Area Foreclosures

[Smiling JOe]

I created the new thread on Short Sale Pricing Discussion.

Now back to foreclosures...

 

[scooterbug44]

Someone told me it costs a bank upwards of $50k to foreclose on a property. Is that accurate?

 

[Smiling JOe]

They wouldn't spend that much on legal fees, but on many properties in South Walton, they would lose more than $50,000 by the loss of equity. If they loaned $400,000 on the house, which is now worth $275,000, they would have a loss of at least $125,000, plus, lawyer fees, brokerage fees to resell the property, plus lost interest during the time between when the former owner stopped making payments to the time when the bank finally sold the house.

I wonder if that number of $50,000 is perhaps the current National average?

 

[scooterbug44]

No, they were citing that number as the amount the bank had to spend just to go through the process - legal fees, filings, notices, staff time etc. not as the total monetary loss on the deal.

Made me wonder why (if it did actually cost that much) they didn't hire some people to expedite the short sales and save them some $$.

$50K seems low for the national average of a net loss - that would be less than a 15% loss on a $350K house and prices seem off by more than that.

 

[Smiling JOe]

Yes, $50,000 does sound low for a nat. avg of a net loss, but $50,000 seems too high for legal fees and filings. I guess the higher they can make that number, the greater the write off for the bank. If you look up the foreclosures and look at the detailed expenses, legal fees, etc don't typically total close to $50,000.

 

[JoshMclean]

Yes, the banks spend $30,000-$50,000 to forclose on a property. They do what they call a "savings over foreclosure" analysis to determine whether they should take a short sale or sell it in foreclosure. Of course, they're screwed if they can't get what they think they should from a foreclosure sale. Bobby had a good example the other day of the bank accepting much less than his short sale offer.

 

[AAbsolute]

There are legal clearinghouses doing foreclosures for $1,450.00. Most of the current foreclosures in Walton County are done this way. The fee has to be determined to be reasonable by the Judge in order to be charged.

Attached is a run of the mill breakdown:

 

[JoshMclean]

Destin Home Foreclosures-
http://ecarmls.com/EmeraldReports/listings.asp?ID=7216695734

Miramar Beach Home Foreclosures-
http://ecarmls.com/EmeraldReports/listings.asp?ID=7216695737

Santa Rosa Beach Home Foreclosures-
http://ecarmls.com/EmeraldReports/listings.asp?ID=7216695741

30A Home Foreclosures-
http://ecarmls.com/EmeraldReports/listings.asp?ID=7216695745

Point Washington Home Foreclosures-
http://ecarmls.com/EmeraldReports/listings.asp?ID=7216695743

Freeport Home Foreclosures-
http://ecarmls.com/EmeraldReports/listings.asp?ID=7216695748

Panama City Home Foreclosures-
http://panamacitymls.net/BayReports/ListitLib/show_report.aspx?ID=CAR7088124

Destin Condo Foreclosures-
http://ecarmls.com/EmeraldReports/listings.asp?ID=7216695751

Miramar Beach Condo Foreclosures-
http://ecarmls.com/EmeraldReports/listings.asp?ID=7216695753

Santa Rosa Beach Condo Foreclosures-
http://ecarmls.com/EmeraldReports/listings.asp?ID=7216695757

30A Condo Foreclosures-
http://ecarmls.com/EmeraldReports/listings.asp?ID=7216695758

Panama City Condo Foreclosures-
http://panamacitymls.net/BayReports/ListitLib/show_report.aspx?ID=CAR7088127

Destin to 30A Land Foreclosures-
http://ecarmls.com/EmeraldReports/listings.asp?ID=7216695767

Destin to 30A Townhome Foreclosures-
http://ecarmls.com/EmeraldReports/listings.asp?ID=7216695762

 

[JoshMclean]

There are some great foreclosure deals coming on the market. Email me if you would like to know about Destin-30A foreclosures as soon as they hit the market.

