There are many people that are constantly on the lookout for a great deal on a foreclosure home. Sometimes it can be very difficult to find such a great deal before somebody else does. To help yourself find that deal you have been looking for it is important that you learn about foreclosure homes and also learn some valuable tips that will make finding the best deals so much easier and help you beat other people to it.
When you are trying to locate your perfect deal there are many different things that you need to keep in mind. By doing a little research and paying full attention while you do you will gain valuable knowledge that is required to make finding that perfect deal so much easier for you.
Of course we would all want to find ourselves a great deal regardless of how much money we have. That feeling of knowing you have just snapped up a real bargain is very hard to beat.
There are many simple tips that can help this become more achievable for you and before long you might very well end up finding yourself sitting in a nice new foreclosure home that you got for an amazing price. If you are ever fortunate to find yourself in this position you can count yourself very lucky.
There are a number of different methods that you can try to find the best deals. Different people will have their own preferred methods. It really doesn't matter which option you take provided that it gives you the opportunity to see all the listings on foreclosure homes in your area before the competition does and beats you to it. It is such a disappointment to find the perfect home only to have somebody else whisk it away from under your nose.
One technique that a lot of people use is to visit their local courthouse and check the list of foreclosure homes there. There will be somebody on hand to assist you and answer your questions so don't be afraid of paying a visit and finding out more.
Another method you could try is to go and speak to a few realtors in your area. They are in a perfect position to provide you with the information you need. A third way is to search on the internet since there are many foreclosure listings available online that should help give you a better idea as to what is available for you right now.
To find out more about countrywide foreclosures check out http://www.stopbankforeclosurenow.org/
Article Source: http://EzineArticles.com/?expert=Chris_B_Simpson
Saturday, March 15, 2008
Tips For Winning At A Foreclosure Auction
A foreclosure auction is a unique forum in which to buy a property. Here are some tips for getting the best possible deal at a foreclosure auction.
Tip #1: Do your homework
Before attending the auction, it's crucial to do your homework. When you bid on a foreclosure property at a public auction, you cannot retract your bid. Therefore, do as much research as you can on the properties being offered at the auction. Ideally, focus only on one property, or just a small number of properties, so that you have some idea of their market value before bidding on them.
Tip #2: Inspect the property or properties
It's highly unlikely that you'll be able to inspect a property being auctioned. The home owner is hardly going to be agreeable to a bunch of people assessing their home, which they are being forced out of. However, you have nothing to lose by asking for an inspection. If it's not possible, be sure to drive to the property and assess it to the extent you can. The less you can find out about the property, the more you should assume the worst! In other words, assume that the property needs significant repairs and improvements, and budget accordingly.
Tip #3: Identify any liens, liabilities and unpaid property taxes
It's also imperative to conduct whatever research you can to identify any liens, liabilities and unpaid property taxes attaching to the property. When you buy a foreclosure home, you'll also be accepting such liens, liabilities and taxes. If you're not aware of these before you buy... you could be in for a nasty shock. So too, the existence and extent of these should reduce the value of the home, which you should take into account when bidding. Therefore, perform a title search and any other necessary searches to identify any of these.
Tip #4: Know what to bid
Your strategy for monetizing the foreclosure will affect how much you should bid for it at the auction. In other words, how do you plan to achieve a return on your investment? Will you make cosmetic changes to the property and sell it shortly after buying? Will you rehab it and then rent it out or sell it? Calculate your expected return and determine your maximum bid accordingly. Just be sure to take into account the possibility that the property has more problems than may have appeared at first... and have a Plan B... and C.
Tip #5: Be prepared to pay a deposit
In most cases, you'll need to pay a deposit on a property you buy at auction. This is often 10 percent of the winning bid price and must be paid on the day of the auction in the form of certified funds. In some states you will need to pay the balance of the purchase price on the day of the auction; in other states, you'll have 30 days to pay the balance. Be clear on the rules that apply to the auction in question and make sure you have what you need in terms of a deposit.
Tip #6: Stay rational
A foreclosure auction can be fast-paced and intense. It can be easy to get caught up in a "bidding war". Don't! Stay calm and rational, and stick to your plan. Only bid on the properties you've decided to buy and don't bid any more than the maximum you previously decided to pay.
Besides these tips to help you invest in foreclosures during the auction, you need to educate yourself on knowing what are the best deals. ForeclosuresUnleashed.com can help you with that too so check that out.
