Foreclosure Listings Canada – Foreclosures in Canada-Reasons and Tips to make a decision

26 October, 2011

Foreclosure Listings Canada is a great resource, but first let’s talk a bit of foreclosures. Reason for Foreclosures is simple. Home owners are not able to make mortgage payments. The reasons could be various- Job loss, divorce, ill health – in short, a change in financial situation. Further to the above reasons, it is the booming real estate market in prior years and global financial down turn and crisis. People have refinanced their homes by pulling out available cash for increased mortgage payments from their equity and are unable to make those payments for various reasons.

Foreclosed homes in Canada are sold in two ways:

Courthouse Auction sale: Check with the Courthouse assistant to verify available sales and dates. If the bids do not cover the mortgage balance, usually the bank or any other mortgage lender will buy out the property. But one cannot buy such a property as the balance of the mortgage payment has to be made on the date of the sale. House inspection is not possible prior to the purchase. You have to take it as it is. The highest bidder wins and gets to buy the property. Realtor or MLS Listings: Most of the foreclosed homes in Canada are sold by realtor even before the houses are listed on any foreclosure listings. The procedure is just like buying a regular property, the house can be financed, and you can do prior house inspection but need not pay any commission to anyone. To buy a home that is going into foreclosure, you make an offer to the home owner. If the offer does not cover the mortgage the bank has to approve the offer. If the house is already in foreclosure, you have to deal with only the bank. Check with the court house clerk/assistant to know if the house you want to purchase is already in the Courthouse Auction list

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Buying a foreclosed property is now a Smart Investment. It has become the fastest evolving trend in Canada now. It is important that the buyer considers every pros and cons before buying a foreclosure home.

Before starting on research on the foreclosure homes, the buyer should work on the plan. You must work out on the finances first- how much money you have and how much are you going to borrow. It is very important to understand and learn the buying and selling procedure of the foreclosed properties. You must decide on the best mode of purchase

It can be through bidding, through auctions or through negotiations. Once all the research is completed you can start the procedure with utmost care and caution. After the research, you have to understand what your needs and requirements are; start looking for a dependable source of property listing. It should be within your budget but should not end up in a compromising state. You can choose a local agent because they are the best as they know all about the location. You can then start looking for the foreclosure home listing. Apart from the above you need to locate a house where you can get necessary amenities and basic facilities of life. Choose a place where property rates will go up in the near future. This is an important point to consider if you are looking for a better resale value.

After you have short listed the foreclosure home, it is time to get on to the next step.

The next step is inspecting and viewing your future home. A thorough examination of every minute detail can show up things like utility dysfunction or structural weakness or damage. This validation inspection can cost you some but it is worth spending as it saves you from expensive repairs later.

Last but not the least- you must complete all the legal formalities and issues to save yourself from any unexpected future problems.

You have to have a realtor who is experienced and familiar with the area and location.

It is always easier to buy a foreclosed home from the bank direct than to buy at the courthouse auction. If you go in for a courthouse auction house, you have to deal with the unpleasant task of evicting occupants, house inspection and competitions from other eager buyers.

Joe Varling is the author for this article, as he is a Master in Foreclosure Homes in North America. Kindly visit M3REO GROUP to know more.

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How To Buy Pre Foreclosures – Introduction To Buying Pre Foreclosures

21 October, 2011

Have you ever heard the term pre foreclosure? Do you think that this means the same thing as a foreclosed home? If you answered yes to these questions you are not alone. But at the same time, if you answered yes you are not familiar with the advantages of buying pre foreclosures.

Pre foreclosures are properties that are in the final stage before they are taken back by the bank. In other words, this means that the owner is still in charge of the property, but if they do not do anything to rectify their situation the bank is going to repossess the home.

There are many benefits that go along with buying pre foreclosures. The reason that many people miss out on these homes is because they have no clue what they are, or how to go about finding them.

