Top Home Foreclosure News of the Day

ForeclosureBusinessNews.com: “Foreclosure News the Average Joe Can Use!” Find Trusted Vendors, eg, Foreclosure Lawyers, Mortgage Consultants, Cleaning Co’s, Etc.

New foreclosures on homes fell in fourth quarter: The amount of new foreclosures initiated in the fourth quarter fell by 16 percent from the previous quarter and by 17.9 percent from a year earlier, . . . Part of the decline can be attributed to efforts by regulators to get banks to cut back on the so-called “dual tracking” practice of starting a foreclosure while a loan modification is pending, Krueger said. [Via Reuters]

Foreclosure Deal Credits Banks for Routine Efforts: Banks do things like this — real estate transactions that do nothing to prevent foreclosure — all the time. But beginning this month, they can count such activities as part of their new commitment to help people stay in their homes. . . . For example, the banks can wipe out more than $2 billion of their obligation by donating or demolishing abandoned houses. Almost $1 billion can be used to help families that have already defaulted move out. [via The New York Times]

Fewer foreclosures completed in February: There were 65,000 completed foreclosures last month, down from 71,000 in January and slightly lower than the 66,000 finished in February of last year, . . . [FYI,] A home has completed the foreclosure process when it has been seized by the lender or sold. [via The Chicago Tribune]

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Spring is Here! And, there are plenty of foreclosure cleanup (and RE-related jobs out there). Get your foreclosure cleanup “Business in a Box” and start this lucrative business right now for 40% Off! Click the box to learn how.

Copyright Violation Notice: If you’re reading this entire post (snippets are fine) on any blog other than ForeclosureBusinessNews.com, it is stolen content. Scraping content (eg, using software to illegally copy and paste copyrighted content from websites and blogs) is becoming a common practice which affects every site owner. So if you see this content someplace else, please take a quick moment to send an email to [info]at[ForeclosureBusinessNews.com] (remove brackets, of course) so that we can take the appropriate action. Thank you in advance for your help.
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P.S.: Foreclosure Clean Up Job Leads: FYI, don’t forget to bookmark the site and come back for direct leads on foreclosure cleaning jobs, foreclosure cleaning contracts and foreclosure cleanup request for bids on jobs. Always look under the “Recent Posts” heading to find the latest job listings.

P.P.S.: Like this post? Follow Foreclosure Business News on Twitter.

Copyright ©2012 Yuwanda Black for Foreclosure Business News. Article may not be reprinted or reproduced in any manner without the express, written consent of the author.

Home Foreclosure News of the Day: Why Foreclosures Continue to Contribute to Falling Home Prices & What It Means for the Average Joe

ForeclosureBusinessNews.com: “Foreclosure News the Average Joe Can Use!” Find Trusted Vendors, eg, Foreclosure Lawyers, Mortgage Consultants, Cleaning Co’s, Etc.

While home prices are slowly creeping up in some areas of the country (eg, Miami, Phoenix and Washington), they continued to fall in other areas, ie: Francisco, Atlanta and Portland. And, foreclosures remain a big part of the reason why. According to the AP article, Home prices fell in January in most US cities:

The biggest reason why [home] prices are still falling is foreclosures, which are still high across the country. . . . Foreclosure activity surged in February across half of U.S. states. The pace of foreclosures is increasing after all 50 U.S. states reached a $25 billion settlement last month with the nation’s five biggest mortgage lenders over foreclosure abuses.

What Falling Home Prices Mean for the Average Joe

We’ve discussed this on numerous occasions, but basically it means three things for the Average Joe:

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Spring is Here! And, as job listings on this site illustrate, there are plenty of foreclosure cleanup (and RE-related jobs out there). Get your foreclosure cleanup “Business in a Box” and start this lucrative business right now for 40% Off! Click the box to learn how.

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They’re stuck: If you’re trying to refinance or get a home loan modification, you’re probably not going to be able to because more than likely you’re underwater.

Is It Time to Throw in the Towel: If you’re a homeowner facing foreclosure, with housing prices continuing to go down, it might be time to throw in the towel and do a voluntary foreclosure, especially as you’re probably unlikely to be able to refinance.

Or . . .

Dig In: Now that the robosigning debacle is over with, many lenders are turning their attention to working with homeowners again. So, if you’re facing foreclosure, you might want to dig in and try to save your home by proactively contacting your lender and seeing how willing they are to work with you.

The bottom line is, the only people who don’t need to worry about falling home prices are those who can afford their mortgage, are not looking to refinance and/or get a home loan modification, and who plan to stay put.

If the above doesn’t apply to you, then falling home prices affect you—and it’s time to make some decisions. As we wrote in a recent post here:

Homeowners Facing Foreclosure Need to Make Some Decisions Now 

If you’re facing foreclosure, you need to figure out what it is you want; as in, do you want to fight to keep your home, or leave it (and ask for cash for keys). 

If you want to keep it, what’s your bottom line? Do you know – REALISTICALLY – how much you can REALLY afford to pay in mortgage, taxes and insurance, along with other homeowner costs? 

Don’t kid yourself on what these costs are. Financial experts advise that housing costs shouldn’t make up more than 25-33% of your AFTER TAX income.

The foreclosure crisis is in its fifth year – and some experts expect it to last for another few years. The time to make decisions is near though because, for one, the tax consequences.