Robert Lam is a full-time investor and author of http://www.ForeclosuresUnleashed.net which teaches how everyday people are earning massive profits in today's market through foreclosures without using their money or credit.
Article Source: http://EzineArticles.com/?expert=Robert_Lam
Tip #1: Do your homework
Before attending the auction, it's crucial to do your homework. When you bid on a foreclosure property at a public auction, you cannot retract your bid. Therefore, do as much research as you can on the properties being offered at the auction. Ideally, focus only on one property, or just a small number of properties, so that you have some idea of their market value before bidding on them.
Tip #2: Inspect the property or properties
It's highly unlikely that you'll be able to inspect a property being auctioned. The home owner is hardly going to be agreeable to a bunch of people assessing their home, which they are being forced out of. However, you have nothing to lose by asking for an inspection. If it's not possible, be sure to drive to the property and assess it to the extent you can. The less you can find out about the property, the more you should assume the worst! In other words, assume that the property needs significant repairs and improvements, and budget accordingly.
Tip #3: Identify any liens, liabilities and unpaid property taxes
It's also imperative to conduct whatever research you can to identify any liens, liabilities and unpaid property taxes attaching to the property. When you buy a foreclosure home, you'll also be accepting such liens, liabilities and taxes. If you're not aware of these before you buy... you could be in for a nasty shock. So too, the existence and extent of these should reduce the value of the home, which you should take into account when bidding. Therefore, perform a title search and any other necessary searches to identify any of these.
Tip #4: Know what to bid
Your strategy for monetizing the foreclosure will affect how much you should bid for it at the auction. In other words, how do you plan to achieve a return on your investment? Will you make cosmetic changes to the property and sell it shortly after buying? Will you rehab it and then rent it out or sell it? Calculate your expected return and determine your maximum bid accordingly. Just be sure to take into account the possibility that the property has more problems than may have appeared at first... and have a Plan B... and C.
Tip #5: Be prepared to pay a deposit
In most cases, you'll need to pay a deposit on a property you buy at auction. This is often 10 percent of the winning bid price and must be paid on the day of the auction in the form of certified funds. In some states you will need to pay the balance of the purchase price on the day of the auction; in other states, you'll have 30 days to pay the balance. Be clear on the rules that apply to the auction in question and make sure you have what you need in terms of a deposit.
Tip #6: Stay rational
A foreclosure auction can be fast-paced and intense. It can be easy to get caught up in a "bidding war". Don't! Stay calm and rational, and stick to your plan. Only bid on the properties you've decided to buy and don't bid any more than the maximum you previously decided to pay.
Besides these tips to help you invest in foreclosures during the auction, you need to educate yourself on knowing what are the best deals. ForeclosuresUnleashed.com can help you with that too so check that out.
Robert Lam is a full-time investor and author of http://www.ForeclosuresUnleashed.net which teaches how everyday people are earning massive profits in today's market through foreclosures without using their money or credit.
Article Source: http://EzineArticles.com/?expert=Robert_Lam
How To Find Foreclosures - Where Can I Search Listing Of Foreclosed Homes
Although newspapers and magazines are full of the virtues of foreclosure homes, it is always a great challenge to find a good place. This is mainly due to the stiff competition that exists in this field. As soon as a foreclosure property is put up for sale, the real estate agents who are very much alert in this area, makes a scoop and clinches the deal to sell it at a high profit. Did you know that most foreclosed homes sell for around 50 to 80 cents on the dollar? It is very true. In order to become an 'early bird', you need to really do some groundwork.
An Easy Way to Get Started With Foreclosures!
Foreclosure listings can be found on several related websites, and you can really gain an edge over your competitors by studying them frequently so that you are aware the very instant that the listing gets posted. Such websites post massive databases which contain the various details of the foreclosure properties in specific areas. You get to know a fairly accurate market trend by conducting a study of the various such websites.
Due to the effort required to upkeep the database, the website, most of the time, charges a nominal amount as membership fee for access to their data. Most of the times, paid information is better, as it unfolds a great amount of listings before you, sometimes with pictures of the property too. But if you are not in a position to pay, or if you want to find out if making a payment is worth it, you can always subscribe to the free trial period which may be for seven days before making a decision. If you are able to source out some fantastic deals during this period, you are just plain lucky.
There are some other websites that offer you the use of their database absolutely free! Yes. You don't have to pay a dime to access their data. But such websites are very tricky to find and moreover, there will be lots of people who keep an alert watch over these sites. The minute a good listing comes out, they grab it with both hands and you are left wondering...
