foreclosed properties: Buying an REO or Foreclosure? Read This First.
- 06/06/11 05:50 AM
These days, many homebuyers are turning to foreclosures and taking advantage of the drop in home prices. A foreclosure—or a “real estate owned” (REO) property—is a property that is now owned by a bank. But be careful, a foreclosure is not always an REO. Property enters into foreclosure when the owner can’t pay the mortgage. The foreclosure becomes an REO (bank-owned property) when the bank or lender repossesses the property. Confused yet? There are a lot of pros and cons to buying a foreclosure or REO, so it's important to understand the process of buying these homes before you begin. Otherwise, … (0 comments)
foreclosed properties: The Home-Selling Nightmare Never Ends For Some Homeowners
- 01/28/11 01:54 AM
It’s a home-selling nightmare: Your home has been on the market for months, or even years, without so much as a nibble.Nearly every Sunday on my WSB radio show, I hear from home sellers who are stuck in this kind of never-ending home-selling nightmare. They can’t sell because one, two, or more homes in the area were sold as foreclosures for pennies on the dollar or are listed for a fraction of the “value” of the neighborhood.Here’s what I’ve been telling sellers: If you want to know how easy or difficult it will be to sell your home, step outside your … (2 comments)
foreclosed properties: U.S. Home Foreclosures: The Numbers By Total U.S. Homeowners
- 11/08/10 05:27 AM
U.S. Home Foreclosures: The Numbers By Total U.S. Homeowners Here are some numbers to help you put things into perspective: There are about 110 million households (give or take a few million). About 65 percent of American households own their own home, according to the Census bureau. So, we're talking about roughly 65 million to 70 million homeowners. Of those, we've had 4 to 5 million foreclosures and economists from the National Association of Realtors and the National Association of Home Builders estimate that we’ll have another 4 to 12 million additional foreclosures before we get the U.S. housing market … (3 comments)
foreclosed properties: 4 Tips for Buying a HUD Home
- 10/29/10 05:43 AM
A HUD home is nothing more than a house that was purchased with an FHA loan that has since fallen into foreclosure. (I’m not sure why these homes aren’t called “FHA foreclosures,” which would be more intuitive for home buyers and investors, but the Department of Housing and Urban Development [HUD] is the federal office that takes ultimate responsibility for FHA and its home loans gone wrong.) Buying a HUD home is different from buying another type of foreclosed property. For starters, HUD homes are sold exclusively online in an auction process known as an “offer period.” There used to be a … (4 comments)
foreclosed properties: Phantom Income, Sounds Spooky and It Is For Short Sales or Foreclosures
- 08/25/10 05:09 AM
Lately the words foreclosure and short sale (and even economy) are a lot spookier than the word phantom. Those things are scary enough, but having to pay more after you go through a foreclosure or short sale? Downright frightening. It happens more than you might think, and phantom income--or income from cancellation of indebtedness--can cost you big time. Keep an eye out for a 1099-C, Cancellation of Debt, or a 1099-A, Acquisition or Abandonment of Secured Property if you haven't already received one and have gone through foreclsoure or short sale. Tax Mama adnd Equifax personal finance blogger, Eva … (0 comments)
foreclosed properties: REO (Bank-Owned) Vs. Foreclosure Properties
- 06/07/10 06:10 AM
You might think that buying a foreclosure will always yield a better deal for the buyer, but think again. REO or real estate owned properties in some cases can be a better deal. You need to understand the foreclosure process and the risks before buying a foreclosure. Once you have found a bank owned property, there may be less risks but you still need to understand what you are getting. Read more about what makes a REO different from a foreclosed property at ThinkGlink.com … (0 comments)
foreclosed properties: Will.i.am Saves Two Families From Foreclosure With New i.am Home Fund
- 05/17/10 06:10 AM
Will.i.am of the Black Eyed Peas recently went on Oprah to announce the creation of his i.am Home Fund. The fund will help those in danger of home foreclosure. Will.i.am will collect check donations from the public to help save families from foreclosure, and will also donate his own funds. Will.i.am told Oprah, “I don’t dream of being mega, crazy rich. I just wanna be able to create, make music and help people. Doing this isn’t gonna leave a dent in my house, but it could help somebody that really needs it. It’s something that means a lot to me.” Read … (3 comments)
foreclosed properties: Identity Theft Possible With HUD Home Sale
- 04/19/10 04:46 AM
Identity theft scams are taking the form of HUD home sales. Don't let the promise of a great deal on HUD home lure you into falling for ID theft. Even with a HUD home, which is just a home with an FHA loan that has gone into foreclosure, you still need to perform your due diligence as a home buyer. Use a real estate agent who is licensed to sell FHA loans and have a real estate attorney check on the validity of the sale and the real estate agent. As always, be very careful of giving your Social Security number … (0 comments)
foreclosed properties: What Happens After A Foreclosure?
