Your Questions About Foreclosures |

Your Questions About Foreclosures

Your Questions About Foreclosures

George asks…

How to find foreclosed homes available for purchase?

What would be the best way for a person to find foreclosed homes or properties available for purchase in their area and determine whether they are a possible fit for their needs?

Your Questions About Foreclosures

The Expert answers:

If they are in foreclosure, that is a matter of public record at your local tax and housing offices.

Simply call a realtor, but ask for one who specializes in foreclosures or bank reposessions. The list from HUD generally comes out on the 1st of the month and the good deals (usually) get snagged, so BE READY TO BUY by the time the listing comes out.

Have your loan pre-approved…. Know how much you can afford…. Have the down payment liquid…. BE READY TO MOVE.

Buying a repo is not a “let me think about it and get back to you” type of purchase. Repo is knowing the area, knowing the right price, and then not being afraid to make a decision.

Your Questions About Foreclosures

Robert asks…

Wear can I find information about buying foreclosed homes for resale?

My wife and I were thinking about starting a business together where we buy foreclosed homes or just homes in general, remodel them, and resell for a profit.

Is there any place (website or book) that any of you users know of that has comprehensive information about this process and what is involved with it all?

Your Questions About Foreclosures

The Expert answers:

There are some very good books out there. You can go to a major bookstore and browse the section.

Bronchick has a book on flipping. He is a lawyer so the book is very much focused on what is legal rather than how to break the law.

A great site, I mean really great, is noted below. They have years of success notes, how to articles and multiple forums with real investors offering advice. Check it out. Bronchick is one of the moderators of the legal forum.

There are forums on investing, finance, commercial property, manufactured homes and other topics.

I have been investing for over 20 years (multiple states and countries). Send an email if you want to get some specific book recommendations beyond the Bronchick book on Flipping. You will find lots of other ideas on the site.

Your Questions About Foreclosures

Sharon asks…

How does a person become a contractor to clean out foreclosed homes?

I just got laid off from work in June and I am currently going back to school. I would like to find a way to make money while I am going to school and I am wondering how would a person go about being a contractor cleaning out foreclosed homes? You have any ideas?

Your Questions About Foreclosures

The Expert answers:

Get your feet wet at a loan company or bank.
They can point you into the right direction
some banks require you be bonded for some reason,not quite sure
doubt if anyone would leave behind anything worth stealing.
Perhaps they require a certain deadline for you to empty and clean the house for showing.and should you fail to meet the dealing they could bill can never tell now

seems to me it would be a lot easier to work for someone who does that then to start a business.
I know when i had a fire at my house, the construction company had on hand the people to clean out the mess. You could check with construction companies too.

Your Questions About Foreclosures

Sandra asks…

What is the best legit website to find listing of foreclosed homes in NY?

My wife and I are looking to move back home and looking to buy a foreclosed house, maybe in the New Rochelle area. We cannot find any free websites that list and show pictures of the foreclosed homes so we will pay for a membership but just want to know what is the best one?

Your Questions About Foreclosures

The Expert answers:

I an thinking that by foreclosed house you are considering the purchase of a house that has gone through the foreclosure process and is now bank owned. Your real estate agent would have a list of bank owned property.

You are not speaking of contacting a person that is currently in the house and in foreclosure.

Buying a house is a step by step process, this is the first step you should take in order to purchase a house. The rest of the steps will fall in place, no matter the type of property you are purchasing.

In order to find out the type of loan programs you are qualified for you will have to fill out a loan application, with a mortgage broker, which you can find one in your local telephone book.

Make sure this mortgage broker or mortgage banker is able to do government loans such as FHA and VA loans if you qualify for one. With a VA mortgage loan you are not required to have a down payment, this will save you on closing cost.

He will fill out this application, which takes awhile so grab your favorite beverage and sit down. Once you have completed the application, he will run your credit report which will have your credit scores. These credit scores will determine your interest rate.

The amount of your monthly debt payments you are required to pay as per your credit report and the amount of mortgage you can take on based on your income will determine the amount of house you will be able to purchase.

When you speak with the mortgage broker you will need the following documents to complete the loan application, there will be others, but this will get you started.

#1 One month of pay stubs for each person that will be on the mortgage.

#2 Six months bank statements from each bank in which you bank as well as statements from any 401K from you place of employment.

#3 Two years of federal income tax along with the W-2 that match.

Once he has all that he need to do he can then issue you a pre-approval letter so you can purchase a home. In this pre-approval letter will be the amount of house you are qualified to purchased.

Once he gives you this pre-approval you may now find a real estate agent to find yourself a home or he might have a referral.

Now make sure before you get your pre-approval you and your mortgage broker go over all your options as to the mortgage programs you qualify for, the interest rate, monthly payments.

If you are getting a FHA, fixed rate, two loans to eliminate PMI like an 80/20 or one loan, if you are qualified for and approved for a 100% loan.

You should select the loan that best suit your financial condition at the time. That could be an adjustable rate loan. It could be a fixed rate loan for 5 or 10 years and then adjust. Some adjustable rate mortgages only adjust once.

Make sure your mortgage broker explain all your options so you may make an intelligent decision.

What might be good for one person might not be good for you, in other words just because your friends and all your real estate buddies are telling you about the great fixed rate they got, your financial situation might call for something else.

So select the best option for you and your financial situation.

You should also get a Good Faith Estimate (GFE) which will indicate the cost you will have to pay for getting this loan. It will also indicate the amount of your down payment.

Once you have found a home the real estate agent will then prepare a contract for you and the seller to sign.

Your mortgage broker will now order an appraisal to show proof of the property value.

The mortgage broker might ask for additional information or documentation, don’t get all up tight this is normal, just supply the information or find the documents needed.

After the appraisal has been completed you will be called by your mortgage broker to sign your loan docs so you can take possession of your new home.

Before signing any loan docs make sure they say exactly what you and your mortgage broker went over when you decided on what mortgage program was best for you.

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


Your Questions About Foreclosures

Laura asks…

Where can I find the addresses to foreclosed homes?

MY boss wants me to find the specific addresses of all the homes that have foreclosed in North Las Vegas. Crazy, right?

Your Questions About Foreclosures

The Expert answers:

Try the government HUD website. Http://

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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