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The number one advantage of pre foreclosures is the price that goes along with them. Being that the owner has to sell the house before the bank takes it, they will be more inclined to listen to any offers that they receive. This means that it is not out of the realm of possibility to find pre foreclosures that are up to 50% off of the market value.

In addition to the great price that you can get on pre foreclosures, you will also be able to deal directly with the owner. This is an advantage because the buyer is in the driver’s seat during a pre foreclosure deal. If the home owner turns down your offer and fails to sell the property, they will end up losing everything. But they know that if they sell the home they can at least end up making back a little bit of money.

Locating pre foreclosures can be done in the same way as locating homes that that bank already owns. You can find them in the newspaper, online, or by calling the lender directly on the phone. The decision is up to you, and you can base it on what seems to be most effective.

Generally speaking, when you are buying pre foreclosures you will not have as much competition as you would when searching out foreclosed properties. This is beneficial in getting a great price and ending up with the home that you want in the end.

Buying pre foreclosures can be very profitable. If you are looking for a new home, don’t forget to check out these properties.

Masni Rizal Mansor provide tips and review on pre foreclosure and foreclosure properties.

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Buy Foreclosures – The Right Way of Buying Foreclosures Home

19 October, 2011

The real estate industry is reshaping a new market as a result of the real estate bubble burst and the sub-prime mortgage problem.  We are now witness to the emergence of a new phenomenon called a foreclosures home.

Investors and homeowners who can pass the stringent requirements of financial institutions may consider investing on a foreclosures home.  There are a lot of properties that are on the FHA foreclosure listings we can consider as “best buys.”  Another thing to watch out for is the impending occurrence of a second wave of foreclosures; this time in the prime property sector.

Buyers can follow either of three routes in buying foreclosures home.  One option would be to transact directly from the homeowners before the real property is foreclosed by the mortgage lender.  This approach is referred to as pre-foreclosures.

Another approach is through auction. Prospective home buyers are required to bid the highest to purchase a foreclosures home.

The third one involves direct transaction with the real estate company.

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Pre-foreclosures can be an attractive approach under the following circumstances.  Prospective home buyers must have the available equity to close out the deal with the present owner of the real estate property.  You should also have access to complete information appertaining to the property; particularly the title, the mortgage structure and liens.

The owner of the home gives up his rights to the property by signing a deed in your favor.  You are in effect assuming the mortgage along with the rights to the real estate property.  You also have to pay all back payments or mortgage payments that are over due.

The auction approach may vary depending on the state where auctions of a foreclosures home are held.  It is essential to note at this point that this approach carries the heaviest risk.  This method, however, may also yield the greatest benefits to the winning bidder, as he stands to gain as much as 40% out of the transaction.

The downside of this approach is that buyers will not be able to do a thorough inspection of the property prior to the auction.  Winning bidders also have to pay in cash.  In some instances, you may also encounter problems with former owners of the property refusing to vacate the house.  In addition, you may also compete with real estate investors who are out to cash in on the purchase through resale as well.

Buying directly from the real estate company entails lesser risks when it comes to the actual condition of what you are buying.  You are afforded ample time to inspect the property.  You can also demand for a clean title and also add a stipulation in the contract that it is subject to getting a mortgage.  Brokers usually handle the sale of foreclosures home in behalf of the banks.  This approach is the safest amongst the three approaches, however, the downside would refer to lesser gains from the purchase of the foreclosures home.

Selecting the right method in buying foreclosures home would depend on the goals and circumstances of the buyer.

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Foreclosures Of Homes – Foreclosure List Homes in Virginia Fixed with Nearly $4B