See the article, Foreclosed Properties Continue to Drag Down Construction of New Homes: What It Means for the Average Joe, for a full explanation (cursor down to section entitled, Home Foreclosure and Taxes: Important Tax Consequences of a Short Sale after December 31, 2012).

Related Posts

Get Foreclosure Help: How to Find Agencies that Will Help You Stop Foreclosure – For Free

Foreclosure Advice: Should You Continue to Pay Your Mortgage While You Wait for a Home Loan Modification?

Underwater On Your Home? Filing Chapter 7 Bankruptcy? Should You Reaffirm Your Mortgage?

Mortgage Foreclosure Timeline: How the Foreclosure Process Works & How Long You Actually Have to Move if You Eventually Lose Your Home

Timeline For Foreclosure In All 50 States

Home Loan Help: Documents Needed to Apply for a Mortgage Modification with HSBC (and Other Lenders)

Home Loan Modifications: 30% of Those Made in 2009 Were Seriously Delinquent or in Foreclosure Process — Lessons Learned?  

Foreclosure Crisis to Drag on for Another 9 Years?

Stop Foreclosure: How to Ready Your Home for a Fast (Short) Sale

Stop Foreclosure Help: What Happens When You Stop Paying Your Mortgage

Home Foreclosure News of the Day: 8 More Lenders to be Fined by the Feds for Illegal Foreclosure Practices

Foreclosure Deal: One REALLY Good Thing to Come Out of It for Homeowners

The Foreclosure Deal: Homeowners Who Lost Homes to Foreclosure Have Money Coming — and More Benefits for Those Trying to Hang Onto Their Homes

P.S.: Foreclosure Clean Up Job Leads: FYI, don’t forget to bookmark the site and come back for direct leads on foreclosure cleaning jobs, foreclosure cleaning contracts and foreclosure cleanup request for bids on jobs. Always look under the “Recent Posts” heading to find the latest job listings.

P.P.S.: Like this post? Follow Foreclosure Business News on Twitter.

©2012: Yuwanda Black for Foreclosure Business News. Article may not be reprinted or reproduced in any manner without the express, written consent of the author.

Foreclosure Cleaning, Construction & Commercial Supply Contracting/Job Leads for 3/22/2012

ForeclosureBusinessNews.com: “Foreclosure News the Average Joe Can Use!” Find Trusted Vendors, eg, Foreclosure Lawyers, Mortgage Consultants, Cleaning Co’s, Etc.

FYI: See this post for some helpful info — Advice on Bidding for Foreclosure Cleaning and Other Lite Commercial/ Landscaping / Construction Type Jobs

Property Preservation Crews Needed (Jacksonville, FL and Surrounding Areas): Duties: Change locks, cut grass, winterize, remove trash and debris, etc. Digital camera needed to take photos. Get full details on this property preservation job.

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Editor Note: Get the average salary for property preservation crews in your area.
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Property Preservation Co Seeks Help Working on Foreclosed Properties (Seattle, WA): Firm seeks experienced, reliable, flexible individuals. Must have prior experience working on foreclosed properties. Get full details on this property preservation job.

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Spring is Here! And, as these opportunities illustrates, there are plenty of foreclosure cleanup (and RE-related jobs out there). Get your foreclosure cleanup “Business in a Box” and start this lucrative business right now for 40% Off! Click the box to learn how.

Copyright Violation Notice: If you’re reading this entire post (snippets are fine) on any blog other than ForeclosureBusinessNews.com, it is stolen content. Scraping content (eg, using software to illegally copy and paste copyrighted content from websites and blogs) is becoming a common practice which affects every site owner. So if you see this content someplace else, please take a quick moment to send an email to [info]at[ForeclosureBusinessNews.com] (remove brackets, of course) so that we can take the appropriate action. Thank you in advance for your help.
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City Request for Landscaping Services (Maywood, IL): The Village of Maywood is seeking proposals for landscape maintenance for various Village properties. Scope of work: Weekly grass cutting, string trimming and edging from May 1, 2012 through July 6, 2012; bi-weekly from July 9, 2012 through September 12, 2012; then weekly from September 14, 2012 through November 16, 2012. There is a pre-bid conference on Monday, March 26, 2012, at 10:00 a.m.  Contract begins May 1 and runs through November 16, 2012. Get full details on this city RFP for landscaping services. Deadline to submit: Wednesday, April 4, 2012.

Individuals / Companies Needed to Work on Foreclosed Properties (Dallas / Ft Worth, TX): Ideal candidates have experience working on REO / foreclosed on/bank-owned properties (3 yrs). Seek workers who are reliable and dedicated, and who don’t mind working in all types of outside weather. Must be a motivated self- starter. Duties include, but are not limited to: changing locks; winterizations; boarding up windows, doors and pools; mowing grass; removing trash and other debris; etc. Get full details on this property preservation job.

Related Posts

Want to Know Where to Find Foreclosure Cleanup Clients For Your Business? Look No Further than This . . .

