Your Questions About Foreclosures | foreclosureorder.com

Your Questions About Foreclosures

Your Questions About Foreclosures

Carol asks…

why are some foreclosure homes so cheap?

Ive seen some extremely cheap foreclosure homes in cleveland for like 10% of what it would normally go for why is this?

Your Questions About Foreclosures

The Expert answers:

Supply and demand. Someone has to want to buy the home and in most cases fix it up. Meaning the investor will have to come out of pocket for the majority of repairs. Most investors are looking for turn key properties with no money out front that is not part of the lending agreement or closing costs.

Your Questions About Foreclosures

Paul asks…

How can I find pre-foreclosure homes?

I would like to identify and contact homowners who are in the pre-foreclosure phase. Where can I find information on home owners who are on the brink of losing their home in the Maryland/DC area and the Atlanta area?
what do you mean by third party approva and short sale. The reason that I am asking the questions is because the process (and terminology) in unfamiliar to me….thanks

Your Questions About Foreclosures

The Expert answers:

Legal ads in the newspaper list notices of default in MD. Also look for listings that are subject to 3rd party approval, usually means they are trying to do a short sale.

More info:

Short sale is when the homeowner is in financial trouble and cannot pay their mortgage anymore. So they have negotiated with the bank to sell the house for less than is owed on it (shorting the bank). 3rd party approval, in the case of a short sale, means the bank has to approve the contract since they will lose money on it. The legal ads will say notice of default as the case type.

We have 2 properties in distress listed right now if you are interested in buying in MD. Both are high dollar (one appraised for 1.2 mil, the other for 975K), 1 is incomplete new construction, the owner accepted offers on them agaist our better advice and judgement and I am pretty sure they will be fully available in the next few weeks as the “buyer’s” current home is in foreclosure right now…. Kind of makes me think he cannot buy :-) - Your Questions About Foreclosures

Your Questions About Foreclosures

Mary asks…

Foreclosure homes how do you bye one?

what qualification do you have to have in order to be considered to by one? What steps need to be made? can anyone with a down get one? I live in Ca and my husband and i are wanting to by a foreclosure or hud home to live in, not rent or rent out. any warnings?

Your Questions About Foreclosures

The Expert answers:

Well, you always have to be careful when buying a home of any kind. Generally foreclosed homes can go for a lot less than they are worth. You can attend an open house and probably talk to the county to get the back history. If you want a list of houses in your area I would suggest checking out a site like GovernmentAuctions.org They have a comprehensive list of foreclosed homes throughout the USA

Your Questions About Foreclosures

Sandy asks…

How do foreclosure homes work. I want to buy my first home and this seems like the way to go, is it?

Are these homes auctioned off or do they go for the price they say?

Your Questions About Foreclosures

The Expert answers:

It depends on where you go to get the home. You probably need to do some homework on real estate in general and then on auctions specifically. You need to spend at least three months studying first before you bid. Then you also need to follow the prices and see what prices are being paid.

Right now, the market is tanking pretty much everywhere. What with the ARM’s killing most middle class people who bought too much home. So there are going to be a ton of deals in the next two years. Right now is probably too early in the game to buy. Wait at least until summer next year.

And finally, pick one market and follow it so you know the prices and the historical prices. Find a good title rep to get property info, dont rely on the real estate agent who just wants a commission from auction.

Your Questions About Foreclosures

Richard asks…

can the Government buy all foreclosure homes?

Is it possible for the government to buy all foreclosure homes and resell them to the owners who are at risk with a small interest rate? They would buy all homes in foreclosure up to a specific month, after confronting that task they would force banks, brokers and loan officers to fix the loop holes and the issues thats cause the crisis in the first place…I think they should also enforce a new home owner class where own owners would learn to manage their funds, what they should avoid etc.

I know thats a big task but thats a serious step…

Your Questions About Foreclosures

The Expert answers:

1)Where will the government get the money to buy all the houses? How much of a tax hike can you stand right now?
2) The loop holes that caused the crisis was that the banks loaned money to people who couldn’t pay it back. So those people couldn’t buy the houses back if the loop hole was closed.
3) I think money managment should be taught starting in grade school and continue through high school

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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