Bank Foreclosure Boats
April 19th, 2008
Bank Foreclosure Boats
Question: real eastate advice needed. active short sale is it a good thing or bad? ?
looking at buying my first home. not being familiar with the process or terminology i am not sure of the things to avoid. 5 years ago when i moved to this town the average home price was 250 two years later it rocketed to 450 now all of a sudden its back to 250 i do not want to wind up in the same boat as thousands of others are in. losing a home to foreclosure. the house i am interested in is an active short sale. i am not sure what that means. is it better or worse than a bank owned property? almost all the houses i look at are bank owned or active short sale. is either one a good opportunity for a first time buyer? and most important what types of loan do i avoid so that i don't lose my home in a few years? i want to know what my payments will be with no changes to them. ever. is there such a loan? is that a fixed loan? also what is equity? thanks so much
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Answer: You need a help from a realtor or broker.Ask how much mortgage present interest rate and compute it if you can afford the monthly payments.Ask if they will pay for the closing cost and see if you can ask them to upgrade some part of the house.Fixed is that you are paying interest and the principal.I am sure that Banks want to get back their invested money from the house and they do not want to own them.You can either go for 30 or 40 years to pay so your monthly payment will go down and you do want to pay the house right away?
Hope this help.Good luck and start hunting houses.
Bank Foreclosure on the Waterway in Myrtle Beach, SC
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