Advice on Bidding for Foreclosure Cleaning and Other Lite Commercial/Construction Type Jobs

Advice on How to Bid on Janitorial and Commercial Cleaning Jobs

Foreclosure Cleanup Jobs: New Biz Owner Lands 10 Jobs from Property Preservation Company

Foreclosure Cleaning Jobs: Why Landlords Are Fertile Marketing Ground for Foreclosure Cleanup Businesses

Foreclosure Cleaning: How to Get Non-Foreclosure Cleaning Jobs

Foreclosure Cleanup: Many Cities Allocating Gov’t Funds to Cleaning Foreclosed Properties

FAQs About Cleaning Foreclosures a Living

Foreclosure Cleaning Business: Why You Should Never Discuss Rates or Prices Over the Phone

P.S.: Foreclosure Clean Up Job Leads: FYI, don’t forget to bookmark the site and come back for direct leads on foreclosure cleaning jobs, foreclosure cleaning contracts and foreclosure cleanup request for bids on jobs. Always look under the “Recent Posts” heading to find the latest job listings.

P.P.S.: Like this post? Follow Foreclosure Business News on Twitter.

Copyright ©2012 Yuwanda Black for Foreclosure Business News. Article may not be reprinted or reproduced in any manner without the express, written consent of the author.

Wall Street Big Shots Getting in the Foreclosure Rental Market: What This Means for the Average Joe

The federal government owns a lot of foreclosed homes – a lot. Just how many? According to the Reuters article, Insight: The Wall Street gold rush in foreclosed homes . . .

Between them, Fannie and Freddie Mac own more than 200,000 foreclosed homes. The nation’s banks own more than 600,000 single-family homes, according to RealtyTrac, a housing tracking service.

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Learn How to Buy a Foreclosure Cheap! Get Firsthand Advice from a Real Estate Investor, Landlord and RE Cleaning Company Owner
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Copyright Violation Notice: If you’re reading this entire post (snippets are fine) on any blog other than ForeclosureBusinessNews.com, it is stolen content. Scraping content (eg, using software to illegally copy and paste copyrighted content from websites and blogs) is becoming a common practice which affects every site owner. So if you see this content someplace else, please take a quick moment to send an email to [info]at[ForeclosureBusinessNews.com] (remove brackets, of course) so that we can take the appropriate action. Thank you in advance for your help.
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In spite of this huge housing inventory, it’s not necessarily a business the feds want to be in. So, they’ve hatched a plan to move these properties. That plan is to sell foreclosed properties to investors. As we explained in a recent post: 

Among possible investors, officials said they were looking for private-equity funds, financial institutions, and perhaps local governments and nonprofits to buy foreclosed properties and offer them as rentals in stressed housing markets.

Nowadays, the rental market is red hot. In contrast, the sales market is still very tepid because it’s hard for many would-be buyers to qualify for home loans. All of this makes a perfect storm for those with the means to snap up foreclosed properties. And, just who has that kind of cash these days?

Wall Street hot shots, that’s who.

Whether this is a good or bad thing for the Average Joe remains to be seen. But, one thing that’s already very evident is that the little guy — the Average Joe — gets left out in the cold, yet again.

Related Posts

What to Expect When Buying Foreclosures! From Finding a Property, to Getting a Foreclosure Loan, to When to Make an Offer

Buying Foreclosures Cheap — for as Little as $500 — Is REALLY Possible! Here’s Proof

Buy Foreclosures Cheap: Private Equity Firms are Snapping Up Foreclosed Properties – What This Means for the Average Joe

Buy Foreclosure House: What You Need to Know about Purchasing Pre-Foreclosures

Buying Foreclosures Cheap: Teenager Shows It Can be Done — Buys Foreclosed Property for $13,000 and Clears $700/Month in Rent

Buying Foreclosed Homes and Renting Them Back to Previous Owners Is Illegal: Is It Time for the Right-to-Rent Act to be Passed?

Home Foreclosure News of the Day: Why Some Cities are Tearing Down Foreclosed Homes

Cleveland Foreclosures: City Giving Land Away — The Reality of Foreclosure and What It’s Going to Take to Stop the Crisis from Getting Worse

Buying Foreclosures Cheap: Homes Under $20 and the Debt Ceiling Interest Rate

Foreclosure Auctions: Turf War Ensues Between Local Municipalities and Private Foreclosure Auction Firms (Opportunity Knocks for Foreclosure Business Owners)

Home Foreclosure Auctions: The Biggest Advantage and Disadvantage of Them

P.S.: Foreclosure Clean Up Job Leads: FYI, don’t forget to bookmark the site and come back for direct leads on foreclosure cleaning jobs, foreclosure cleaning contracts and foreclosure cleanup request for bids on jobs. Always look under the “Recent Posts” heading to find the latest job listings.

P.P.S.: Like this post? Tweet it and follow Foreclosure Business News on Twitter.

©2012: Yuwanda Black for Foreclosure Business News. Article may not be reprinted or reproduced in any manner without the express, written consent of the author.

Home Foreclosure News of the Day: 8 More Lenders to be Fined by the Feds for Illegal Foreclosure Practices

ForeclosureBusinessNews.com: “Foreclosure News the Average Joe Can Use!” Find Trusted Vendors, eg, Foreclosure Lawyers, Mortgage Consultants, Cleaning Co’s, Etc.

It seems like it took a while to get the ball rolling on lenders who engaged in illegal foreclosure practices (eg, robosigning), but now that the feds are rolling, they seem to be putting the pedal to the medal.

In addition to the five lenders that have already agreed to a foreclosure settlement, there are eight more banks the government is going after. Who are they?

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Spring is Almost Here! And, as job listings on this site illustrate, there are plenty of foreclosure cleanup (and RE-related jobs out there). Get your foreclosure cleanup “Business in a Box” and start this lucrative business right now for 40% Off! Click the box to learn how.

