Foreclosures Help Information

Posts Tagged ‘Foreclosure Homes For Sale’

Hud Foreclosure Homes For Sale

Question: Has anyone bought a HUD house, need advice?

I would like to know if anyone has bought a HUD foreclosure home? What is involved in the process and is it hard getting banks to finance the purchase? Also, has anyone ever bought a foreclosure from the court house(sheriffs sale)? How would I get financing for that when you have to bid on the property? Im new at all this and my first purchase will be for myself to live in. Any info is greatly appreciated.

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Answer: I bought a HUD home a number of years ago. The experience was indistinguishable from a normal purchase, aside from the offering process. We placed a bid on the property which HUD rejected. We re-bid a bit more then next go-around and it was accepted. From that point onwards, it was a normal purchase. We did get an FHA mortgage with slightly lower than normal fees and no points that did sweeten the deal a bit.

If you're buying at a sheriff's sale or foreclosure sale, you have to have your financing arranged in advance. A few banks specialize in this; you'll have to ask around. All of the normal qualifications and inspections have to be complete on the auction date so you often have to work VERY quickly and that's where it gets tricky. This is because you typically have to put down 10% with your bid and close within a very short time, often as little as 5 - 10 days. It helps a LOT if you have top-notch credit and can go with a stated income or no-doc mortgage. It's even better if you can pay all cash.

My ex and I tried that a couple of times and discovered a dirty little secret. The lender was usually the only bidder on a foreclosure and unless you were willing to bid near market, they'd just out-bid you and get the deed for themselves. The few tax sales that we investigated were in such poor shape that they weren't worth bidding on unless we were planning on tearing down the house and building new.

Foreclosure Homes In Metro Chicago Area

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Find Foreclosure Homes For Sale

Question: where can I obtain free list of foreclosures homes for sale?

in phoenix,az

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Answer: There's two types of foreclosures. Bank and govt owned foreclosures. If you are looking for bank foreclosures, you can find them on bank web sites like Countrywide and Bank of America. The links to these banks' REOs are available on this free web site:

http://www.InvestingWithoutLosing.com

What's funny is, a lot of foreclosure sites CHARGE you a fee when all of this is free. They just compile the data together (automatically), and that's what they sell.

If you are looking for government owned foreclosures, which is often cheaper but requires more research, you should look into the back pages of this book: Complete Guide to Real Estate Tax Liens and Foreclosure Deeds: Learn in 7 Days [ISBN 0978834682] by Don Sausa. It contains one of the biggest lists of govt foreclosures and it is pretty cheap compared to the infomercials that sell them on TV. You can buy the book off Amazon or Barnes and Noble for less than $17.

Real Estate: Buying, Selling & Renting : How to Find Home Foreclosures

Government Tax Foreclosure Homes For Sale

Question: Is an individuals income "personal property" (not taxable) and is the 16th amendment abused by the IRS.

The 16th Amendment reads:

The Congress shall have power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several States, and without regard to any census or enumeration.

The Supreme Court defines "income tax", as an excise tax "imposed with respect to the doing of business in corporate form".

With tax on property, gas, sales, heating, communications, cable, auto registration, inheritance, lottery winnings, capitol gains, home sales, home buying and even foreclosure the government is completely over taxing like never before.

Question is, if the federal reserve bank is privately owned by anonymous individuals and corperations, why am I sending my money away without there being an accounting of how the tax collected is spent?

Isn't this taxation without representation?

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Answer: There has been a few cases where it was determined that the IRS could not provide the actual law that requires you to pay federal income tax.

See the film Freedom to fascism (On google video) where one is ruled on in favor of the defendant specifically because the IRS did not provide the legal president. There are also several Supreme court cases sited at the Cornell law library that have a baring on this hypothesis.

Most Americans wouldn't try this because of the IRS's very aggressive seizure and prosecution policy, but there very well could be a reason they operate with such disregard. They use the ultimate big stick approach in hopes of bullying the citizens into submission and compliance.

Even the police force doesn't use such tactics on criminals. The FBI even fears the IRS.

Real Estate Tax Sale