The Tim Houk Team is well versed in
foreclosures and short sales.
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Short Sales:
A short sale is the sale of a property for less than the amount owed on the property. These type sales have to be negotiated through the lenders for the current owners (seller) of the property. While we can often facilitate a flawless short sale you should always consider acquiring legal council to advise you of your rights and possible repercussions of a short sale. Every sale will be viewed differently by the lenders being every individuals financial stability will vary. In residential Real Estate lenders are often willing to forgive the difference of the amount of the sale and the amount owed. This is known as a deficiency and if an agreement isn't made between the lender and the seller, the lender could pursue a deficiency judgment against the seller. If your unable to maintain your mortgage on your property please contact us to review possible options which could help you avoid a foreclosure or bankruptcy.
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Foreclosures:
There are two types of foreclosures. There are pre-foreclosures and post-foreclosures. Buyers often consider both types. Pre-foreclosures are often attractive to buyers because the lenders will often sell for as little as 2/3 of the appraised value. This purchase would be negotiated through a short sale if the owner doesn't have any equity in the property. Once a property is foreclosed on it goes to the local sheriff sale. At the sheriff sale bidding for the property will start at 2/3 of the appraised value. There are often several investors bidding against the same property causing the price to be driven up. At the East Baton Rouge Parish sheriff sale the winning bidder must pay for the property in cash or cash equivalent by 2:00pm on the day of the auction. See our links tab to view local sheriff sales. Most properties at sheriff sales will be bought back by the lender that has the mortgage on the property up for auction. The lender then contacts their local Realtor to list the property for sale. This is known as a post-foreclosure. Remember, the lender paid at least 2/3 of the appraised value of the property at the sheriff sale. For this reason the property will be placed on the market for full appraised value. Lenders will often sell the property for less than the appraised value if they have too many foreclosure properties in their portfolio. If you are interested in sheriff sales, pre-foreclosure or post-foreclosure opportunities contact us for more information.
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Lenders:
We welcome inquiries from lenders and ambitiously desire your foreclosure listings. We work hard to keep our inventory revolving which means a reduction in foreclosure inventory for you. Contact us today for a complete portfolio of our current and previous performance as well as our listed and sold properties.
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