Copyright Violation Notice: If you’re reading this entire post (snippets are fine) on any blog other than ForeclosureBusinessNews.com, it is stolen content. Scraping content (eg, using software to illegally copy and paste copyrighted content from websites and blogs) is becoming a common practice which affects every site owner. So if you see this content someplace else, please take a quick moment to send an email to [info]at[ForeclosureBusinessNews.com] (remove brackets, of course) so that we can take the appropriate action. Thank you in advance for your help.
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The 8 New Lenders the Feds Are Targeting for Illegal Foreclosure Practices 

HSBC: This will be great news for many homeowners whose mortgages are held by this lender because it’s been notoriously hard to find out what’s going on with them.

Suntrust; 

Goldman Sachs;

EverBank; 

MetLife, U.S. Bancorp;

PNC; and  

OneWest.

What’s in this for affected homeowners? Hopefully something that’s in line with the previous foreclosure settlement with five large banks (listed below). What we know for sure is that these eight institutions will be fined. According to the Wall Street Journal article, Fed Plans to Fine Eight More Banks for Foreclosure Violations:

The Federal Reserve believes that monetary sanctions in those cases are appropriate and plans to announce monetary penalties against them,” Killian (a senior associate director of the Fed’s division of consumer and community affairs) said in remarks prepared for a hearing of the House Oversight Committee.

The 5 Lenders that Have Agreed to a Foreclosure Settlement with the Justice Department

The following institutions worked out a $25 billion foreclosure settlement recently.

Bank of America;

JPMorgan Chase;

Citigroup;

Wells Fargo; and 

Ally Financial.

Affected homeowners are eligible for some financial compensation. Who does it affect? Homeowners who were in some stage of foreclosure in 2009 and 2010. Get more details on this foreclosure settlement, including info on how to proceed if you’re eligible – and info on if you are indeed eligible.

Related Posts

Foreclosure Deal: One REALLY Good Thing to Come Out of It for Homeowners

The Foreclosure Deal: Homeowners Who Lost Homes to Foreclosure Have Money Coming — and More Benefits for Those Trying to Hang Onto Their Homes

5 Banks Settle Foreclosure Lawsuits — How It Can Save Homeowners Facing Foreclosure Thousands of Dollars

Timeline For Foreclosure In All 50 States  

“Cash for Keys” Can Help if You Have a House in Foreclosure & Can’t Afford to Move

Get Foreclosure Help: How to Find Agencies that Will Help You Stop Foreclosure – For Free

Stopping Foreclosure: What the “Produce the Note” Defense Is & How It Can Help You Save Your Home from Foreclosure (Or at Least Stall)

P.S.: Foreclosure Clean Up Job Leads: FYI, don’t forget to bookmark the site and come back for direct leads on foreclosure cleaning jobs, foreclosure cleaning contracts and foreclosure cleanup request for bids on jobs. Always look under the “Recent Posts” heading to find the latest job listings.

P.P.S.: Like this post? Follow Foreclosure Business News on Twitter.

©2012: Yuwanda Black for Foreclosure Business News. Article may not be reprinted or reproduced in any manner without the express, written consent of the author.

Foreclosure Cleaning, Construction & Commercial Supply Contracting/Job Leads for 3/15/2012

 ForeclosureBusinessNews.com: “Foreclosure News the Average Joe Can Use!” Find Trusted Vendors, eg, Foreclosure Lawyers, Mortgage Consultants, Cleaning Co’s, Etc.

FYI: See this post for some helpful info — Advice on Bidding for Foreclosure Cleaning and Other Lite Commercial/ Landscaping / Construction Type Jobs.

Property Preservation Contractors Needed (Lewiston, ME): Duties: Work on bank-owned (foreclosed) properties to maintain and prepare for sale. Vendors are paid weekly. Responsibilities include, but are not limited to: performing inspections (and filling out appropriate forms), estimating cost of work to be done, changing locks, doing winterizations, maintaining laws, boarding up windows/doors, lite repairs, general cleaning, and removing trash and debris.  Get full details on this property preservation job.

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Spring is Almost Here! And, as these opportunities illustrates, there are plenty of foreclosure cleanup (and RE-related jobs out there). Get your foreclosure cleanup “Business in a Box” and start this lucrative business right now for 40% Off! Click the box to learn how.

Copyright Violation Notice: If you’re reading this entire post (snippets are fine) on any blog other than ForeclosureBusinessNews.com, it is stolen content. Scraping content (eg, using software to illegally copy and paste copyrighted content from websites and blogs) is becoming a common practice which affects every site owner. So if you see this content someplace else, please take a quick moment to send an email to [info]at[ForeclosureBusinessNews.com] (remove brackets, of course) so that we can take the appropriate action. Thank you in advance for your help.
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Property Preservation Specialists Needed (Philadelphia, PA): Duties: Change locks, winterize properties, remove debris, landscaping, lite home repairs and more. Must have own tools and supplies.  Get full details on this property preservation job.

Independent Property Preservation Contractors Sought (West Palm Beach, FL): Duties: Large property maintenance company seeks subcontractors to work on foreclosed properties. Must have digital camera, as well as the ability to work in a timely, accurate manner. Get full details on this property preservation job.

Note: Learn why property preservation companies are excellent places to look for foreclosure cleanup jobs.

