Your Questions About Foreclosures | foreclosureorder.com

Your Questions About Foreclosures

Your Questions About Foreclosures

Charles asks…

What is the difference between REO, Foreclosure, Short Sale homes?

My wife and I are preparing to purchase our first home using an FHA loan with assistance from her CalPERS retirement savings. We have decided to purchase a home we can afford on only one income so we don’t have to worry about the recession and losing a job. By herself she qualifies for $350k and we have plenty of homes in our area for under $350k.

I would like someone to explain to me what the major differences are between REO homes, Short Sale homes, Foreclosure homes. Which one is the best deal usually and which one should we look into buying?

We want something that is clean and ready to move into with little or no work needed. Also, which one of the three is more likely to cover the closing costs??? We keep hearing about how sellers are paying closing costs most of the time in this housing market. I want to get a great deal and avoid paying 100% of the closing costs if we can.

Thank you

Your Questions About Foreclosures

The Expert answers:

REO’s and Foreclosures are the same. Both are already owned by the bank. Short sales are when the owner is trying to sell for less than they owe on the house. Their lender must agree to accept less than the amount owed.
Many foreclosre/REO homes are trashed because the former owners are immature and mad at the bank and take it out on the home. Mature people realize they had a deal and if they can’t hold their end of the deal, than the bank is only doing its job when it forecloses.
I don’t believe you can use funds from CalPERS for anything besides a CalPERS loan. FHA loans are different than CalPERS. FHA loans require 3.5% down. If your agent structures the loan offer correctly, you should be able to get the seller to pay most or all of your closing costs. Don’t try to save on the price of the home by offering alot less than the asking price. Pay closer to the real price they want, and let them pay the closing cost up to 6%. Getting a lower rate on your loan will save you much more in the long term than cutting $5k to $10k on your purchase price.
Good luck and happy home owning!

Your Questions About Foreclosures

David asks…

Where can I find a list of free and clear Government Tax Foreclosure Homes for sale?

So I was watching this infomercial on t.v. about how there are government tax foreclosure homes for sale for very cheap prices that I couldn’t even believe they were true. Is this kind of business legit and if so where can I get started to start looking for a list of these homes that are available for buy. I kind of did a search on my own but most of these sites ask you to register with them to view pictures of the properties and so fort. Is there any sites or anywhere where I can get a free list or where I can begin getting more information on how all this process works?

Your Questions About Foreclosures

The Expert answers:

There is nothing free. Each county advertises their own. I have attended a few of the auctions. Property goes cheap but never at the almost free amounts the infomercials suggest.

Your Questions About Foreclosures

James asks…

Foreclosure Homes for sale?

I’m looking for a nice less expensive first home. And I heard that I should look at foreclosures. Well I tried searching some foreclosure sites and you have to pay to look! So does anyone know any good home foreclosure sites that could help me that don’t cost money? THANX!!!

Your Questions About Foreclosures

The Expert answers:

Contact your town or county tax assessor.

Your Questions About Foreclosures

Susan asks…

Does the foreclosure of a california home equal a sale?

Recently, I’ve seen way that sales number for homes in california almost double compared to a year ago. I saw a blurb that bank foreclosures on a home show up as a home sale in california. I’m thinking this may possible explain the much higher rate of sales and dramatically lower prices. Anyone know if a bank foreclosure would show up as a home sale in california?

Your Questions About Foreclosures

The Expert answers:

The actual foreclosure is not counted as a sale. It only becomes a sale once the lender has successfully sold the property to another owner.

Your Questions About Foreclosures

Donald asks…

What is the best homes for sale website without registry?

What site is the best and has the most homes listed foreclosure for sale without having to register to search for homes?

Your Questions About Foreclosures

The Expert answers:

RMLS is good, although some info will still need to be gotten from a realtor. Also, I used Craigslist a lot. Go to your city, type in maximum you want to pay, and bingo. Also, they won’t tell you this, but if you contact someone without a realtor, try and get a percentage off the price since the realtor will be getting a bigger cut if you don’t have a realtor (Eg. My buyer’s realtor got 4% cut, and the sellers realtor got 4%. If you don’t have one, you should be able to ask for 4% off purchase price)

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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