Need help understanding this realtor term

Means it's going to auction for some reason or another. I imagine foreclosure.

>>1015015
So it's a short-sale?

>>1015024
No, a short sale is when the owner is selling it for less than what their mortgage is worth. Usually the bank gives them a strict number they have to sell it for. An auction would not be a short sale, it'd be a foreclosure, where the owner didn't make payments, so now it's owned by the bank.

>>1015052
Oh. I thought that's what a short-sale was, where the bank is selling the foreclosed house.

Is it common for the occupants to still be in the house when you buy it? And for there to be no pictures of the rest of the property/inside?

Who evicts the occupants once the sale is concluded? Is it the new owner's responsibility or does the bank do it before the sale is finished?

>>1015056
>Is it common for the occupants to still be in the house when you buy it? And for there to be no pictures of the rest of the property/inside?
Yes. If the tenants just said "No, I don't want you coming inside" to the realtor, then they can't get any inside pictures. Odds are, they'll still be there.
>Who evicts the occupants once the sale is concluded? Is it the new owner's responsibility or does the bank do it before the sale is finished?
For all you know, they may have a lease. A lease can't be broken just because the property changes hands. Regardless, even if they don't, it's entirely up to you. The bank wants to do as little as possible.

>>1015062
So basically avoid these kind of sales, because you have no idea what's going on?

I'd hate to get a good deal on the house just to find that the occupants signed a lease and I have no legal basis to get rid of them

Or is that not the case? You said "A lease can't be broken just because the property changes hands." but that doesn't sound right to me.

If a tenant signs a lease with the original owner of the house, the owner goes into forclosure, the bank takes over, and then someone else buys it, as the new owner shouldn't the new owner have the right/ability to evict the tenant?

Obviously a state's tenant's rights laws would apply so you'd have to give them 30-90 days notice depending on where you live.

When the calculate how much you can borrow for a morgage does your total debt come into play other than the effect on your credit score? Or are they just looking at your monthly payments.

Say you have a mortgage and you're paying 1000$ a month on it but you're bringing in 7000 per month net. Even if you owe a fuckton on your mortgage it should be easy to pay on another one right? So you could theoretically buy two more expensive houses if you're keeping you're monthly payments under like 40% of your monthly income?

Or am I missing something

>>1015082
>1,000 per month
>expensive house
>am I missing something

A reality check, unless you live in the middle of nowhere. A 300k house (not nearly as good as you'd think it should be) is a $1,500 mortgage. That's a 50% increase from your estimation. Also after taxes, social security, and 401k, making 7k/month is hard as fuck, you'd need to make about 132k, which means you're out-earning 87% of american HOUSEHOLDS, not individuals, by yourself.

And that's without paying cost of living, since you said "net". Honestly you'll need closer to 200k for that.

>>1015082
>>1015087
You guys are insane. Why would you spend that much on a house? You can get a really nice house with 5+ acres of land in most of the midwest for $150,000 or so.

>>1015103
Post listings of non-desert, non-tornado valley entries and I'll consider it, otherwise I'll stick to my housing market that isn't filled to the brim with deathtraps and memes.

>>1015111
http://www.realtor.com/realestateandhomes-detail/355-Benedict-Gulch-Rd_Park-City_MT_59063_M74473-71927

http://www.realtor.com/realestateandhomes-detail/1315-Ponderosa-Rd_Helena_MT_59602_M88123-50794

http://www.realtor.com/realestateandhomes-detail/4041-Sage-Creek-Rd_Stevensville_MT_59870_M77352-02878?ex=MT604279855

http://www.realtor.com/realestateandhomes-detail/85-Chandelle-Ln_Great-Falls_MT_59404_M70635-63016

There's plenty all over Montana.

Even more if you're willing to live in a manufactured home (most of them are really nice these days desu)

One I didn't link here because it was a manufacturered home was 16.5 acres for $130k

>>1015087
>>1015103

Dont get caught up on the particulars.

The question is about weather the banks are going to be concerned with your monthly income/debts or if they are going to consider your total debt in the equation when applying for a second mortgague.

I assume they are going to consider your total debt otherwise you could just keep buying properties forever as long as youre getting some cash flow out of them.

>>1015139
In the USA they care about your income and credit score. If your debts are hindering you, it'll show in your credit score (a hard credit chard, like during a mortgage, also hurts). In theory you could keep getting more and more properties, which plenty of people do. It's called being a landlord.

In the EU credit score don't mean shit, so total debt might hurt more since they'd actually give it a thorough look.

>>1015142
Ok since nobody seems to be addressing the OP let me start.

Most MLS listings that are going to be customer facing for you are going to be scammy and inaccurate. There is no way around it, you aren't a real estate professional and you have no way to access listings to get an idea of the market. Therefore you should spend a lot of time driving around and looking around for signs and property for sale. You are far more likely to find information this way.

You can force tenants out of a lease. It will cost some sort of fixed amount (specified in the lease) but you can do so if you desire. Some leases have clauses built in that terminate the terms of the lease if the property is sold, once again if it is tenant occupied read their lease.

An additional source of information may be to look at Bank owned listings on their own portal. Wells Fargo REO is a good set of keywords to get you started.

Buying any sort of acreage is a different sort of proposition. You may wish to approach agricultural land and attached housing through a local coffee shop or classified ad. The people will usually be willing to point you in the right direction if you ask the right questions.

If all else fails go into a major metropolis find an agent, tell them what you want to do and then let them introduce you. Even better would be to find a broker and establish a relationship with them and let them do the hard work of bringing their talent to the table.

>>1015148
What about the stuff I asked here: >>1015067

It seems really fucked up that I can't eject a tenant as long as I give them notice just because they signed a lease with someone that no longer owns the property.

Seems even more fucked up that I have to pay a fee for it. Why should I be penalized because they signed a lease with someone who fucked off and skipped out on their responsibilities and lost the legal right to the house? How exactly does an agreement between them and someone that forfeited ownership have any bearing on me if I'm the new owner of the property?

>>1015173
Because the lease is attached to the real estate. It is an encumbrance on the property. Because you didn't negotiate with the previous owner to remove the tenant you have to deal with removing them. Now in most places if you want to and there is no lease in place you can evict someone once they are on a month to month situation. But if you buy a property and there is a lease in place you generally have to deal with the terms of whatever lease is in place.

>>1015180
That sucks.

Do they have to disclose that stuff prior to the sale?

Like, if it says "property occupied" does it have to specify if it's a renter or the owner that hasn't been evicted, and if it's the former, do they have to specify if they're under a lease agreement or not?

Also, how is a lease attached to the real estate? Like, I understand it says "at this address blah blah blah" but every lease I ever signed tied me contractually to a person, company, or organization.

>>1015215
It would need to be disclosed, if it wasn't disclosed and you were to find out after the property was signed over and nothing was said it would be fraud and you could obtain damages (you would more than likely still have to deal with the tenants and whatever lease they had).

Most of the time you would simply ask the occupants of the property for a copy of their lease or ask who they signed the lease with and go talk to them.

It is attached to the real estate through practice and occupancy. Possession is 9/10ths of the law. After that they would just need to show they had a legal basis for being there. Receipts help.

This area of the law can get all screwy when you start getting down to it. Especially if you think you have color of title but instead the title is defective in some ways. You would really need to ask a lawyer if you got to that bad of a stage. I would have a lawyer ready to look over anything you sign, since you are buying it more than likely with financing the mortgage issuer will handle the majority of issues determining how you are going to inhabit the house.

>>1015229
So basically just avoid shit like this like the plague.