Buying A Home In Foreclosure

Real Estate , ,
Foreclosure is a process that happens over many months. There are various opportunities to acquire real estate that is in a different stage of foreclosure, including before the foreclosure process completes. This short guide identifies the different stages and the opportunities that may exist to acquire a property at a discounted price. Get The Money Lined Up First To acquire a property at any part of the foreclosure process requires cash or pre-approved credit. Have the full amount of cash available to pay for the transaction or have a recent pre-approval letter from a reliable lender. The letter shows the…
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6 Ways to Fight Foreclosure

Mortgage , ,
Sometimes, things don't go as planned. Despite the best intentions, there are times when it's impossible for homeowners to fulfill their mortgage obligations. When your misfortune turns into a foreclosure notice, these tips will help you control the situation and realize the best outcome. Work With Your Lender Open the lines of communication with your lender to stall the foreclosure process. Call your lender and explain your predicament. Give them specific details about the nature and estimated length of your circumstances. Many lenders are willing to temporarily modify payment terms to temporarily accommodate certain hardships. Apply for a loan modification.…
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Differences Between A Short Sale And A Foreclosure

Real Estate , ,
If you're looking to get a non-traditional deal on a new home purchase, you may encounter either a short sale or a foreclosure. These two terms refer to sales that are not usual. As a homebuyer, it's important to understand the differences between them and how each one might affect your buying experience. What's A Short Sale? A short sale is a situation where the owner has a strong motivation to hurry up and sell their home. In so doing, they're willing to sell for less than what they owe on the house. Homeowners have a variety of reasons why…
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5 Creative Ways To Buy A Foreclosure

Real Estate , ,
Buying a foreclosed home is easy, right? After all, they sell for pennies on the dollar, right? Well, that could be a false assumption. Buying a foreclosed property appears easy on TV, but in reality, it can be overwhelming.  Foreclosure sales continue to decline in the market from 38.6 percent in 2011 to 14 percent in 2017 but ticking up a bit in 2018 according to Attom Data Solutions, a national property data company. As foreclosure sales drop, competition for these properties become stiffer and more complex. And as home prices increase in most cities, buyers often turn to foreclosures as…
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Buying A Foreclosure: 5 Things To Know

Foreclosure , ,
Buying a property out of foreclosure can be a very smart move, financially. But it can also be complicated, expensive, and stressful. Here are 5 things to keep in mind before you take a first step in that direction: Cash Or Preapproval Required Buying a house that has been returned to the lender through foreclosure means dealing with bureaucracy rather than with a motivated seller. Large lenders are notorious for taking their time to approve a contract, even if the offer is for the exact amount specified. Then there's the paperwork, which can seem endless. Most lenders require that prospective buyers…
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Pros And Cons Of Buying A Foreclosure

Mortgage , ,
When a homeowner stops making regular mortgage payments, the bank can foreclose on the property. This means that the bank takes possession of the property in an attempt to recover the debt the homeowner owes. In some cases, the bank may try to recover this debt by selling the property at auction. In other cases, the bank will simply list the foreclosed home for sale. Choosing to purchase a foreclosed home has both advantages and disadvantages for the buyer. Weighing these advantages and disadvantages carefully is essential. Pros of Buying a Foreclosure When you decide to buy a foreclosure, you…
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May 2013 RealtyTrac Foreclosure Report Shows Strength For The US Housing Market

Housing Analysis , , ,
RealtyTrac recently reported that national foreclosure filings are down while foreclosure filings are seeing marked increases in some states. There are two systems for foreclosing residential real estate in the United States; judicial and non-judicial foreclosure. The states individually decide which foreclosure process will be followed in their state. Click Here To Download An Overview Of The Foreclosure Process Judicial foreclosure requires action by the courts because the mortgage is not written including a "power of sale clause". Judicial foreclosure proceedings generally take longer than non-judicial processes due to this court involvement. A log-jam of delayed judicial foreclosures are beginning…
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