Foreclosures Help Information

Posts Tagged ‘Foreclosed Homes’

South Jersey Foreclosed Homes

There is a great many infomercials punting the idea of investing in tax foreclosed homes in order to make big profits. While these infomercials are true, many of them are a little misleading because basically they really want to sell you a product. It is possible to educate yourself regarding the processes involved in investing in tax foreclosed homes, just by reading the right kinds of books and collecting information from the internet.

It is certainly best to arm yourself with some education and research on this subject matter before entering the real estate investment market. And the purchase tax foreclosed homes does allow for some good profits to be made.

It is a sad fact of life that in today’s credit crunch, many homeowners are feeling the pinch. The Internal Revenue Service has the right to foreclose on a persons property if they have unpaid income taxes. This in not a quick process, but if the home owner is also in default with his mortgage the process speeds up somewhat. However it is important to know that a Tax lien is superior to any other lien over a mortgage. So even in the lender forecloses on the mortgage owner first the tax lien will still have to be paid. Lenders who purchase foreclosure homes on auction always pay the tax liens, as if they did not the property would become the property of the IRS.

If you are an informed investor, it is also possible for you to buy tax foreclosed homes on auction. There are greater rewards in this method of purchase, but also greater risks, particularly if you have not done your homework.

The beauty of investing in tax foreclosed homes is that you are allowed to inspect the property prior to bidding. This is not the case with bank foreclosures as generally the homeowner is still resident.

There are a number of reasons for properties being sold at foreclosure auctions these include:

• Failure to meet the demands of mortgage repayments
• Failure to make real estate property tax payments
• Failure to make Income tax payments
• Personal bankruptcy
• Illegal activity by the owner

Tax foreclosed homes are either sold at a public auction or at a court auction, sometimes also referred to as a Sheriffs sale. In court auctions investors are not able to request discounts for early payment, pay in installments, modify the terms of the contract or transfer the title. This does make thing a little more sticky, but that is the way it goes. Some auction allow verbal bidding while others only accept bids as sealed written offers, so make sure you know what is required of you.

In “non judicial” states the foreclosure process proceeds much faster, generally around three months. In judicial states this process can take as long as eighteen to twenty-four months. For example, judicial states include:

• Indiana
• Connecticut
• Louisiana
• Florida
• Maine
• New York
• New Jersey
• North Dakota
• Pennsylvania
• Ohio
• South Carolina

About the Author:

Search foreclosures by state or get more information on foreclosed homes at ForeclosureRepos.com

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Kevin Simpson, GM Sales & Marketing

Article Source: ArticlesBase.com - Tax Foreclosed Homes Understanding the Auction Process

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Birmingham Foreclosed Homes

Question: how do i obtain information on a foreclosed home in alabama?

i need proof of the foreclosure to show to the rent office.the home was foreclosed in birmingham alabama the addresse is 1110 5th. avenue midfield alabama 35228

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Answer: the county records office.

Dmitry and Maureen's Wits and Bits of Real Estate Wisdom. Buying Foreclosures

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Mls Foreclosed Homes

Question: Can I fire my buyers agent I signed a contract?

About 2 months ago I signed a buyers contract with him for 180 days.

1. I never got a copy of it even though he said he was going to send me one.
2. We had an appointment to see a house at 1pm, he showed up at 3pm.
3. My financial guy told me not to see homes over 200k but he is constatly showing me homes that are 220/230
4. He tried to sell me on the first home we have seen even
though it was completely crap.
5. He acts like getting 10,000 off a house that is 230,000 is a big deal and tried to sell me on it and the house needed work. Even though we same a similar house a few blocks down that was asking 210,000 that did not need repairs.
6. He is ALWAYS LATE
7. I asked him to show me foreclosed homes and he never has, he just shows me mls.

I don't believe he is looking after my best interest.
Can I get out of the contract?

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Answer: First of all, 180 days is a LONG time to contract for a buyer's agent. Most of the ones around here are 90 days or less.

Call and email your agent, and tell him three things:

1. Tell him that if he doesn't provide you with an executed copy of your agreement by the end of the business day, you will have no choice but to report him to the real estate board in his town. Review the document to see where you stand, and what the conditions are for non-performance (I'm betting that there aren't many

2. Request a meeting with him AND his broker within 48-72 hours to review a list of available homes $200,000 AND UNDER. Also ask for a list of foreclosed homes that he can show you.

3. Explain that you are fed up with his tardiness. It is unprofessional and you expect him to be prompt to any future appointments. (Say this in front of the broker). You are letting him push you around, and that's not smart from ANY consumer standpoint. REFUSE to see homes outside of your price range. Just don't get out of the car! Being two hours late for an appointment is inexcusable.

On the foreclosed homes, he may not be savvy enough to be able to figure out which homes are foreclosed and which ones aren't, and may be too lazy to figure it out. With his broker there, he might be more inspired. *g*

Just remember, YOU are the one making the offer, not your agent. If you choose to offer $200,000 on a $230,000 house, that is YOUR choice, not your agent's. He may recommend against it, but he is obligated to present your offer.

Basically, you need to stop whining and take some positive action. You are in control of this transaction, not him, so TAKE CONTROL. If he senses that you are more trouble than he is willing to deal with, he may offer to tear up the agreement.

Foreclosures, Bank Owned and Short Sales Fort Myers & Cape Coral Homes and Condos for Sale, MLS

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