Foreclosures Help Information

Posts Tagged ‘Article Bank’

Bank Foreclosure Bc

Question: We are looking into buying our first home. Bc of mortgage failures now, how hard will it be, bc we are young?

All of these subrime mortgage failures seem to have such a huge effect on young people, because well, niether or us have ever bought anything before so we are more "at risk." My bro is in coporate lending with Wachovia and he says bc of all of the foreclosures, banks have tightened their belts with lending. What kind of effect does that have on any young couple who dont have bad credit, just no credit really!

>

Answer: I have to answer this question in a round about way.

The proceedure for buying real estate, especially for young people, was to figure out their annual income and loan out no more than two and a half times that figure.

An example would be, let's say you and your spouce earn a hundred thousand dollars per year, then you can carry a mortgage for two hundred and fifty thousand dollars.

If the house costs two hundred and seventy thousand, you are expected to come up with the difference, which would be the down payment.

That was then, but the morons who run finance companies and banks decided to abandon standards and loan out to anyone because real estate kept going higher and higher, but when somebody coughed, guess what, it all came tumbling down.

Now the morons (C.E.O's) are losing their jobs, and banks are tightening up, and there is no way of knowing how it will all turn out.

However, people are still buying real estate, and they should be getting bargains by now, so if you fit somewhere into that standard I gave you, then there should be no reason to delay.

Just make sure you are getting good property at a decent price.

Nobody should be denied credit except the morons who created this mess.

Foreclosure Myths - Grant's Wiebe's Kelowna Real Estate Video Blog

If you're new here, you may want to subscribe to my RSS feed. Thanks for visiting!

Bank Foreclosure Properties For Sale

Question: Tax records indicate many property sales for $100. Help me understand the process, I'm looking for a house. ?

I know these are foreclosures, bank-owned, etc. Are these properties always purchased on the courthouse steps by other banks and Realtors, or do everyday common-folk like me ever get their hands on opportunities such as this?

There is an auction upcoming that I'll attend as an observer, any information would be appreciated. Thanks for your time.
Volusia County, Florida is where I am interested.
I am delighted that you all have been so helpful, too. What a great forum this is.

>

Answer: The foreclosure auction is open to all bidders. Normally you will have to have a cashiers check or cash for a percentage of the sales price, and have prior financing arranged so you can pay the balance within a couple of hours. If you fail to pay the balance within a couple of hours of the auction, it will go to the next highest bidder, or I have seen the sale set for re-auction at a later date.

New York Bank Foreclosures - NY

Bank Foreclosed Property

Question: What can I expect now that I have submitted an offer on a foreclosed/bank owned property?

I have submitted and offer for a foreclosed home and now I have waited and do not know what the process is or how the process goes. My realtor just told me to wait but I do not know if and when I will get any news of what is going on.

>

Answer: If you submitted the best offer then you will have to wait till the bank resonds, which could take some time, then you will start negociations on price amoung other things, if that all goes well and you are approved for your loan then you inspect the home. Renegociate if nessicary and close.

VICTORVILLE MODEL HOMES DEMOLISHED - SHOCKING VIDEO: Part 5