- 03/02/10 09:49 AM
Why are there so many foreclosures? Foreclosure is more profitable for banks than loan modifications. So when a home goes into foreclosure, the bank may have a greater incentive to move the foreclosure forward than working with the homeowner. The market may have created incentives that may not seem to work with all of the programs in place by the Obama administration. Some community organizations have complained that lenders still have an incentive to work to foreclose on homes rather than help borrowers out. Certainly, if a lender files to foreclose on a home and the borrower ultimately finds the money … (3 comments)
foreclosed properties: Foreclosure Coming? How About Bulldozing Your House
- 02/23/10 09:02 AM
Terry Hoskins had been in a multi-year struggle with his bank. He wasn’t paying his mortgage - or any of his other debts. Finally, the bank began foreclosure proceedings over his $350,000 Clermont County, Ohio home. Terry’s complaint is that he owed $160,000 on a $350,000 house, but the bank still wanted to foreclose. After dragging this out for 10 years, the bank decided enough was enough. Terry decided that if he couldn’t get the bank to agree on a solution other than foreclosure, he might as well bulldoze the house. So what will the bank do now? The bank will … (3 comments)
foreclosed properties: Foreclosure Home For Sale May Require You To Contact The Lender
- 02/11/10 08:54 AM
If you're planning on buying a foreclosed home, you may need to work harder than usual. While some real estate owned properties (REO) -- those properties that have already been foreclosed and are owned by a bank -- hit the real estate market with a real estate broker, some REO properties by be sold through companies that specialize in bank owned properties. Many of these homes, if not most, will be listed in a real estate multiple listing service. Before the property gets to the listing service, a savvy home buyer might be able to talk to the bank and buy … (0 comments)
foreclosed properties: It's My 1.5 Year Anniversary on AR, Time for Some Shameless Self Promotion!
- 01/29/10 07:32 AM
New ThinkGlink Ebooks About Investing in Real Estate Are Now Available We created five new ebooks that together provide you with more than 100 pages of important, money-saving information about investing successful in real estate. here are the five topics: 1031 Tax-Deferred Exchanges. Everything you need to know about 1031 Exchanges (also known as Starker Trusts) and how to use them to defer capital gains and recapture taxes. LLCs, Corporations, And Other Ways Of Holding Title To Real Estate. The time to start thinking about you're going to hold title is BEFORE you buy an investment property. This ebook walks you … (2 comments)
foreclosed properties: Who Wants To Buy A Foreclosure? Real Estate Investors, Trade-Up Buyers, and Renters
- 12/16/09 06:48 AM
Who wants to buy a foreclosure? Fewer people than you might imagine. RealtyTrac, an online marketplace for foreclosures, and Trulia, a search engine for real estate listings, said that overall interest in buying a foreclosure declined to 43 percent from 55 percent, according to the results of a new survey. But interest in foreclosures among real estate investors, trade-up buyers and renters remains strong. Nearly a quarter of all adults would buy a second home, and of those 92 percent said they would buy a foreclosure. About 24 percent of homeowners are at least “somewhat likely” to trade up to a … (2 comments)
foreclosed properties: Short Sale vs Foreclosure: Which One Can You Get To Close Faster
- 11/16/09 02:14 AM
Q: I went under contract to buy a house on six months ago. This is a short sale, and I understand that multiple lenders are involved. But I have been more than patient. What can I do? I can’t seem to get anyone to listen to me. Don’t the banks want this to work out? A: I’m sure that someone besides you wants this sale to work out – the seller! The problem is that each lender has to agree to the short sale and lenders are drowning with the numbers of short sales, foreclosures, and loan modifications that are stacked … (0 comments)
foreclosed properties: Can't Pay Mortgage? Should You Be Worried About A Deficiency Judgment?
- 08/26/09 04:28 AM
In today’s economic environment, tens of thousands of homeowner’s are struggling. For many of these homeowners, their financial problems are tied to medical problems. IPaying the mortgage for most is one of the largest expenses and many just can't pay the mortgage payment on a monthly basis and fall behind. If the debt is not paid and the homeowner stops paying the mortgage, the lender has the right to take back title to the property by foreclosing on the home. Upon the foreclosure, the bank sells the home to settle as much of the balance owed on the mortgage as possible. … (0 comments)
foreclosed properties: Avoid Foreclosure By...Baking Cakes?
- 07/23/09 08:07 AM
Most folks who are down on their luck start praying or buying lottery tickets. Not Angela Logan. The actress and mother of three has starting baking and selling what she calls “Mortgage Apple Cakes” to avoid falling into foreclosure. Last Friday, the New Jersey Record published an account of how the Teaneck, NJ Mom was hoping to bake and sell 100 cakes at $40 each in order to make her $2,559.94 mortgage payment. She has had her mortgage modified, but needs to make these payments on time in order to comply with the mortgage modification plan. As of Tuesday, Logan has … (6 comments)
Publication 523 Selling Your House Publication 544 Sale of Rental Property Publication 946 How to Depreciate Property Publication 4681 Cancelled Debts, Foreclosures, Repossions and Abandonments Publication 527 Residential Rental Property Publication 590 IRAs Go to the www.irs.gov website and type in the publication number you're want in the search engine. MAKE SURE YOU OR YOUR CLIENTS ARE AWARE OF THESE CHANGES! … (0 comments)
foreclosed properties: To Sell or Not To Sell: Credit Crisis Unravels Plans
- 12/08/08 11:48 AM
As I hosted my radio show on a recent Sunday morning, I took call after call from Baby Boomers who are finally realizing that their ability to call the financial shots in their life has been somewhat impaired by the credit crisis. Essentially, these callers are all asking the same sorts of questions: Is now a good time to sell my home? Should I sell my house and trade down to something smaller and less expensive? Will I have to keep working to afford the mortgage on a property I would have sold to help fund my retirement? What these Baby … (0 comments)
These days, many homebuyers are turning to foreclosures and taking advantage of the drop in home prices. A foreclosure—or a “real estate owned” (REO) property—is a property that is now owned by a bank.
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