19 October, 2011

homes in Virginia will be purchased, rehabilitated and sold by nonprofits and state and local agencies with a total of .92 billion in funding from the federal government under the Neighborhood Stabilization Program.The funding was approved by the federal government last year, but the facility to access and use the money will be made available only these coming months.The state of Virginia was allocated a total of .7 million, which the Virginia Department of Housing and Community Development is expected to distribute to nonprofits and local governments that will manage the acquisition, rehabilitation, resale or lease of foreclosure properties.The counties of Prince William and Fairfax applied separately for NSP grants and received .1 million and .8 million, respectively. The grants were approved based on the conditions of neighborhoods battered by foreclosures.In April, Governor Tim Kaine announced the approval of million in NSP grants and announced .4 million 4 months later. Chesapeake City was allocated with .5 million while the Virginia Beach Community Development Corporation was allotted .2 million.Alisa Winston, housing coordinator for Chesapeake, said the city has not yet received the money, but her team planned to buy around 12 homes in the neighborhoods of Western Branch and South Norfolk.She added that her program limits repair costs to ,000 for each house and ,000 for a property with lead contamination so that the money can be stretched to buy more units. Sales from repaired units will be used to buy additional foreclosures to repair.Mary Kay Horoszewski, head of the Virginia Beach CDC, said her organization will buy and repair foreclosure homes and then sell them to low-income and moderate-income families.Nonprofits and local government agencies are given 18 months to budget the money for their programs and 4 years to carry them out. Any excess funds must be given back to the U.S. Treasury.Based on data from the Virginia Department of Housing and Community Development, the state foreclosure rate has increased to nearly 2 percent in June 2009, up from only 0.24 percent 4 years ago.Over 28,000 homeowners in the state are in default or foreclosure and over 16,000 foreclosed units are vacant, according to the agency.The three cities with the biggest number of homes in Virginia are Virginia Beach, Chesapeake and Norfolk. Housing analysts cite the large proportion of subprime loans taken out by homeowners in the three cities during the boom.

Joseph Smith has been educating buyers on the finer points of Virginia Foreclosure Listings at ForeclosureListingsNationWide.com for over five years.

Foreclosure Condo – Real Estate Foreclosures in Puerto Vallarta, Mexico

16 October, 2011

By: Jim Scherrer

 

Foreclosure, by definition, is the legal procedure for satisfying claims against a mortgagor in default who has not redeemed the mortgage; satisfaction may be obtained from the proceeds of a forced sale of the property.

 

There are many reasons why mortgagors may fall into default but historically it happens when the mortgagor loses his job, loses his health, or for some other reason is unable to make his mortgage payments in a timely manner.

 

Today, the majority of reasons for default are totally different. Many recent mortgagors were able to obtain loans with little or no credit history and little or nothing as a down payment. They received adjustable rate mortgages and if they were ever able to afford their monthly payments, they were no longer able as soon as the interest rate increased and consequently the mortgagee was forced to foreclose on the buyer. As the foreclosure rate in a given region started to increase, so did the availability of distressed property sales. Of course, an increased volume of distressed properties in the neighborhood resulted in a rapid depreciation of the neighboring properties. With the value of a given property well below its mortgage payoff balance, many mortgagors merely elect to abandon their property and walk away from their mortgage; thus the mortgagee is forced to foreclose on these borrowers as well.

 

This vicious circle of foreclosure events is currently occurring at an unprecedented rate in the US. Headlines such as “US Foreclosures Up 24 Percent in 1st Quarter “,” US Banks Step Up Home Foreclosures “,” Las Vegas Tops Foreclosure List”, “Sun Belt States Lead Q1 U.S. Mortgage Foreclosures” and “Foreclosures May Hit 1.5 Million in U.S. Housing Bust” are seen in the news on a daily basis.

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Okay, know that we fully understand the cause for and frequency of the recent foreclosures and knowing it’s a buyer’s market, perhaps, if you still have a little money left over after the recent stock market sell off, you might be considering shopping for a foreclosed property at a distressed sale price in a resort such as Puerto Vallarta, Mexico. If so, you might as well forget it; you’ll not see a foreclosure sign in Mexico!

