Foreclosures Help Information

Archive for September, 2009

Minneapolis Foreclosed Condos

Investing in a foreclosed Minneapolis home can mean that you can be sitting on an equity farm when the market turns around. The dropping prices of the Minneapolis market mean big deals on foreclosed homes in the Minneapolis area.

An auction on March 29, 2009, illustrates the number of foreclosed properties currently saturating the market in Minneapolis. The California-based Real Estate Disposition Corporation (REDC) sold 139 homes for an overall total of $10.8 million. This was a far cry from the over-350 homes it had expected to auction at the event.

A spokesman for REDC, Rick Weinberg, claimed that banks and lenders pulling homes from the auction at the last minute was to blame for roughly half of them going on the auction block. That may well be, but when $10,800,000 is divided by 139, the quotient is $77,697.84. The average estimated value of a home in Minneapolis in February 2009 was $261,872.

Now you can assume that these homes were all 1-bedroom condos with foundation and roof problems, or you can take REDC CEO Jeff Friedan’s statement that, “residents walked away with some incredible deals.â€

According to the Minneapolis Foreclosure Recovery Plan, 3000 properties are projected to foreclose in 2009. The REDC auction is just a drop in the bucket when it comes to the amount of homes that will be coming on the market.

The “worst economic crisis since the Depressionâ€, according to CNNMoney.com, can mean improving your economic situation by virtue of the fact that the market always turns around. Always. It may not be the same market, but it will be an improved one. The key to profiting by this is patience. Take the time to slowly improve the home and watch the statistics.

The Minneapolis Recovery Plan is another reason why you should think about buying now. Funding for Minneapolis home recovery programs is proposed at $660,000. There is a serious effort by the city to turn the Minneapolis home market around, a move that can mean fast profits by those who take advantage of foreclosure sales today. The city is moving to support home buyers and prevent foreclosures from creating urban “deserts†that are breeding grounds for crime and neighborhood degeneration.

Investing in a Minneapolis foreclosure is a way you can set your financial situation up to increase as a result of massive efforts to bring the market back up to par. Money spent now can be realized years down the road in equity if you “seize the day†and find a home you can restore to beauty and value.

About the Author:

Jerry Clifford has received the prestigious 100% Club award for his success as a real estate agent in the Minneapolis real estate area. He is certified as an ePRO and prides himself on attention to detail. If you need help in your search for St. Louis Park Minnesota real estate, visit JerryClifford.com.

Source - Minneapolis Foreclosures can be “Incredible Dealsâ€

Uptown Art Fair, Uptown, Minneapolis, MN

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Foreclosed Vacation Properties

The decision to buy land or property is not one to be taken lightly. Land can be extremely expensive, representing a considerable investment in both time and financial resources. If you’re thinking about buying land or property, you should ask a few questions yourself first.

1. Why Are You Buying This Property?

Is your primary interest in the property to create a personal residence, to have a vacation home or as an investment? While these interests may overlap, you may need to explore different considerations based on your priorities. Easy access to your property may be a plus for a personal residence but not for a vacation home. Proximity to a tourist attraction may be good for your investment property, but not so much for your personal residence.

2. What Is the Property’s Investment Value?

Even if you aren’t buying a property primarily as an investment, it’s still important to understand its value. You may decide to sell the property down the road and it’s good to know up front what you can expect in this regard.

3. Can You Afford This Property?

Most people will need to get a mortgage in order to purchase land or property. While some may fear the hardest part of the process is getting the mortgage loan, the reality for many is that the hardest part is paying it off. If you are not able to pay your mortgage loan, your property may be foreclosed on, leaving you without money, without property and with bad credit. No matter how tempting a piece of land or property may be, don’t borrow money to buy it if you don’t know how you are going to pay it back.

4. Is the Land Surveyed?

It’s hard to know if you’re getting exactly what you are paying for when buying land, especially if you are buying a great deal of acreage. A certified surveyor can tell you and show you the exact boundaries of the land you are considering, so you can purchase with confidence.

5. What, if Any, Are the Zoning Restrictions on the Land?

It’s important to know local zoning restrictions. If you’re planning to build on your land, you don’t want to find out that your plans violate local regulations after you’ve started, or even after you’ve bought the property. Find out up front what you can and cannot legally do on the land and make sure this fits in with your needs before buying.

About the Author:

Acreage Anywhere provides a global marketplace for vacant land ownership opportunities of all types. Featuring an easy-to-use vacant land search tool, streaming video tours of available communities and interactive mapping of many land developments. Easily find land for sale all over the country, whether you're looking for ranches, rural properties, second homes or recreation properties.

Source - 5 Questions you Should Ask Before Buying Land or Property

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Foreclosed Townhomes

Question: Texas - Down Payment/Closing Cost Assistance Programs?

I'm trying to purchase a townhome in Houston, Texas and I wanted to know if anyone knew of any programs out here that assist with Closing Costs and Down Payment fees...like Ameridream and the Nehemiah Program (those no long offer this type of assistance) I ran across two foreclosed townhomes in the neighborhood I love and I don't want to miss out.

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Answer: As the other poster stated, some city/counties do have programs for this. There are also some other options.

Do you know if the foreclosures are owned by HUD or Fannie Mae?
HUD has $100 down program for buyers who purchase HUD owned homes with FHA financing.
Fannie Mae has a similar program for people buying Fannie Mae owned homes.

In addition, FHA will allow a buyer to use gift funds for the down payment and closing costs and you can also request seller concessions to cover the closing costs.

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