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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Answer: Try oreolist.com they are not an RE agent site. All it does is provide a list of links to banks that have their foreclosed homes for sale on their web site. There is no signing up or anything.

FREE Apartment Foreclosure & Commercial Short Sale Web Class

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Answer: the city can repo it if the backtaxes aren't paid

Irvine California Foreclosure Home Tour OC-31ST

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Question: Is it a smart time to buy property, especially condos at foreclosure auctions for an investment?

>

Answer: Base in your area, location,and price.
try to focus to buy HUD homes first,it' very easy,and fast.
short selling take for ever.
buy foreclose condo or home in very good area.
if the market improve , it will be the first one to shoot up.
be earful and take your time and study the property.
i think the market did not hit bottom yet.
but i know their are very good investment homes.
best wishes

Foreclosed Property: How to Buy Foreclosed Properties

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Question: help with understanding bank owned foreclosures?

If a bank owns a house that is worth 200,000 lets say. And lets also say that all that is owed on the house is 100,000. As a buyer, if I put in a bid of 115,000(to cover closing costs) is the bank going to accept this offer. I heard a rumor that all the bank wants to do is collect the money owed on the house and whatever they recieve after that, they give to the original owners. Is this true? Help clarify some of this for me. I am in the state of Texas if that makes a difference. Thanks.
Ya but lets say that whatever I am offering is covering all of the banks cost, if this is so, then what's to say that the bank won't sell me the house with a low-ball price?

>

Answer: If the mortgage balance was $100,000, it's possible there's another $10,000 in attorney fees, and an additional $10,000 in accrued interest. I don't know the redemption period in Texas, but in many states, you can squat in your house for a year before getting kicked out, all the while interest is accruing.

So it's never quite that simple. And beware of any additional liens, foreclosures sometimes have them.

And yes, in most cases, after the bank has gotten every single penny of their own money back, they have to give the rest to the prior owner. So they might very well not care how much that is, but they do work within a framework of attempting to get the maximum value for their homes, based on their estimates of what the homes true value is.

And they also have to weigh their risks of having another 2 months go by before they get another qualified offer, while their carrying costs and attorney review fees etc... keep rising. So they're always looking to take the first fair and reasonable qualified offer that they can get.

Bank Forelcosure Property - Foreclosure Boys

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Question: What is the best way to find foreclosure properties in my state (MD now, but also considering DE)?

Can I search online, and if so, is it free? The house would be a residence for me, I am not an investor at this time. I would not want to resell the house for a few years.

>

Answer: I have found that the best place to get a free list is http://www.yourforeclosuresoftware.com/7dayfreetrial/
because they have a 7 day free trial, I just cancelled before the 7 days and they never charged me, hope this helps!

Find Foreclosures Online

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Question: real estate advice, renting a pre foreclosed upon home?

I need help... We are in the state of Florida and have been served with pre foreclosure papers as John and Jane Doe, tenants. Our landlord has given us a song and dance and has told us that he will hold us to the end of our lease, being July 1, and he feels there "should" be enough time. I have a high school Jr. and Sr. I would like to move out. What are my rights? We have been relocated due to a military move and really need to stay in the area. We have spoken with the bank as well as the attorney for the bank and were told that the landlord did not reply within the twenty days. They were up last month. The bank said they are simply waiting on a court date. I honestly can not live like this and find it hard to believe that the landlord has so many rights. I have always paid my rent, I just want out of this situation. I own a home in NC with tenants and could not imagine placing them in this situation.

>

Answer: Yes, the landlord can hold you to the original rental agreement as long as he is the owner of the house. I know it's tough, but you should stay as long as you can. Make sure you give the correct notice to the landlord that you will be moving out the first day the lease expires. Then about two months prior, start looking for a new place. You should be able to sign an agreement one month early for a move-in date of July 1. So really, you just have to wait until 1 April to start looking and planning your next move. If necessary, try to find an apartment in the area so your kids can stay at their school. Hang in there! The banks take lots of time to go through all their paperwork, so you should be okay.

Charlotte Real Estate Homes Communities

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Question: Does a mortgage foreclosure erase an existing foreclosed lien?

Our condominium association filed and foreclosed a lien for unpaid dues. Redemption period passed. Several months later (now) mortgagor (bank) is beginning foreclosure process for unpaid mortgage. Property is "under water". If mortgage is foreclosed and redemption period passes, what happens to our existing lien?? Thanks.

>

Answer: When the mortgage company forecloses there are several things that can happen. The mortgage company may pay off the association because they have agreater interest in the property. You may also receive a 1099 for income earned that you file have to file on your tax return from both parties.

Mortgage fraud scheme involved in more than 550 foreclosures

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Question: I am thinking of letting my house go into foreclosure, I live in Michigan?

and I have a home equity line of credit also (2nd mortgage). What will happen to the equity line of credit. Will they come after me for that? Will I still need to make my payments? Or does anybody know where I can find information on foreclosure in my state?

>

Answer: Keep in mind that choosing to let your home go into foreclosure, may be considered fraud down the road.

I suggest you explore all of your options.

Credit Counseling and Housing Counseling is provided by at least these three sites.

http://www.nfcc.org/

http://www.hud.gov/local/index.cfm?state=mi on right hand column

http://www.michigan.gov/mshda/0,1607,7-141-45866_47905-177801--,00.html

Or, a foreclosure attorney may be a choice

Or, a "short sale" may be a choice.

