Вы просматриваете: Главная > Room > Bargain reos and foreclosure homes may soon disappear

Bargain reos and foreclosure homes may soon disappear

Bargain Reos and Foreclosure Homes May Soon Disappear

Foreclosure ‘bargains’ may soon be thin on the ground and this may cause a ‘rush’ on the listed sales now available. The good news is that there is a more expansive program just introduced to help distressed home owners. The newly formed, ‘Project Lifeline’, means that more people may now be able to save their homes from foreclosure.

We can only feel relieved to think there may be more help for distressed homeowners. This is great news for distressed home owners, and news that we all applaud; no-one wishes to benefit at some one else’s expense.

However, it is a sad social statement to write that it is currently a good time for bargain-hunters to invest in a foreclosure property. Does the possibility of buying a foreclosure or a Real Estate Owned (ROE) property leave you feeling slightly uncomfortable?

If it seems as if we are benefiting from someone else’s ill fortune, then it has to be remembered that someone who is completely uninvolved in this sad procedure WILL benefit from it. Once the home has gone to foreclosure, the original owners cannot legally re-buy it anyway.

For you, as an interested buyer looking for a bargain property, you need to know that your choices amongst these properties may soon be diminishing as a direct result of the help that has been put into place.

A lender can foreclose once a home owner is at least two months in arrears by giving notice of foreclosure. The final part of a foreclosure is public auction sale, but before this, the owners do have certain time allowances to bring the loan current. Time varies from state to state.

Forget the drama of the Auctioneer’s hammer; buying a ‘distressed’ property is far more complicated than that. For instance, when looking for a foreclosure you will also come across REOs and short sales.

Real Estate Owned properties are not short sales, but some intended short sales can end up as an REO. All short sales are foreclosures but not all foreclosures are short sales. To further complicate matters; although REO stands for real-estate owned, in fact some bank owned properties are called REOs (meaning real estate owned by the lender).

Foreclosed homes can become REOs when the bids have not been sufficiently high enough at an auction. Then the lender retains the property. In the case of an REO, the property is already owned by the lender, through a foreclosure action.

With a short sale, the home is in foreclosure, but has not yet gone to public auction. (In this instance, the lender must agree to accept less than the amount that is owed on the property). This is a legal requirement because this type of sale will save them the problem of dealing with the final part of the foreclosure.

Foreclosures, REOs and ‘short sale’ homes are good investments for a buyer looking for a bargain home – and who isn’t?

All these different and complex scenarios are pointing to the fact that you will probably feel more comfortable working with a real estate agent that has experience in buying foreclosure homes.

When you are choosing a real estate agent ask about their experience in this field. With a well-informed agent you will know what to expect at each stage of the purchase and you will be forewarned of the procedures.

Apart from the lower price in foreclosure purchases, there is one other difference. Everything moves very fast. Have your financing ready and expect to feel rushed!

Working with a real estate agent who can inform you of the different stages of the process ahead of time and prepare you for each stage may help to ease your mind and offset any unfamiliar feeling of moving into such a large sale faster than you would choose!

  • Добавить ВКонтакте заметку об этой странице
  • Мой Мир
  • Facebook
  • Twitter
  • LiveJournal
  • MySpace
  • FriendFeed
  • В закладки Google
  • Google Buzz
  • Яндекс.Закладки
  • LinkedIn
  • Reddit
  • StumbleUpon
  • Technorati
  • del.icio.us
  • Digg
  • БобрДобр
  • MisterWong.RU
  • Memori.ru
  • МоёМесто.ru
  • Сто закладок

Метки: , , ,

Оставить комментарий