FORECLOSURES

To receive a complete list of FORECLOSURERS with the addresses, click on the e-mail link below and type:

(1) word FORECLOSURES

(2)your name, mailing address and verifiable phone number

(3)e-mail address that your Foreclosure List will be mailed to

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Most people look at the purchase of Foreclosures as a way to buy lower cost homes. Foreclosures, while offering possibility of lower cost, are also complex real estate transactions.  This complexity can cost a buyer several thousands of dollars, unless the buyer is working with an experience real estate agent.  Just a few of the “issues” that will need to be negotiated in buying a “Foreclosed” home are:

            *Different procedures for making an offer for Bank own and HUD homes

                                    -HUD uses bid process, owner occupied only

                                    -Bank own – may require high or all cash

            *Accurate estimate of repairs needed to make home livable

            *Additional liens on property

            *Financing may not be available or “special financing” needed

The above are just a few of the many issues that are involved in buying a “Foreclosed Home”. 

A related issue is what is referred to as “Short Sales” – a “Short Sale” is where the  agreed upon sale price is less than the amount owed on the mortgage.  This situation is occurring more frequently, due to many owners carrying a very high level of financing on their home. If the buyer’s real estate agent does not bring this issue up in negotiating for a property, the buyer should raise the issue with their real estate agent.  Frequently, buyers only learn of this situation a few days before “Closing”, leaving the buyer the choice of either paying several thousands of dollars more at “Closing” or walking away from the deal, loosing all the expenses they have already paid out.  Further this money is not “recoverable” from the seller.

WARNING

Many people – businesses exist solely to get people looking for foreclosures to pay them for “LISTS OF FORECLOSURES”.  Often these lists are “padded” with what is known as “Pre-Foreclosures”.  Pre-Foreclosure is where the seller is behind in their mortgage payments, but the mortgage institution has not taken possession of the property.  If at any point, the seller pays the arrears on their mortgage, the home is no longer in Pre-foreclosure.  Often, to avoid going through with a Foreclosure, a mortgage institution will negotiate a settlement with a home owner for less than what is owed.

While there is nothing illegal about charging for a “Foreclosure List”, why pay for what I will send to you at no charge.