 

The following is taken verbatim from Condo.com, one of the major websites dealing in worldwide condo sales:

Mexico Foreclosures – Condo.com is the best way to find free foreclosures listings in Mexico. Find foreclosed condos, foreclosed condos, foreclosure properties and other foreclosure investment opportunities in Mexico. Search bank foreclosures, REO properties, preforeclosures, HUD homes and more foreclosures in Mexico. Sorry! There are no search results found.  No For-Sale listings available

Well, that pretty well sums up your opportunity to “steal” a nice condo in PV! There are numerous reasons why foreclosures are essentially nonexistent in Vallarta however the primary reason is that up until just recently, all purchases were done strictly on a cash basis. Mortgages are now available in Mexico but only with a substantial down payment. With a solid credit history and income stream, one might be able to purchase a property in Mexico with only 20% down, however most of the mortgages are with down payments approaching 50%. As you can imagine, it takes an awfully good reason to walk away from a property when you have that kind of investment in it! Consequently, with 98% of the properties owned outright and the remaining 2% with well funded mortgages, there are virtually no foreclosures in Paradise!

 

Because there are no foreclosures, there has been no significant depreciation of values in Puerto Vallarta. That’s not to say that there’s not been a leveling off in prices or that the developers are not more inclined to “negotiate” today than they were a year ago. To the contrary, prices on newly constructed condos have never been better than they are today and bargains can be found throughout the city. This is to some degree due to over building during the past ten year boom period and partly due to the reduction in prices of steel and other construction materials as well as the decrease in construction labor rates as the Peso recently devalued by 30% relative to the US Dollar.

 

For the reasons regarding foreclosures outlined above, you should never see your investment value plummet in Vallarta as it has in many desirable locations throughout the US. Because the North Americans have been recently hit so hard financially combined with the fact that the local developers have overbuilt, Puerto Vallarta is a true buyer’s market. There are 1,000´s of new condos currently on the market in PV and with interest rates at an all time low, the time to buy will never be better. So, why wait; come on down and explore the possibilities; just don’t look for any foreclosure signs! Any North Americans still holding cash will never find a better time or place to invest it; besides, where else can you live in a climate better than Hawaii, 2-4 hours from home, all the amenities of home, as many or more activities than at home, and at a fraction of the price?

Jim Scherrer has owned property in Puerto Vallarta, Mexico for 25 years and resided there for the past eleven years. The mission of his series of 50 articles pertaining to retirement in Puerto Vallarta is to reveal the recent changes that have occurred in Vallarta while dispelling the misconceptions about living conditions in Mexico. For the full series of articles regarding travel to and retirement in Vallarta as well as pertinent Puerto Vallarta links, please visit us at Puerto Vallarta Real Estate Buyers‘ Agents

Government Foreclosure Auctions – Government Foreclosures

14 October, 2011

A government foreclosure house is a home that is owned by a government agency; such as, Federal Housing Administration and Housing and Urban Development. When a government home is foreclosed upon it becomes awarded back to the appropriate government agency and then listed as a government foreclosure house to be resold to the highest bidder at a public auction. This is prime meat for most investors and home buyers alike.

There are many awards for purchasing a government foreclosure house. One of the greatest benefits is saving thousands of dollars off of the market value for the home. Another includes making a significant profit from the home. However, before choosing to invest in a government foreclosure house become completely aware of the regulations for that government agency. An investor or home buyer should also be familiar with the bidding process and purchasing procedures.

One common misunderstanding when investing in a government foreclosure house is that only low income or certain people can qualify to purchase the home. The truth of the matter is that almost anyone can purchase a government foreclosure house. Another common misunderstanding is that an investor or home buyer can buy a government foreclosure house for little to nothing. This is not the case. Though there are some lucky buyers that may find a great home for forty percent below market value the average savings is usually twenty to thirty percent below market value.

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It is important to be prepared to make the purchase when the time comes. That may mean already being pre approved for a government home loan or have the money to purchase the home. Though purchasing a government foreclosure home is a time consuming process being prepared to make the purchase is a smart and organized start. If an investor or home buyer considers financing the home he or she may qualify for zero down home loans and or special government financing. Government foreclosure auctions accept many payment options. It is wise to find out which payment options are accepted for an auction near you.