So, the decision is yours. Either way, you could be the winner too.
The Top 3 Foreclosure Listings Websites
A great place to get started with foreclosure listings is the website http://foreclosuresource.googlepages.com/, where you can find an in depth review of the top 3 foreclosure listings websites. All three of the reviewed websites offer a free 7-day trail, so head over and see what is available in your area today!
Top 3 Online Foreclosure Listings Review - Click Here!
Sign up for a free trial today and see what's in your area right now! Happy Hunting!
Article Source: http://EzineArticles.com/?expert=Zach_Ford
An Easy Way to Get Started With Foreclosures!
Foreclosure listings can be found on several related websites, and you can really gain an edge over your competitors by studying them frequently so that you are aware the very instant that the listing gets posted. Such websites post massive databases which contain the various details of the foreclosure properties in specific areas. You get to know a fairly accurate market trend by conducting a study of the various such websites.
Due to the effort required to upkeep the database, the website, most of the time, charges a nominal amount as membership fee for access to their data. Most of the times, paid information is better, as it unfolds a great amount of listings before you, sometimes with pictures of the property too. But if you are not in a position to pay, or if you want to find out if making a payment is worth it, you can always subscribe to the free trial period which may be for seven days before making a decision. If you are able to source out some fantastic deals during this period, you are just plain lucky.
There are some other websites that offer you the use of their database absolutely free! Yes. You don't have to pay a dime to access their data. But such websites are very tricky to find and moreover, there will be lots of people who keep an alert watch over these sites. The minute a good listing comes out, they grab it with both hands and you are left wondering...
So, the decision is yours. Either way, you could be the winner too.
The Top 3 Foreclosure Listings Websites
A great place to get started with foreclosure listings is the website http://foreclosuresource.googlepages.com/, where you can find an in depth review of the top 3 foreclosure listings websites. All three of the reviewed websites offer a free 7-day trail, so head over and see what is available in your area today!
Top 3 Online Foreclosure Listings Review - Click Here!
Sign up for a free trial today and see what's in your area right now! Happy Hunting!
Article Source: http://EzineArticles.com/?expert=Zach_Ford
How To Buy Properties At A Foreclosure Auction
Foreclosure auctions are a potentially hot ticket in today's buyers market. The most popular auctions are the ones that lenders and banks put on after they've taken back a property at a trustee or sheriff's sale. When listing the property on the MLS does not get it sold it is included in an auction event which is organized by a professional auction house.
Contrary to trustee sales, in an auction that is put on by an auction company on behalf of the owner (i.e. the bank), the bid amount does not have to be paid in full and in cash or equivalent at the close of the foreclosure auction.
Instead, a modest amount of down payment is required in cash, and you can write a personal check for a total down payment of 5% of your winning bid. You are typically expected to close the transaction with new financing within 21 to 30 days.
That opens the door for bidders and buyers to participate in a foreclosure auction, who are qualified for a loan - and that's a lot more people than those who could pay all-cash.
Another advantage of foreclosure auctions over trustee sales is that you get a chance to inspect the property before you bid. Foreclosure auction companies usually hold open houses for several days on weekends before the sale date, and the properties are always vacant.
Contrary to trustee sales, in an auction that is put on by an auction company on behalf of the owner (i.e. the bank), the bid amount does not have to be paid in full and in cash or equivalent at the close of the foreclosure auction.
Instead, a modest amount of down payment is required in cash, and you can write a personal check for a total down payment of 5% of your winning bid. You are typically expected to close the transaction with new financing within 21 to 30 days.
That opens the door for bidders and buyers to participate in a foreclosure auction, who are qualified for a loan - and that's a lot more people than those who could pay all-cash.
Another advantage of foreclosure auctions over trustee sales is that you get a chance to inspect the property before you bid. Foreclosure auction companies usually hold open houses for several days on weekends before the sale date, and the properties are always vacant.
Here are the potential pitfalls of foreclosure auctions:
- Bidders can get lured into bidding by an artificially low opening bid price.
- The bank/seller may have an undisclosed reserve price that has to be reached to make the auction sale binding.
- The excitement of the auction might lead to a bidding frenzy which leads to overpaying.
Some auction companies engage in "shill bidding", a practice that is widely considered unethical, where one or more bidders in the audience may bid on behalf of the seller. - While bidding you might forget about the "buyers premium" that is usually added to the final bid price to arrive at the total purchase price. The buyer's premium is usually about 5% of the final bid amount.