Distress Sales resulting from bank foreclosures often represent a great way to get a fantastic deal on a Destin home. It's not easy for the average buyer to find these deals, because you have to keep scouring the paper to see when one comes up. Destin foreclosures have become more prominent with the current problems in the mortgage industry.

If you're the type of person who recognizes what a great deal some of these properties could represent, you will be interested to know about a new free computerized service which automatically searches out and downloads a current list of all such properties day in and day out. When you receive this free, no obligation service, you're automatically plugged in to the most current list of Destin Foreclosure Properties on the market, in the price range and area that interests you. This FREE service every week will save you a lot of research and running around.

Here's how it works. Every week, you will receive a FREE computerized report listing the current Destin foreclosure properties in your desired price range and location. There is no cost for this information, and absolutely no obligation. This insider information, sent to you in an incredibly simple and efficient format, will give you a huge advantage over other buyers in the marketplace. I keep an updated page with links to all of the current Destin Foreclosures at all times.

With the rise of short sales, foreclosures, and distress sales this has become the ultimate way to buy Destin Real Estate. Stay on top of the Destin foreclosures and you will find the best deals around. Whether you are looking for a Destin foreclosure home, a Destin foreclosure condo, or any other Destin foreclosure then you have come to the right price.

If you are interested in foreclosures or distress sales in Destin, Miramar Beach, Sandestin, Santa Rosa Beach, Blue Mountain Beach, Grayton Beach, Watercolor, Seaside, Seagrove Beach, Watersound, Seacrest Beach, Rosemary Beach, or Inlet Beach then let me know. With a large selection of short sales and foreclosures on the market right now it creates the perfect opportunity for those who want to own in this area. These incredible deals won't last forever so the time to act is now!

You can request this free service by simply emailing me at josh@joshmcleanhomes.com

 

[AAbsolute]

There are some great foreclosure deals coming on the market. Email me if you would like to know about Destin-30A foreclosures as soon as they hit the market.

Distress Sales resulting from bank foreclosures often represent a great way to get a fantastic deal on a Destin home. It's not easy for the average buyer to find these deals, because you have to keep scouring the paper to see when one comes up. Destin foreclosures have become more prominent with the current problems in the mortgage industry.

If you're the type of person who recognizes what a great deal some of these properties could represent, you will be interested to know about a new free computerized service which automatically searches out and downloads a current list of all such properties day in and day out. When you receive this free, no obligation service, you're automatically plugged in to the most current list of Destin Foreclosure Properties on the market, in the price range and area that interests you. This FREE service every week will save you a lot of research and running around.

Here's how it works. Every week, you will receive a FREE computerized report listing the current Destin foreclosure properties in your desired price range and location. There is no cost for this information, and absolutely no obligation. This insider information, sent to you in an incredibly simple and efficient format, will give you a huge advantage over other buyers in the marketplace. I keep an updated page with links to all of the current Destin Foreclosures at all times.

With the rise of short sales, foreclosures, and distress sales this has become the ultimate way to buy Destin Real Estate. Stay on top of the Destin foreclosures and you will find the best deals around. Whether you are looking for a Destin foreclosure home, a Destin foreclosure condo, or any other Destin foreclosure then you have come to the right price.

If you are interested in foreclosures or distress sales in Destin, Miramar Beach, Sandestin, Santa Rosa Beach, Blue Mountain Beach, Grayton Beach, Watercolor, Seaside, Seagrove Beach, Watersound, Seacrest Beach, Rosemary Beach, or Inlet Beach then let me know. With a large selection of short sales and foreclosures on the market right now it creates the perfect opportunity for those who want to own in this area. These incredible deals won't last forever so the time to act is now!

You can request this free service by simply emailing me at josh@joshmcleanhomes.com

Josh, with all do respect, this Thread seems very similar if not redundant to Murray's Blog on SoWal.com I did just e-mail you to get on your list and I hope it's as thorough as it sounds. Good work.