Here are a few tips to assist an investor or home buyer in finding a government foreclosure house auction: The three most available options are the Internet, magazines and news paper listing. The Internet is a great starting place. It can lead you to thousands maybe millions of connections.

You may also want to visit certain government agencies to find out more information. Visit the Housing and Urban Development or Federal Housing Association website. Here they may have information about auctions in your state and other valuable information. The Internet offers many search options. You can view listing by state, banks, county, and much more, making your search easy as pie.

While visiting several sites it is a good idea to sign up for updated and the latest listing to either be emailed to you or mailed to you through the postal service. This way you get thousands of listings everyday. Several real estate magazines offer listing pertaining to the state in which the magazine was purchased and articles on how to choose the perfect bank foreclosure real estate for you. News Paper like magazines offer similar information. The above search methods will prove to be beneficial and is the beginning of an awarding investment.

Sal Vannutini is the author of ” The 8 Power Profit Secrets To Making More Money With Less Risk In Real Estate, ” a free strategy report for investors. Get your complimentary

copy at www.FastFixerUpperProfits.com today.

Foreclosures Repo – Buying a Repo Home? Inspect it First

13 October, 2011

For those buying a house it is best to thoroughly inspect it – this is more so urgent in the case of . By foreclosure is meant all the stages of the process. It is not possible to inspect those bought at foreclosure auctions but when one decides on a short sale or bank repossessed unit, an inspection is a must.

Tom Jansson of National Association of Certified Home Inspectors (Chicago) said while the rules of inspection are more or less the same generally, when buying a foreclosed house it is necessary to look more carefully into things like seeping water and burst out pipes.

He said that usually the banks are failing to maintain the repossessed houses and they just run to seed due to long months of neglect. For instance it is vital to get the house winterized – more so if it has been lying vacant to avoid the bursting of pipes and water seepage.

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Jansson explained that the neglect has exacerbated the problems that would not have been in the case with non-foreclosed houses. If the roof leaks then it turns out to be really bad.

He further informed that many houses had been built during the time of the housing boom that were not constructed properly. When many years of neglect is added then the problems can become really serious – like damage to the structure.

Regarding inspection it is important to choose a licensed inspector. This can be easily checked by going online. It is also convenient to take the help of a person connected with NACHI or American Society of Home Inspectors. They are generally serious about dedication to their line of work and also they keep themselves updated.

Many are up for sale on an ‘as is’ basis where inspection is not possible. Jansson suggests one should try to put in a request and hope for an affirmative answer. Any owner who is serious about selling in this buyer’s market generally will not make any fuss about granting permission.

The law bars the inspector from saying if the client should or should not buy the house their suggestions are invaluable regarding the amount of work that requires to be attended to. However it has to be kept in mind that the inspector only gives advice about what is visible. They do not have x-ray eyes – quipped Jansson.

Karen Anne, has been working on GovernmentRepoHomes.com studying the foreclosures market, helping buyers on the finer points of government homes. Try to visit GovernmentRepoHomes.com and begin your government repo houses search.

DES MOINES, IA, Sep 05, 2010 — As the headlines tell us, foreclosures continue to plague our communities and our economy at large. According to Customer Care , eCare of RE/MAX Real Estate Concepts, if you are one of the many homeowners struggling financially and confronting the possibility of a foreclosure, however, there are viable options you can pursue before relinquishing your home. “There are options worth pursuing for those facing possible foreclosure,” explains Care . “Many banks, for example, offer loan modifications or other programs that can give homeowners a little more breathing room and a chance to get back on their feet.” An experienced, professional real estate agent or counselors certified by the Department of Housing and Urban Development (HUD) can help you explore available options, says Care , including: Forbearance. A forbearance is a temporary suspension of payments sometimes offered if a borrower has lost a job but has a new one starting soon — or because medical bills or another crisis situation has caused a temporary cash shortage. Repayment plan. Repayment plans offer a scheduled blueprint for making up missed payments over time. Loan modification. A loan modification is a change in loan terms for a limited time, as when a subprime interest rate has jumped considerably. Care also advises financially distressed homeowners to be extremely wary of anyone purporting to offer a “quick-fix” solution. According to the Federal Trade Commission, steer

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Fort Worth Foreclosures – The benefits and guidelines to purchase Fort Worth Foreclosure Homes

12 October, 2011

Fort Worth is the fifth largest city in Texas and the eighteenth biggest city in the U.S. It is located in South Tarrant County and is inhabited by 540,000 residents spread over 300 square miles. It has many housing opportunities including Fort Worth Foreclosure Homes.