Foreclosure auctions can be a great way to pick up investment or move-in properties at wholesale and bargain prices. Bring your contractor to inspect the property ahead of time and beware of emotional and tactical overbidding and you should be fine.
Thomas Bartke has been an active wholesale real estate investor for over 6 years. Sign up for his Nationwide wholesale distribution list at http://cawholesaledeals.com/ - You'll even get a free report just for signing up and great deals with tons of equity on a weekly basis!
Article Source: http://EzineArticles.com/?expert=Thomas_Bartke
Finding Foreclosures is Easier Than You Think
It's estimated that approximately 70% of people in the United States own their homes. Whether you're looking for your first home or needing to relocate, foreclosed properties can be a lot less expensive than buying through conventional methods. The most common way of buying foreclosures is through auctions which usually will start at the amount at which the loan was in default.
Locating foreclosed properties may not be as hard as you think. Most states actually require foreclosure notices to be listed in local newspapers so check the legal sections often. Sometimes notices will also be posted in public areas or even on the property itself.
You can also go to your county clerk's office and search through public records. The big advantages of doing the searching yourself is that you may find listings that haven't yet been printed in the newspaper, and of course, it's also totally free to search.
There are now many places online that offer foreclosure listings. These may require a membership fee, but you can usually get a free trial to see what type of properties they have to offer. You can find both national and regional services which can be invaluable if you're looking to buy in other states or areas.
With the membership sites you'll not only find all the information you need in one place, but they will offer new listings every day. Their listings will give lots of details about the properties and will usually have pictures so you can see exactly what the property looks like.
Foreclosure Loans Resources
The internet can also offer a wide variety of sources for loans such as Countrywide Home Loans. Even if you have bad credit in the past, they may still be able to get you the money you need. They also have other options such as insurance, appraisals and closing services.
At Countrywide, you have the choice of different types of loans. Aside from getting the money needed to buy a home, you can receive home equity loans and even refinance your home to consolidate debts or remodel.
Another option is Fannie Mae. Established in 1938, their stated goal is to help more Americans become homeowners. Although, they don't offer loans, they do work with lending institutions to provide money for loans at low interest rates. The site has a search option with hundreds of homes in foreclosure. You can search by state, price and even zip code.
Finding foreclosed homes or business' may take a little extra effort and time. But, with the amount of money that can be saved you'll find it well worth the time invested.
Visit Just Finance for resources on lenders like Fannie Mae, Countrywide foreclosures, Bank of America foreclosure, listings etc.
Article Source: http://EzineArticles.com/?expert=Hayley_Bingham
Locating foreclosed properties may not be as hard as you think. Most states actually require foreclosure notices to be listed in local newspapers so check the legal sections often. Sometimes notices will also be posted in public areas or even on the property itself.
You can also go to your county clerk's office and search through public records. The big advantages of doing the searching yourself is that you may find listings that haven't yet been printed in the newspaper, and of course, it's also totally free to search.
There are now many places online that offer foreclosure listings. These may require a membership fee, but you can usually get a free trial to see what type of properties they have to offer. You can find both national and regional services which can be invaluable if you're looking to buy in other states or areas.
With the membership sites you'll not only find all the information you need in one place, but they will offer new listings every day. Their listings will give lots of details about the properties and will usually have pictures so you can see exactly what the property looks like.
Foreclosure Loans Resources
The internet can also offer a wide variety of sources for loans such as Countrywide Home Loans. Even if you have bad credit in the past, they may still be able to get you the money you need. They also have other options such as insurance, appraisals and closing services.
At Countrywide, you have the choice of different types of loans. Aside from getting the money needed to buy a home, you can receive home equity loans and even refinance your home to consolidate debts or remodel.
Another option is Fannie Mae. Established in 1938, their stated goal is to help more Americans become homeowners. Although, they don't offer loans, they do work with lending institutions to provide money for loans at low interest rates. The site has a search option with hundreds of homes in foreclosure. You can search by state, price and even zip code.
Finding foreclosed homes or business' may take a little extra effort and time. But, with the amount of money that can be saved you'll find it well worth the time invested.
Visit Just Finance for resources on lenders like Fannie Mae, Countrywide foreclosures, Bank of America foreclosure, listings etc.
Article Source: http://EzineArticles.com/?expert=Hayley_Bingham
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