Your Questions About Foreclosures | foreclosureorder.com

Your Questions About Foreclosures

Your Questions About Foreclosures

Sandy asks…

Is it common for most people to not know the differences between Foreclosures, Short Sales, Preforeclosures,?

Is it common for most people to not know the differences between Foreclosures, Short Sales, Preforeclosures, and Bank REO properties? Is this something that needs some additional clarification for the general public?

Your Questions About Foreclosures

The Expert answers:

There is so much misinformation out there, it is not unusual for people to feel that they have a fund of knowledge on these terms, when they really don’t understand most of it at all.

For instance, the foreclosure listing websites. I regularly receive calls from someone who saw a property on a foreclosure website, thinking it was now for sale. The foreclosure sites pull their information from the required legal notices, and don’t routinely update them. Some of these houses were redeemed, short saled, are foreclosed but not on the market, already foreclosed and resold. I don’t think the general public understands where the information comes from and that it just isn’t accurate.

A client sent me a link to the “foreclosures” in my area, for a fact I knew 25% of the houses were inaccurately listed, and if I would have checked them all, I suspect the number would have been much higher.

Anyone with some web savvy and a URL can throw a website together, and some consumers take any information off a website as accurate. With money to be made on information that is web accessible, I suspect we as RE professionals are going to have to constantly educate our clients about what is reality and what is fluff.

Your Questions About Foreclosures

Lizzie asks…

How to find foreclosures in my county?

How do I get a list of all foreclosures in my specific county? I thought it would be available at county and/or sheriff office, but apparently they don’t seem to offer it. Are their any other ways to get reliable listing?

Your Questions About Foreclosures

The Expert answers:

Consult with a local Realtor. Buyer’s do not pay a fee to a Realtor.

Your Questions About Foreclosures

Ken asks…

Why don’t banks finance some of the foreclosures they have for sale?

Alot of the foreclosures up for sale are Cash only. Does it mean the properties are junk? Do the banks who ows them have to tell potential buyers WHY they will not finance? Should such properties alert you to stay away from such properties?. If the buyer qualifies for a loan,why would the bank insist on CASH ONLY?

Your Questions About Foreclosures

The Expert answers:

Very good points. Having a zillion years in this industry, I will say that
when CITI and AIG harmed everyone, the fed tried to fix the problem and
they only messed it up.

Thus, some banks care and others don’t–and
some properties are in such bad condition that the houses do not satisfy
the insurer’s rules. And banks will only lend and then sell the notes
and those notes must be insured [ain’t complicated, is it!???]

hah!!!!

Your Questions About Foreclosures

William asks…

First time home buyer looking at foreclosures?

I am first time home buyer looking for a home. I am a single parent and the only thing in my budget are foreclosures. All of them I have looked at seem to be in good condition. Not sure if this is a smart way to start when my finances are my biggest concern.

Your Questions About Foreclosures

The Expert answers:

In these economic times, there are definitely deals to be had. Make sure you meet with an honorable lender who can sit with you and really help you determine how much you could reasonably/comfortably afford to pay every month — you don’t want to end up in a foreclosure yourself.

About foreclosure properties: I’ve seen a lot of them and they can be subject to abuse and theft of copper piping at any time. Usually the utilities are turned off, so you can’t get answers as to condition of plumbing, heating, appliances, etc. Without opening up utility accounts in your name. Definitely do NOT skip the house inspection, which will provide valuable answers to questions of condition. Even though it costs more up front to get this information, you may end up saving thousands by avoiding a potentially costly house.

-Matt at AberdeenBuildingConsulting.com

Your Questions About Foreclosures

Richard asks…

Why is Acorn Protesting Home Foreclosures When they Protested to FORCE BANKS To Make THOSE SPECIFIC BAD LOANS?

Isn’t that just a little bold and hypocritical? They know the democrats will back them now, so they have helped to destroy our economy and are protesting the results? Shouldn’t someone be arresting these scum bags under the RICO act? Puting them under the jail?

Your Questions About Foreclosures

The Expert answers:

UMM … The community investment act and politicians, nearly all democrats actually FORCED THE BANKS TO MAKE BAD LOANS! ABSOLUTELY THEY DID

Acorn actually brought groups of thugs into banks to intimidate them into making loans they didn’t want to make. They were covered by democrats so they couldn’t be arrested for this intimidation.

Acorn and those who worked with them have Royally screwed us, and they do need to be in jail. They have cost the country many Billions of dollars and put into play circumstances which have screwed up the economy of the entire world, not just the US.

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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