There are many benefits of investing in Fort Worth Foreclosure Homes and at the same time, you must follow certain guidelines while buying the same.

Fort Worth residents have a median income of , 622. Located on the banks of the Trinity River, Fort Worth is one of the fastest growing cities in the U.S. Locals call it ‘Cow Town” and it has diverse housing opportunities from wide spread ranch homes to high rise condos.  
Several housing property developments have appeared in the city. Master planned communities are emerging in projects such as Walsh Ranch, Circle T etc. Also, new construction activity continues unabated with projects such as Pecan Place, Le Bijou, The Versailles, and Hill Side Apartments. Some major projects that are under construction include The Cassidy- a 22 story residential tower and Trinity Bluffs- a  1500 unit mixed use project along the Trinity river.

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For those wanting to enjoy life around a wide range of cultural activities like theatres, museums, sports centers etc, Fort Worth Foreclosure Homes offer a cheap  and useful deal.

The benefits of Fort Worth Foreclosures are a great deal. These homes come for 15-50% below the market price. Also you acquire instant equity with these deals. Mostly they come equipped with enough  facilities, so they are a great investment. The prices in the market are tumbling with every passing year. In December 2008, the average price of a foreclosure in Fort Worth was 0,000. One year later, prices tumbled to 0,000.

Following are the guidelines to purchase Fort Worth Foreclosure Homes:

Subscribe to an online listing of Fort Worth Foreclosure homes to narrow down your choice of foreclosed properties according to your taste and budget.

After identifying properties that match your taste and budget get down to the actual work of purchasing. This consists of arranging your financing, doing a background check of your property and inspecting the neighborhood.

Get the help of a lawyer to verify documents of the property before you make the purchase. If there are any outstanding taxes, repairs, liens, make sure to incorporate them in the cost of the property.

Make sure that at the time of auction, your finances are in place. You should have money to pay the financial institutions as well as to do renovation. You need to be ready to pay 10% of the cost at the auction and the balance within a month.

Thus with several benefits Fort Worth Foreclosure Homes are a great buy and you need to proceed carefully and follow guidelines while making that great investment.

 

Karin is a chief writer having more than 15 years of experience in writing on varied topics. Her writing style is a pleasure to read.She is regularly writing on Fort Worth Foreclosure Homes. For more details please visit http://www.foreclosureconnections.com/list/TX/Tarrant/Fort Worth.html.

Deep Discount Starter Homes to Luxury Homes, Dallas and Fort Worth Metro Area, www.RealEstate-Pat.com , Free List of HUD & REO homes, Pat Svetlik , www.DFW-InvestorGroup.com,

Foreclosures On Houses – HUD Foreclosures: Wonderful Houses For Less

07 October, 2011

There are many people who want to buy a house. However, buying equates to huge amounts of money. They believe that they need to work very hard to get the house they’ve been longing for since they were young. But, you can save a lot of money if you decide to purchase a foreclosed house, mainly, searching through a list of HUD foreclosures. In Arizona, you can also find stunning houses at a Maricopa home auction list.

The fact is there are foreclosures for sale available all across the country. Some people would even participate in auctions such as Real Estate auction in Medford, Oregon to find good, cheap, livable ones.

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Foreclosures might not rest well to some, but it can be good news to open minded potential buyers looking for a decent home that they can own instead of rent. Foreclosed houses are the best option if you are on a tight budget. Buyers that have a keen eye for detail will find that there are really a number of stunning houses that can almost be considered giveaways!