Opportunity for Veterans — Foreclosure Preservation Contractor (Williamsburg, MA + 8 Other Locations): Duties: Property maintenance company seeks qualified professionals to service REO (bank-owned) properties. Liability insurance required. Get full details on this property preservation job.

Property Preservation Contractors Needed (Medford, OR): Duties: Everything from lock changes, to general cleaning to landscaping, to lite repairs to boarding up windows and doors on foreclosed properties. Get full details on this property preservation job.

Property Preservation Contractors Needed (Vendors Needed in CA, AZ & OR): Firm seeks preservation and REO crews to complete do trash and debris removal, general cleaning, regularly scheduled grass cuts, boarding up of windows and doors, lock changes, securing, and winterizations. Liability insurance needed. Get full details on this property preservation job.

Related Posts

Want to Know Where to Find Foreclosure Cleanup Clients For Your Business? Look No Further than This . . .

Advice on Bidding for Foreclosure Cleaning and Other Lite Commercial/Construction Type Jobs

Advice on How to Bid on Janitorial and Commercial Cleaning Jobs

Foreclosure Cleanup Jobs: New Biz Owner Lands 10 Jobs from Property Preservation Company

Foreclosure Cleaning Jobs: Why Landlords Are Fertile Marketing Ground for Foreclosure Cleanup Businesses

Foreclosure Cleaning: How to Get Non-Foreclosure Cleaning Jobs

Foreclosure Cleanup: Many Cities Allocating Gov’t Funds to Cleaning Foreclosed Properties

FAQs About Cleaning Foreclosures a Living

Foreclosure Cleaning Business: Why You Should Never Discuss Rates or Prices Over the Phone

P.S.: Foreclosure Clean Up Job Leads: FYI, don’t forget to bookmark the site and come back for direct leads on foreclosure cleaning jobs, foreclosure cleaning contracts and foreclosure cleanup request for bids on jobs. Always look under the “Recent Posts” heading to find the latest job listings.

P.P.S.: Like this post? Follow Foreclosure Business News on Twitter.

Copyright ©2012 Yuwanda Black for Foreclosure Business News. Article may not be reprinted or reproduced in any manner without the express, written consent of the author.

What to Expect When Buying Foreclosures! From Finding a Property, to Getting a Foreclosure Loan, to When to Make an Offer

ForeclosureBusinessNews.com: “Foreclosure News the Average Joe Can Use!” Find Trusted Vendors, eg, Foreclosure Lawyers, Mortgage Consultants, Cleaning Co’s, Etc.

Foreclosed homes are everywhere these days. Find out what steps you need to take to purchase foreclosures and leave the closing table with instant equity. This is a great time to buy your own home or investment property. Interest rates and home values are low, continue reading to learn how to make thousands of dollars buying foreclosures.

Below are the steps of buying foreclosures and some obstacles to expect when buying a foreclosure.

I. Money Sources: Be sure to have a money source identified before you begin looking at foreclosures. Know if you will be paying cash, borrowing money from a family member, or borrowing money from a bank. There are several reasons for this, primarily don’t waste your time looking at homes you cannot buy.

Cash: If you are paying cash, be prepared to have proof of funds available when you make an offer. Most of the time it is a letter from you bank stating that you have a predefined amount of money.

Family: If you are borrowing money from a family member, be sure they have a proof of funds letter.

Bank Loan: If you are planning on getting a loan from the bank, get a prequalification letter. There are several loan programs to look into when considering buying a foreclosure. Some of the more popular in my area are conventional loans, FHA loans, and rural development loans.

FHA Loan: The FHA loan requires the borrower to put down three and a half percent of the purchase price of the home.

Conventional Loans: Conventional loans require five percent and rural development loans do not require a down payment. Be sure to check with you local lender about the options available to you. There are several of them out there depending on your needs.

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Learn How to Buy a Foreclosure Cheap! Get Firsthand Advice from a Real Estate Investor, Landlord and RE Cleaning Company Owner
buy-foreclosures-cheap2
Copyright Violation Notice: If you’re reading this entire post (snippets are fine) on any blog other than ForeclosureBusinessNews.com, it is stolen content. Scraping content (eg, using software to illegally copy and paste copyrighted content from websites and blogs) is becoming a common practice which affects every site owner. So if you see this content someplace else, please take a quick moment to send an email to [info]at[ForeclosureBusinessNews.com] (remove brackets, of course) so that we can take the appropriate action. Thank you in advance for your help.
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II. Where to Find Foreclosure Listings. Following are some reliable ways to find foreclosed homes. 

Real Estate Agents: Be sure to find a good real estate agent and have them send you foreclosures as they come on to the market. There are several other ways to search if you prefer not to use a real estate agent.

Tax Records: Spend some time on state tax records. Every state should have a website that allows the public to search tax records. Find the areas you want, type in the streets and go down the list looking for banks listed as the owner. Once you find which bank it is, you can try to contact them to find out the price of the property. One more advantage to public tax records is the majority of the time you will be able to see what the bank paid for the home. This is a huge advantage when making an offer.

The World Wide Web: Another option for finding foreclosures is using the internet to find them. Find a local real estate website that offers a foreclosure option. Most local real estate offices offer foreclosure lists as well.

You can also use nationally recognized websites to find foreclosures. Check the resource box below to see where to view foreclosures. Many times national real foreclosure sites lag in the homes that are available and sometimes do not show accurate details. You can also try and search large asset management companies online. A couple of them are cityside corp, and homepath.com, there are several others available if you search online.

