A recent Land Court Decision Affecting Foreclosures in Massachusetts

Guest

Thank you BL for you inputs...

I plan to goto auction when it comes. In my case, I think i have fair idea on the title, as my attorney had done a run on the title and explained to me what are all wrong.. there 2-3 things I would need to clear, but thats fixeable according to my attorney.. nothing else came up during title check. I had done an inspection on this house (water test, well test, radon test etc was all done). There are some major things to fix, but have a fair amount of idea what it takes... and had got some concession from the bank to fix some of them..
so I was thinking if I get it at good price, buying at auction won't be risky.. but u never know. I also heard they normally set the auction price high, what they are owed.. so may not have any luck during auction. .
it is not on newspapers yet.. am watching...

Guest

No Problem Deam Home -

The riskest part of buying at auction is closing in the 30 day timeframe unless you are paying cash then there is no risk in your case becuase you already know what is wrong with the property. But just think of how you are going to get into the house to do another appaisal as the one you propablly had done will be void as there only valid for 60-90 days, remember that there is no real estate agent anymore when you buy at auction, you also have to check if there are any unpaid taxes, you can call the city assessors office to get that info. I just dont want to see anyone lose 5 or 10 thousand dollars after they already spent hundreds on the house already!

In my case, the house sold in 2006 for $360,000 (2 mortgages) the bank opened the bid at 190,000 (same opening bid as the first auction) my recommendation to you is to go down to the registery of deeds and check the foreclosure deed to see how much the bank bought it back for at the first auction i bet you thats what the bank will start the auction at.

BUT in my case just because the bank opened the bid at 190,000 doesnt mean you go there and you can get it for 190,000 becasue a third party did bid 190,000 and the bank went 195,000 and the auction stopped there... so the bank has a reserve that you wont find out....

- Hope this helps.

Good Luck and i hope you get your dream home!

Guest

Hello Blown Away! May I ask how you are getting these updates. I sent Scott Smith an email asking to be put on his update list (if he has one) or are you getting them by phone? I've tried his number 617dash788dash7463 but only get a short message when I try it. Thanks, Peter

Guest

Peter, I have just been emailing him once per week. He responds in a timely manner, and is as detailed as I think he is allowed to be! Any movement on your "dream home"?? I havent seen our "dream" home in newspaper and still waiting on the other offer we put in....

Best of Luck to All!

Guest

Hello All,

Figured i would give everyone an update on my case. I heard back from the listing agent 10 days after the house sold back to the bank at auction.

I resubmitted my offer for the same price as before and they accepted.

Please be patient, and your dream home will come.

Good Luck!

Guest

BL: Congrats, this is great news, I hope everone elses is as smooth. The problem for some of us is time.....and that our banks havent started reforeclosing!

Congrats again!!

Guest

BL - that is terrific news! Congratulations! I just wish our bank would stop waiting for this judge and re-foreclose all ready! Geesh!

BL you have given me hope and patience....thank you! Can I ask how long it took from the time you were told the bank was going to re-foreclose to the point your offer was accepted?

Guest

I am buying a property which the investor bought at foreclosure in 2007. He totally built a new house. Was to close any day but just found the title is held up because of this case. Does anyone have an idea how quickly this judge may revise his decision?

Guest

Latest news came in on Tuesday....it is listed below....btw welcome to our misery!

Judge Long is working on the Ibanez decision. He has one other big case that is going out this week and then he'll focus on Ibanez/ Larace again exclusively. It will likely take several weeks to finalize, perhaps a bit longer, but he's committed to getting that decision out as soon as possible. The decision will definitely not issue this week and very doubtfully next week, but as always feel free to check back whenever you'd like and I can let you know of any progress on the decision.

Thank you for your continued patience.

Sincerely,

Scott

Scott A. Smith

Sessions Clerk to the Honorable Keith C. Long

Land Court Department of the Trial Court

226 Causeway Street

Boston, MA 02114

Guest

Thank you for that helpful information.

Guest

gmornin - it took 90 days, from being the re-forecloure, going to auction, and accepting my same purchase price.

I would recommend contacting the last foreclosure attorney's office who did it the first time and ask them where the foreclosure stands today. Thats what i did to check the status...

Good Luck!

Guest

Congratulations BL!

GMorin, I've emailed Scott Smith a few times but never get a response. Could you send me his email address? Maybe I am using the wrong one. Thanks. Peter sunfighter57 at yahoo dot com

Guest

Hi Peter -

Scott Smith is scott dot smith at jud dot state dot ma dot us

Hope this helps.

Guest

Thanks Gmorin, that's what I thought. He just doesn't return my emails. Thanks for your updates here. I'll keep relying on them! Smile

Peter

Guest

Peter I thought I'd let you know that your sunfighters 57 got kicked back to me as invalid...so I'm not sure if Scott is having the same issue.

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