HUD foreclosures are also known as Department of Housing and Urban Development (HUD) residential foreclosures. This housing plan is by the Federal Housing Administration. Once foreclosed, these HUD homes are appraised and then the price is determined by its size, amenities, location, and how much repair it needs. As for the repairs, the future owner of the house will have to fix them on their own. HUD houses, just like foreclosed homes, are sold on an ‘as is’ basis.

You can also expect to find house foreclosures in a Maricopa home auction list. The latest foreclosures seen in the auction list have price ranges from ,000 to 0,000. It is also an option for you to find your dream home by attending Real Estate auction in Medford, Oregon. In auctions, you are given a chance to choose the house you want and bid on it. Auctions often feature the best houses in the best locations. Depending on your budget, you can choose what you want according to what you have.

Check ForeclosureDataBank.com for the best foreclosure listings.

 

Original post: http://www.foreclosuredatabank.com/foreclosures-blog/article/2538/hud-foreclosures-houses on ForeclosureDataBank.com, your source of VA foreclosures.

In this new web commercial from Freddie Mac, learn to spot a foreclosure scam and find out how to avoid becoming victim to home foreclosure fraud. (Follow this link for a Spanish version: www.youtube.com/watch?v=qQQJ6unRYaY)
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Foreclosure Check – Now Is The Time To Invest In Foreclosures

06 October, 2011

Even with our economy as a whole still in despair, for the real estate investor, now is the time to invest in foreclosures. The interest rates have hit all time lows and many small investors have turned away from the stock market and begun putting money into something they know will never die — real estate. Although the market may have its ups and downs just like any other market, real estate is a necessity. People will always buy and sell property no matter what the economic conditions are.

Bargain Shopping for Real Estate

If you are in the market for some investment property, residential real estate is where you want to be. It’s unfortunate that many people are losing their homes, but for the real estate investor, this is a perfect opportunity to pick up foreclosure property as cheap as 30% to 40% below market value. Whether you are searching for a new residence for yourself or you wish to buy, sell or rent, all kinds of homes are going into foreclosure.

Misconceptions of Foreclosures

Many people have the misconception that foreclosures are only in “bad” neighborhoods, and this is far from the truth. The fact that middle to upper management positions are being eliminated means that those who once had six-figure incomes can no longer afford to reside in their pricy homes. This can include beachfront properties, upscale condominiums, and even properties in gated-communities.

Bring Your Game to the Table

If you are considering investing in a pre-foreclosure home, you’d better be ready to negotiate if you’re dealing directly with the seller. Of course, no one wants to part with something they’ve invested a significant amount of money into — who would– but they’re not going to just hand it over to you, you have to work for it. If you are buying a foreclosure from a lender who holds the mortgage on a property that is in default, all they really want to do is break even. They don’t want to own the home. The lender might be willing to offer you a lower down payment, and waive some or all of the closing costs. You have to know what your options are. They certainly aren’t going to volunteer the information. If you are new to investing, gather a team of individuals who have experience in bargaining and bring them on board to help you close the deal. Do Your Homework There has never been a better time to invest in real estate foreclosures. Do your research and see what’s available. Check into bank-owned properties, and there are many to peruse. Check with real estate attorneys who work with investors. Check into pre-foreclosures. Check the public records for properties in foreclosure. Many opportunities exist with investing in foreclosures, but this can backfire on an inexperienced investor. Because foreclosures require a different skill set, you want to invest in the proper training to be able to deal with this type of investing so you can take full advantage of these great opportunities.

Go Invest Wisely is dedicated to bringing you education and opportunity in the field of Bulk REO’s and Foreclosure Investing. We are an established investment company offering property investment package for all types and levels of investing. You can find us online at http://www.goinvestwisely.com

Facing foreclosure? Info at www.consumerwarningnetwork.com may help. Your goal is to make certain the institution suing you is, in fact, the owner of the note. There is only one original note for your mortgage that has your signature on it. One such case is profiled on CNN’s Your Money.
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