III. Inspecting Properties You Like. Once you have found a couple of properties that you like, do preliminary viewings. Be sure to do them quickly after you find the ones you like, good deals don’t last long.

Drive by the home, look in the windows, have a real estate agent open it up. On this first viewing, take in everything that is going on, bring a camera for pictures. Is the area nice? Are there other foreclosures in the area or on the same street? Does the home have and major red flags? Cracked foundation? Appearance of water drainage issues? Steep inclined driveway and all other driveways on street are flat?

Pay attention to everything that cannot be fixed or would be costly to fix on this first visit. If nothing looks too bad, start focusing on the other repairs. Try to take note of what will need to be fixed. Then later you will be able to check prices for repairs. Another advantage of taking notes of needed repairs is you can have a professional come out with you the next time if you are not knowledgeable about the repair.

IV. Have a Market Analysis Done: Once again, a good real estate agent will be useful for this. What you want is a complete list of the homes that have sold within six months and are in the same area as the one you are interested in. Most appraisers like to stay within a half mile if possible.

Be sure to get a complete list of the homes that have sold. This is the part where an honest and knowledgeable agent is important. You don’t have to make the call; you have a professional that will let you know if it is a good deal. Unless you trust who you are working with, get all of the homes that have sold and you be the judge. That puts the ball in your court. You will be able to view the sold homes and what features they have to see if they are comparable to the one you are interested in.

V. When to Make an Offer: Make an offer at teh home on the second showing. If the market analysis numbers show the home to be a good deal, visit the home again and have an agent bring a contract. If you are not using an agent, visit the home again before you make an offer. It is good to see it again to be sure of what you are doing and to be sure there was nothing you missed on the first showing.

Remember that the bank hardly ever does repairs. That is your responsibility when buying a foreclosure.

If you still want to make an offer, remember to check for what the bank paid for the home on tax records. Also, look to see how long they have owned the home. Foreclosures are considered bad assets to banks and the longer they have them the more they want to get rid of them. Make the offer twice as low as what you are willing to take. If the home is priced at 200K and you are fine with buying it at 180K, make your first offer 160K. You want to see where the bank is and if they are willing to negotiate.

VI. The Waiting Game: Prepare to wait. Once you have made your offer, the wait begins. Sometimes they will get back with you the next day and other times it may be a week or two.

Don’t be surprised if the counter offer they write is not on a state contract. Most of the banks have their own addendums for offers. They cut straight to the point. Normally a single sheet of paper that states exactly what they are willing to do. Be prepared to pay earnest money, most foreclosures required it. The initial counter offer will give you a good idea of where they want to be.

Sometimes they will come down further, but the majority of the time they tend to stick close to the counter offer. If they will not come down to a number that you feel comfortable with, wait a week or two and then write another offer. After enough time, they tend to be more willing to negotiate. Moving on to the next step, assuming you have reached an agreement on the purchase price.

VII. Inspection, then Appriasal: This is the part of the process where most deals fall through. Most banks will give you anywhere from 7-10 business days to do a home inspection.

Hiring a professional would be wise, but you can do it yourself if you feel comfortable. Be sure to check the attic, crawl space, septic system, and everything else. If you are doing it yourself, get online and find a home inspection checklist. This will give you an idea of what a home inspector would check when going through the home.

Any needed repairs from the inspection should wait until after closing.The appraisal is the part that can become tricky. You will have to pay your lender for the appraisal. Be sure to ask for a copy of it when they are done. If you don’t ask, they will not give it to you. Now the tricky part, different loans have different requirements that an appraiser will look for.

If you are going with a different type of loan you should be able to search online for the guidelines. Don’t be surprised if the home does not meet the guidelines. That is where the dilemma comes in.

What do you do if there are appraiser required repairs, but the seller will not do any repairs? First, get something in writing explaining which repairs are required. Then submit the list to the selling bank. If they still are not willing to do the repairs you have a couple of options. Try to switch to a loan that does not require the same repairs. Move on and begin to look for another home.

There is also the option of doing the repairs prior to closing. This is not recommended, especially if the repairs are costly, but sometimes you have to do what is needed. Remember, you are spending money fixing a home that is not yours yet. Recently many banks have left buyers no choice; banks will not do the repairs so the buyer has too.

VIII. Your Closing: If the repairs are taken care of and you want to proceed, the next step is closing. By the way, after appraiser required repairs are done expect to pay the appraiser a re-inspection fee. If you are bringing money to the table be sure to get a cashier’s check or money order. Some title companies allow personal checks, but most don’t.

The closer will call you to let you know how much to make the check out for. Be sure to have your real estate agent look at the HUD-1 statement before getting the check. Several closing statements have mistakes on them. Yet another good reason to try and find a good real estate agent that is knowledgeable about what they do.

IX. After the Closing (Post Closing): Once you have closed on the property, the world is your oyster. You can do repairs to live in the home, rent the home out, or try to sell it again. The first two in this real estate market seem to be the better options. Interest rates are low; you should be able to live in the home fairly cheap or rent it out and make some profit every month. If you do choose to resale the home, be aware of the HUD flipping guidelines.

Conclusion: Buying a Foreclosure Property

Hopefully this article has been informative to those considering buying a foreclosure. It was intended to give people an idea of what to expect when buying one. Different states have different processes, you should check with a local professional before pursuing a purchase. There can be several obstacles that come about along the way, remember to be patient and stay informed about what you are doing.

