Foreclosure Listings

) foreclosure

Things seem to be going from bad to worse for Ed McMahon, former sidekick to Johnny Carson on The Tonight Show and corporate spokesman for the American Family Publisher s sweepstakes….(read more) foreclosure

Here are some things to keep in mind when considering a distressed property purchase:

1. Foreclosures are the most problem prone and strenuous type for real estate purchase.
2. You never get a perfect house. You get price per-square-foot. You must be willing to put in the time and money to create your perfect house.
3. You must have capital to purchase a distressed property. On average, you need 10 percent market value in cash to reinvest in the property.
4. Most if not all of the time the seller has no knowledge of the properties previous history. So, the inspection process on the house is more costly. It is also recommended that the potential buyer do more than a typical inspection. For example, a potential buyer should consider paying for a Sewer Scope, which costs about $250.00.  Moreover, hire a contractor and get a written estimate to repair the foreclosed home.
5. In many distress properties the water and electricity is shut off. The trust company and or the seller will not turn them on the water and electricity. So buyers should test the plumbing and electrical systems as part of the inspection. In most cases, the buyer will have to pay to have those systems turned back on. In other words, you have to pay to play.
6. The house has to be livable in order to get financing.
7. Banks have a bottom line too. They will only go so low no matter what the issue is with the property. Lending institutions are loosing billions of dollars, a few hundred dollars matters to them. You have to be willing to take on the issue for the price or walk away.
8. You will be scared. You will be nervous. You will have doubt. Your Realtors job is to negotiate that price to a large enough margin; so if you screw up, you will not be upside down in your purchase.
9. If there is no commission built into the purchase price, you will have to add it to the purchase price. You are making money, and so should your Realtor. 

Contact Nova Ukariha Shank or post comments below.

foreclosure

)
Source: foreclosurepulse.com

Room Enough for a Catnap
In this lackluster real estate market potential homebuyers have been sitting on the fence, observing from the sidelines as the number of foreclosures keeps going up and home prices keep plummeting. …(read more)
Source: foreclosurepulse.com

More Trouble for Ed McMahon
Things seem to be going from bad to worse for Ed McMahon, former sidekick to Johnny Carson on The Tonight Show and corporate spokesman for the American Family Publisher s sweepstakes….(read more)
Source: foreclosurepulse.com

released today. The chart below shows how the annual rate of increase in all three foreclosure actions tracked in the report — defaults, scheduled auctions and bank repossessions — slowed in August.

The rates of annual increase in defaults and scheduled auctions have been steadily slowing down each month this year, but this was the first month in which the rate of increase in bank repossessions (REO) has slowed since the beginning of the year. That seems to indicate (and please forgive this somewhat rambling analogy) that the torrent of defaults that began in earnest about 18 months ago may be working their way down the foreclosure river and spilling into the ocean of bank-owned inventory — while the number of new defaults being added upriver is moderating. But alas, that would be labeled by many as a naively optimistic interpretation, given the possibility of another downpour of defaults looming from as much as $500 billion in outstanding option ARMs, many of which are expected to recast to higher payments in the next three years.

In addition, one must be careful about reading too much into a decreasing rate of increase. It’s a bit like a politician arguing that a new budget will decrease spending when it’s actually just slowing the rate of increase in spending. After all, the RealtyTrac report does show that foreclosure activity continues to increase across the board — defaults, auctions and bank repossessions. And both the total number of properties with foreclosure filings (more than 300,000) and the foreclosure rate (one in every 416 U.S. properties received a foreclosure filing during the month) were the highest since RealtyTrac began issuing the report in January 2005.

View state-by-state data

Source: foreclosurepulse.com

More Trouble for Ed McMahon
Things seem to be going from bad to worse for Ed McMahon, former sidekick to Johnny Carson on The Tonight Show and corporate spokesman for the American Family Publisher s sweepstakes….(read more)
Source: foreclosurepulse.com

Freddie and Fannie Spurn New York Subprime Loans
Battle lines are being drawn in New York s real estate market, pitting Freddie Mac and Fannie Mae against subprime lenders in New York. Last week, New York Governor David A. Patterson signed into law a subprime lending reform bill (S.8143-A/A.10817-A), creating stringent lending guidelines for subprime lenders. Under the new law, investors, including loan buyers like Freddie Mac and Fannie Mae, are held liable for mortgage fraud. It also lays out requirements for brokers to act in borrowers best…(read more)
Source: foreclosurepulse.com

released today.

View state-by-state details.

Bank Repossessions (REOs) accounted for 28 percent of all activity during the month, while defaults accounted for 41 percent and auction notices accounted for 31 percent. That is in contrast to REOs accounting for just 16 percent of all activity in July 2007, while defaults in July 2007 were still at 41 percent and auction notices were at 43 percent. This shift in percentages shows that a higher proportion of properties that enter the forecosure process are ending up repossessed by lenders.

pre foreclosures

The Federal Deposit Insurance Corp. is having no trouble keeping busy these days. In fact the agency s head just announced this week that it has adjusted its estimate of how many of the nation s banks are seriously in trouble of going out of business this year upward from 90 in Q1 2008 to 117 now….(read more) pre foreclosures

Things seem to be going from bad to worse for Ed McMahon, former sidekick to Johnny Carson on The Tonight Show and corporate spokesman for the American Family Publisher s sweepstakes….(read more) pre foreclosures

)
Source: foreclosurepulse.com

More Trouble for Ed McMahon
Things seem to be going from bad to worse for Ed McMahon, former sidekick to Johnny Carson on The Tonight Show and corporate spokesman for the American Family Publisher s sweepstakes….(read more)
Source: foreclosurepulse.com