help complete the request forms so you can get back on your feet. Call us today.
 

Bob Marquedant
Hopkinton
Realtor

O 508 435-4009
M 508 341-5630
F 508 435-9257
Bob@Hopkinton
Realty.com