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Buy Foreclosures Cheap: Private Equity Firms are Snapping Up Foreclosed Properties – What This Means for the Average Joe

Buy Foreclosure House: What You Need to Know about Purchasing Pre-Foreclosures

Buying Foreclosures Cheap: Teenager Shows It Can be Done — Buys Foreclosed Property for $13,000 and Clears $700/Month in Rent

Buying Foreclosed Homes and Renting Them Back to Previous Owners Is Illegal: Is It Time for the Right-to-Rent Act to be Passed?

Home Foreclosure News of the Day: Why Some Cities are Tearing Down Foreclosed Homes

Cleveland Foreclosures: City Giving Land Away — The Reality of Foreclosure and What It’s Going to Take to Stop the Crisis from Getting Worse

Buying Foreclosures Cheap: Homes Under $20 and the Debt Ceiling Interest Rate

Foreclosure Auctions: Turf War Ensues Between Local Municipalities and Private Foreclosure Auction Firms (Opportunity Knocks for Foreclosure Business Owners)

Home Foreclosure Auctions: The Biggest Advantage and Disadvantage of Them

P.S.: Foreclosure Clean Up Job Leads: FYI, don’t forget to bookmark the site and come back for direct leads on foreclosure cleaning jobs, foreclosure cleaning contracts and foreclosure cleanup request for bids on jobs. Always look under the “Recent Posts” heading to find the latest job listings.

P.P.S.: Like this post? Tweet it and follow Foreclosure Business News on Twitter.

About the Author: Guest post by . Be sure to check out a free list of foreclosures at http://www.homesinlittlerock.net You can view a national list of foreclosures at http://www.realtytrac.com.

Buying Foreclosures Cheap: Teenager Shows It Can be Done — Buys Foreclosed Property for $13,000 and Clears $700/Month in Rent

ForeclosureBusinessNews.com: “Foreclosure News the Average Joe Can Use!” Find Trusted Vendors, eg, Foreclosure Lawyers, Mortgage Consultants, Cleaning Co’s, Etc.

Buying foreclosures cheap is so easy, even a child can do it. Proof? A 14-year-old Florida girl bought a foreclosed property for just $13,000 (her mother bought it with her as minors can’t own real estate in Florida).

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Learn How to Buy a Foreclosure Cheap! Get Firsthand Advice from a Real Estate Investor, Landlord and RE Cleaning Company Owner
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The MSN real estate article, 14-year-old buys distressed house for $13,000, details how this  enterprising teen not only accomplished this feat, but has plans to buy out her mother by the time she’s of legal, real estate-owning age (18) and possibly purchase other properties, stating:

Willow hopes to buy out her mother by the time she’s 18. She may even buy another house. Willow’s house last sold for $28,500 in 1987.  . . .  After cleaning up the home with help from her family, the teenage entrepreneur rented it to a young couple and their baby for $700 a month, which she splits with her mother.

Beats a summer job every time, no?

Related Posts

Buying Foreclosures Cheap — for as Little as $500 — Is REALLY Possible! Here’s Proof

Buy Foreclosures Cheap: Private Equity Firms are Snapping Up Foreclosed Properties – What This Means for the Average Joe

Buy Foreclosure House: What You Need to Know about Purchasing Pre-Foreclosures

Buying Foreclosed Homes and Renting Them Back to Previous Owners Is Illegal: Is It Time for the Right-to-Rent Act to be Passed?

Home Foreclosure News of the Day: Why Some Cities are Tearing Down Foreclosed Homes

Cleveland Foreclosures: City Giving Land Away — The Reality of Foreclosure and What It’s Going to Take to Stop the Crisis from Getting Worse

Buying Foreclosures Cheap: Homes Under $20 and the Debt Ceiling Interest Rate

Foreclosure Auctions: Turf War Ensues Between Local Municipalities and Private Foreclosure Auction Firms (Opportunity Knocks for Foreclosure Business Owners)

Home Foreclosure Auctions: The Biggest Advantage and Disadvantage of Them

P.S.: Foreclosure Clean Up Job Leads: FYI, don’t forget to bookmark the site and come back for direct leads on foreclosure cleaning jobs, foreclosure cleaning contracts and foreclosure cleanup request for bids on jobs. Always look under the “Recent Posts” heading to find the latest job listings.

P.P.S.: Like this post? Tweet it and follow Foreclosure Business News on Twitter.

©2012: Yuwanda Black for Foreclosure Business News. Article may not be reprinted or reproduced in any manner without the express, written consent of the author.

More Foreclosures Likely to Happen This Year — and Why That’s Actually a Good Thing

ForeclosureBusinessNews.com: “Foreclosure News the Average Joe Can Use!” Find Trusted Vendors, eg, Foreclosure Lawyers, Mortgage Consultants, Cleaning Co’s, Etc.

When the word foreclosure is mentioned, a picture of misery follows — for individuals as well as the housing market in general. But actually, more foreclosures can be a good thing. An article on the blog of the Washington PostForeclosures will probably rise in 2012 — and that could be a good sign, does a good job of explaining why, ie:

The number of foreclosures is expected to rise significantly in 2012, adding to a housing overhang that has depressed prices and held back the recovery. But some of these new defaults may be necessary medicine for the housing market to recover in the long term: They represent homes that have been backlogged in the courts and elsewhere that can’t be sold until they finish going through legal foreclosure proceedings.

