Foreclosures Help Information

Posts Tagged ‘estate’

Foreclosed Lots For Sale

Question: Should I buy a shortsale property? What are the advantages and disadvantages?

A lot of properties that are up for sale are mostly short sale, foreclosed, or bank repo's, but it is a good idea to buy one these of properties?

Answer: There is a huge difference between a short sale and an REO property. An REO is a property that was foreclosed and is now owned by the lender. Buying an REO is not really any different from an "ordinary" sale. A short sale, on the other hand, involves a distressed owner trying to get his/her lender to agree to a sale for less than what they owe - a very difficult and protracted process.

Lots of Homes For Sale in Clearwater

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Buying Foreclosure At Auction

Question: Is it worth buying foreclosure properties at the courthouse auctions ?

I'm considering going to the local courthouse and bidding for foreclosed properties but I am nervous of hidden costs, etc.

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Answer: In my opinion, it's the best way to buy a house. There are no hidden costs. You first need to do your homework. Find out the appraised value of the house, what the last owners paid for it, etc. Then decide what the top dollar is that you're willing to pay for it. Before the auction starts, someone will go over the rules of the auction and so on. Pay attention. Most of the ones I've bought required 10% down if you are the winning bidder and the remainder to be paid within 30 days. Once you write the check, they hand you the keys and that's it. No closing, no closing costs, no deed check, and so on. Then a judge will review the terms of the sale, and sign off on it. It doesn't matter at that point if there were 30 liens on it prior to the sale, the house is now yours free and clear.

Buying Foreclosures for Beginners

Foreclosed Dreams

Question: What is Barbie going to do now that the bank foreclosed on her Dream House?

Please, people - nothing naughty. She wants real options. PS Ken is a lousy provider, so don't count on him.

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Answer: Oh, Ken's a total douche. He spends all his money on hair products and erectile dysfunction creams.

Maybe if Barbie wasn't such a Johnny Job Jumper and stuck with one of her 73 different careers, she wouldn't be up shite creek without her glamourous pink paddle.

Dreams Can Come True With Foreclosures and Kimberlee Frank