Your Questions About Foreclosures | foreclosureorder.com

Your Questions About Foreclosures

Your Questions About Foreclosures

Lisa asks…

How can i get access to homes on foreclosure?

I am looking to buy a house in brooklyn. I am hoping to find a house in a good neighborhood which I know can be expensive. I heard there are cheap homes on foreclosure but when I search for them on the websites they r hidden and ask for my money. That’s makes me suspicious. How can I get real foreclosures home information?

Your Questions About Foreclosures

The Expert answers:

You aren’t going to simply find a list of foreclosed houses anywhere online. Those services compile lists from public notices in newspapers and public records; those are for-profit businesses, that’s why they want to charge you.

You can contact local community banks, that’s one route to go. You can also research the public notices to see the bank owned properties.

All things considered, in a good neighborhood in Brooklyn, you aren’t going to be able to find a bargain. The good neighborhoods in Brooklyn have seen increasing housing costs, which brings in investors. Prices will reflect the actual market rates on these properties and not the traditionally lower foreclosure rates.

Your Questions About Foreclosures

Betty asks…

How do you buy foreclosure homes (in Arizona)?

Do you have to bid on them or can you just put in an offer? They are all sold as is, right? Do you get to see in the house? What are the pros an cons besides buying a home for cheap and buying as is? Any help would be much appreciated. I tried searching for these answers but most of what came up was for the foreclosure process on the current owners side.

Your Questions About Foreclosures

The Expert answers:

Homes that have been foreclosed upon and are now bank owned are listed with real estate companies. Find yourself a good buyer’s agent who will help you look, help you put in an offer, and let you know what to expect.

If you are actually trying to buy on the courthouse steps, then you will need cash in full, you don’t get in to see the property, you have no assurance of clear title and you will have no rights to any inspections. This type of purchasing is only for VERY experienced investors.

Your Questions About Foreclosures

Paul asks…

what site to buy clear and free tax foreclosure homes?

I want to buy homes that are being foreclosed due to back taxes being owed .

Your Questions About Foreclosures

The Expert answers:

You watch too much late night tv, does not work that way in the real world

Your Questions About Foreclosures

William asks…

foreclosure homes, is it safe to take over the payments? has anyone done it?

I am looking to rent and every so often I find one of those listings for foreclosure home, but I am not sure if they are for real or if it is just some trick website..

Your Questions About Foreclosures

The Expert answers:

This is a technique that is used by real estate investors to secure properties that are in pre-foreclosure. They use less of their money and is able to control the property until the sell it.

The investor brings the exiting loan current, pays something to the current owner so he can move and the investor takes the property “Subject to the existing Mortgage” Most of your closing or escrow agents will understand this technique and will do so without fail.

Now there might be a due on sales clause in most mortgage contracts written into days loan docs. If the lender decide to make this call he can possibly foreclose on the property.

If the lender decide to foreclose on the property after finding out a sale has taken place would be counter productive if he is getting a monthly mortgage check and no payments are being missed.

I have yet to find a lender that will foreclose on a mortgage as long as they are receiving a monthly payment even with a due on sale clause. I am not saying a lender will not foreclose, but in my experience, I have not seen it happen if all the monthly payments are being made.

You should plan to refinance as soon as possible normally within six months or not longer than a year.

You should be careful if there is a third party involved because they have normally included a second mortgage to make money in the transaction.

They will tell you to pay them, and they will pay the 1st mortgage after taking out their money for their second. What happens sometimes is that they will not pay the first mortgage at all. They will keep the entire check you are sending them.

If you can pay them one check and the 1st mortgage with your own check would be the best way to do this. You would know that the first is being paid and not likely to foreclose or have reason to foreclose.

I hope this has been of some use to you, good luck.

“FIGHT ON”

Your Questions About Foreclosures

Donna asks…

How can I find a website foreclosure homes free?

Most of the websites that I’ve gone to you need a credit card any free ones that you don’t have to put all that information.

Your Questions About Foreclosures

The Expert answers:

Even the sites you pay for are notoriously inaccurate.

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Your Questions About Foreclosures
Your Questions About Foreclosures
Your Questions About Foreclosures
Your Questions About Foreclosures
Your Questions About Foreclosures

Your Questions About Foreclosures

Your Questions About Foreclosures