Why More Foreclosures Is a Good Thing: The Housing Market as It Is Right Now in a Nutshell

The bottom line is, there remains not only a backlog of housing inventory, ie, homes that have already been foreclosed on that are sitting empty and shadow inventory.

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Spring is Almost Here! And, as more foreclosed properties will be hitting the market, it’s an excellent time to start a foreclosure cleanup business. Get your foreclosure cleanup “Business in a Box” and start this lucrative business right now for 40% Off! Click the box to learn how.

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This means there’s more supply than demand. Consequently, buyers can be more choosy and have more barganing power. This is what drives housing prices down. So until the problem of “too much inventory” can be addressed, the housing market can’t fully recover. And, this is why more foreclosures happening this year is a good thing. It gets all of these homes onto the market so they can be resold and/or rented.

Then, supply can become more in line with demand. This will drive housing prices up again.

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Home Foreclosure News: Was Your Home Foreclosed on in 2009 or 2010? You May Have Money Coming (Or Other Options)

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“Cash for Keys” Can Help if You Have a House in Foreclosure & Can’t Afford to Move

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Stopping Foreclosure: What the “Produce the Note” Defense Is & How It Can Help You Save Your Home from Foreclosure (Or at Least Stall)

Could Recent Mortgage Law Challenges Mean More Homeowners Won’t Face Foreclosure and/or That They Were Illegally Foreclosed On and Can Keep Their Homes?

P.S.: Foreclosure Clean Up Job Leads: FYI, don’t forget to bookmark the site and come back for direct leads on foreclosure cleaning jobs, foreclosure cleaning contracts and foreclosure cleanup request for bids on jobs. Always look under the “Recent Posts” heading to find the latest job listings.

P.P.S.: Like this post? Follow Foreclosure Business News on Twitter.

Copyright © 2012 Yuwanda Black for Foreclosure Business News. Article may not be reprinted or reproduced in any manner without the express, written consent of the author.

Home Foreclosure News of the Day: Do Renters Ruin the Property Values in a Neighborhood?

ForeclosureBusinessNews.com: “Foreclosure News the Average Joe Can Use!” Find Trusted Vendors, eg, Foreclosure Lawyers, Mortgage Consultants, Cleaning Co’s, Etc.

In light of the continuing housing crisis, many neighborhoods around the country are taking some creative measures to protect the value of homes.

Continuing Real Estate Crisis Births New Housing (Foreclosure) Laws

The MSNBC article, Do Renters Ruin a Neighborhood?, details how a neighborhood in Minnesota has limited the percentage of homes that can become rentals. The article explains, stating:

. . . in West St. Paul, Minn., an area that’s been severely battered by foreclosures and falling home values, a law permitting no more than 10% of homes on a block to be rentals went into effect on Jan. 1.

The article also cites one town, Madison, MS, which has banned rentals altogether.

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The Housing Crisis: The Pros and Cons of Renting

There are pros and cons both sides of the “renting and foreclosure home” equation. For example, as the aforementioned article highlights, studies have shown that more homeownership in a neighborhood (as opposed to renters) does protect property values.

On the con side – and particularly relevant in today’s housing market – is that homeowners who may need to rent their property for whatever reason, eg, loss of job; relocation to find a job; being underwater which makes a homeowner unable to refinance, etc., are stuck.

Live in a Neighborhood with Lots of Foreclosures? Here’s a Fear Many Like You May Have

Drilling down deeper though, what seems to affect property values more than it having more rentals than homeowners is the type of renters. One of the fears a lot of neighborhoods face is having lower-income renters (eg, Section 8) come in, as opposed to higher-income renters.

As with everything in this foreclosure crisis, only time will tell.

What do you think?  Will allowing existing homeowners who are facing foreclosure to rent out their homes cause a decline in the neighborhood? Should they be allowed to, or not? Share your thoughts in the comments section below.

Related Posts

Buying Foreclosed Homes and Renting Them Back to Previous Owners Is Illegal: Is It Time for the Right-to-Rent Act to be Passed?

Home Foreclosure News of the Day: Want to Protect Your Property Value? Good Schools the Key

Foreclosure Crisis Lessons: How Foreclosures Affected One Neighborhood

Home Foreclosure News: Foreclosures Continue to Drag Down Housing Demand, Preventing Economic Recovery

Home Foreclosure News of the Day: Gov’t Seeks “Partners” to Buy, Rehab, Invest in Foreclosures – Can You Help?

Buy Foreclosed Properties at a 40% Discount: Why This Isn’t Necessarily a Good Thing

How to Lose Your Foreclosed Home at Auction and Still Receive Thousands of Dollars

Home Foreclosure News: More Foreclosed Properties Expected to Hit the Market, Presenting Opportunity for Homebuyers Willing to Take Risk

P.S.: Foreclosure Clean Up Job Leads: FYI, don’t forget to bookmark the site and come back for direct leads on foreclosure cleaning jobs, foreclosure cleaning contracts and foreclosure cleanup request for bids on jobs. Always look under the “Recent Posts” heading to find the latest job listings.

P.P.S.: Like this post? Follow Foreclosure Business News on Twitter.

Copyright © 2012 Yuwanda Black for Foreclosure Business News. Article may not be reprinted or reproduced in any manner without the express, written consent of the author.

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