Your Questions About Foreclosures | foreclosureorder.com

Your Questions About Foreclosures

Your Questions About Foreclosures

Ken asks…

How do i learn about Foreclosures?

I need to know what Foreclosures are how to do them how to learn about them and all that juicy info. I also need to know if this is the right place for a new Real estate investor to start if I have no money to start this. If not I would also appreciate that info

Your Questions About Foreclosures

The Expert answers:

There are a lot of de-facto scams running infomercials on TV right now, simply because the real estate market is at a lot point. If you have no money to start, I would not recommend getting into this, and banks will likely not lend you any money to “flip” the house and resell it, simply because they’re in a tight situation right now as well. Just last year, tons of people across the country with excellent credit scores couldn’t even get mortgage financing. Credit isn’t as tight now, but you still need to have a steady income and an excellent credit history before banks will lend you money to buy a foreclosed house.

Also, in California and some other states, there are special laws related to dealing with and buying a property from a homeowner occupant who is in default on a loan. If the contracts and the sale are not done according to the law, the seller has the right to rescind the sale and could, long after the sale, sue to have the sale reversed. There are extreme penalties for violating the law. Remember, “Ignorance of the law is no excuse.” You need to know the state law where you plan to do the foreclosure investing.

Google around a little, there are some helpful sites out there. I’ll include on in the source.

Your Questions About Foreclosures

Donna asks…

where to find info on foreclosures and short sales?

Where can one go to find out available foreclosures and short sales that is reliable?

Your Questions About Foreclosures

The Expert answers:

Local realtor is still your best bet,

Your Questions About Foreclosures

Mark asks…

How do I qualify to do real estate listings on foreclosures?

I am in real estate and want to do know how I contact banks to be one of their foreclosure listers.

Your Questions About Foreclosures

The Expert answers:

Your broker is the one that needs to set up that contract. You do not have the authority to do so. They will not talk to an agent, it has to be with someone whoever is liable for the contract (which is your broker).

Your Questions About Foreclosures

Daniel asks…

How much of the foreclosures in america, were caused by people buying a second home or other property ?

what is the %, of foreclosures, that were done, ……….wanting more than one home to live in , or just to flop them, and drive the lending mess, is capitalism flawed with emotional greed, like the land-borrons of the 1900’s

Your Questions About Foreclosures

The Expert answers:

It was the majority . They are amateur speculative investors who though they were going to become millionaires from buying over-inflated houses that were going to continue doubling in price .

This scenario is very similar to the 1920’s stock market crash . Money was borrowed with 5 % down and the investors simply walked away when they couldn’t or didn’t want to pay the debt . Most of the problem could have been avoided if 20 % down was required and some of the unqualified borrowers were denied .

Your Questions About Foreclosures

Mary asks…

How often do judicial foreclosures happen in the state of MN? What are the determining factors?

Im more curious about judicial vs non-judicial foreclosures. How often do each occur and what determines each? I know that non-judicial happens when there is a power of sale included in the mortgage, but i dont know how to find that in the papers.

Your Questions About Foreclosures

The Expert answers:

Mon-Fri.

The contract is the only factor that counts.

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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