Mar
31
Bank Foreclosure Properties Real Estate
Filed Under Foreclosure | Comments Off
Real Estate?
what the meaning of this
Reo Properties
Bank owned Foreclosures
Corporate Owned Properties
Governments owned properties
HUD
dose it mean when ppl can’t make the payments ? or they are selling for les ? ( i see some are high ) ?
got any advic for first time home buyer ?
* SERIOUS PPL REPLY *
Thank You
Foreclosures are when people cannot or do not make their payments and the bank “forecloses” on the home to kill their bad debt. One way to save money is to get the bank to do a short-sale. You would really have to learn about that and know what you’re doing for the bank to give you one though. So if you have any connections to investors, that would be ideal.
REO means Real Estate Owned (by the bank) whenever a property is foreclosed on, if the home isn’t sold on the auction day the property goes back to the bank. And once the bank owns the property, they normally want retail value for this property. (same as bank owned foreclosures)
Corporate Owned Properties is self-explanatory, as well as Gov’t.
HUD stands for Housing and Urban Development and can sometimes be discounted.
You can go to a foreclosure auction and buy a home, this doesn’t mean you need cash, but you may need a down payment until you can get your own financing. You’re given 30 days to do that.
The best thing to do is to catch someone while they’re in pre-foreclosure. You can negotiate the price down to where their mortgage balance is at potentially, or just at a deeply discounted price. You can find out who these people are on websites or at the county courthouse.
Then my next advice would be to get a good, FIXED rate loan that you can afford. No Adjustable Rates, that’s why there are all the foreclosures out there!
Hope that helps!
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Mar
31
Foreclosure Cars Homeowners
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unkept yards in foreclosures?
My neighbor foreclosed and left their house all junked out, the yard is full of weeds, the garage is broken, etc.
I heard of a website that you can post unkempt foreclosures online but I forgot the address, does anyone know it?
Also, I always hear of homeowner scams by lenders but what about scams by homeowners? My neighbor bought their house for less than 200k, took out a loan for 700k later, bought a bunch of new cars, and now walks away from the deal.
Seems like a pretty good deal, even with bad credit on your report, who cares when you have 500k in your pocket?
Is that a scam anyone is talking about?
You should contact your local code enforcement office. City Hall usually has all the numbers for the cities various departments. File a complaint if there are codes for hazard conditions within private yards. Not sure over grown grass is a hazard, but if they think so they will make the bank clean the yard. Because the house belongs to the bank if it was foreclosed.
All the other stuff really isn’t your business so don’t worry about what they did or did not do!
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Mar
31
Free Mortgage Foreclosure Forms
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Like father, like son: Three families’ lives intersect in West Memphis shootout
A “routine” traffic stop along I-40 turned to chaos on May 20. The lingering question: What ignited the violence?
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Mar
31
Menomonee Falls Foreclosures
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