All of these sources will have options, and yes, as mentioned there are additional programs in the works and one was initiated March 4th. You may or may not qualify for any of these programs.

I wish you well.

Mortgage Foreclosure Help - 5 Tips - Save Your Home - Part 1

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Question: Why does Obama support $4 billion in funding for groups to buy foreclosed properties?

That's the only provision in the mortgage bailout that the White House opposes. Obviously it doesn't help anyone facing foreclosure, just the banks...and oh...the people who get the funding to buy the properties. This would be groups like ACORN.

For more on ACORN, Obama, urban blight and padded pockets, see below:

http://cei.org/node/20757

http://www.boston.com/news/nation/articles/2008/06/27/grim_proving_ground_for_obamas_housing_policy/

http://news.yahoo.com/s/uc/20080625/cm_uc_crmmax/op_196477

http://www.city-journal.org/html/13_2_acorns_nutty_regime.html

>

Answer: to help his buddies.

Boston Foreclosure Homes

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Question: How do you make an offer on and buy a foreclosure property?

If the property is already bank-owned, do you make an offer to the bank the same way you would with a seller? I heard that if a property is already bank-owned, you can make outrageous low-ball offers on the property and that some banks would accept next to nothing to unload a foreclosed home. Is there any truth to this? or should i make the offer i would if I were dealing with the original seller?

>

Answer: First, you need to find out which real estate agency/broker is handling the sale of the property. Banks don't like to actively get involved in the sale. Find out how much they are asking and make an offer through the broker/agent. You can offer a lower amount but be prepared that there could be other potential buyers/investors who are in the running who might offer the exact amount that the bank wants or even a higher amount. In addition to that, bank owned properties require that your credit be sound and all your finances be in order to make the purchase. Banks don't have time for delays while you search endlessly for financing. Have your pre-approval letter ready, your down payment, a clean credit history and lots of patience as the banks tend to operate on their own schedule and it can be a very slow process until the purchase is complete. You should also ask your real estate broker about acquiring a home as a "short sale." This is where the bank may sell the house to you if you offer the amount that is owed to them. Currently, the market is very bad and there are a lot of houses fitting this status. Research, research, research and you'll benefit for doing so.

Edit: I also neglected to say that if you can make a cash offer, you will definitely be in a favorable position. As they say, "cash is king."

TOP 10 TIPS TO REO REAL ESTATE INVESTING

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New York is a state that many people prospect to live in.  New York City is one of the most difficult cities to find a home or apartment in.  The availability of space will all depend on what part of New York you are interested in moving to.  New York City may be an unrealistic move if you are not willing to pay high rent on small apartments or if you are unwilling to wait for an apartment opening.  In many other New York cities and all over the countryside, there are many properties that are being foreclosed.  This may be your best chance to land a great home in New York.  Buying foreclosed property outside of major New York cities may be ideal for you if you have been forced to relocate to this area because of a job or are just looking for a change of scenery.  Depending on your situation, you may be able to find a beautiful home in New York for a great price.

The real estate market has been unstable for the last few years and property value is down all around America.  Luckily, making a big investment in a new home does not have to be an alarming experience.  Instead, buying a foreclosed home in New York could be your best option, leaving you with a feeling relief instead of grief.  New York foreclosed homes can be bought anywhere from ten percent to fifty percent of what they are actually worth.  Anyone interested in buying a home in New York can appreciate deals like this.  You can obtain a foreclosure listing from a mortgage lender at a public auction or at their office.  If you a buy a house in this manner, you will not have to worry about what the market is doing because you will already have equity built by buying at a discounted rate. 

Right now, foreclosed homes in New York are plentiful.  There are literally thousands of properties that are in foreclosure all across the state.  There are even foreclosures happening around New York City, but they will not last long.  Both Albany and Buffalo are also full of foreclosures.  Now is the time to look for property around New York.  The best way to search through the foreclosures is with a good listing service.  There are many on the internet to look through.

About the Author:

Eddie Frank is an editorial staff member of California New York Express. To learn more about long distance moving companies and long distance moving company visit moveeast.com or call 1-888-680-7200.

Article Source: ArticlesBase.com - All About Moving to New York

387 Buffalo Dr #A, Windsor - $75,000! $100 Down!!

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Question: Is there someone who are interested in foreclosed properties in japan?

I want to make website that inform about foreclosed real estate in japan.even foreigners can purchase japanese real estate cheaper than other way.when foreigner come to japan,they try to rent a apartment.but there are a lot of landlords who reject foreigners.because some foreigners do not keep rules.but, if you buy a apartment,no one oppose it.
and in japan, when we purchase real estate we hire agent.but they charge a lot of money.in general,they charge you 5 percent of real estate price.but when you buy properties in action managed by court house, you do not need agent and you can buy it at reasonable price.
what do you think my idea?are you interested in foreclosure in japan?

>

Answer: It's very brilliant idea actually, but is important for you to make an agreement with the owner of that propertiy(s) in order to the buyer not contact directly with the legal agents of the party(s) of that properties. Because, when you build that website, you must put the address of that properties including office or agents. It's better you make agreement for example : take only 2% from real estate price ( making agreement with general marketing manager of real estate ) or if they will not accept your propocal, try to make agreement with seller ( agents ). But I havean an idea, try to build a website and asking sponsorship is better and not spend the time. Good Luck, My Friend..

451 GDI is the perfect business for me. It is so simple.

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Question: Is it difficult to buy a home @ auction that is in foreclosure?

Is it harder to get financing? Are there specific type of financial institutions that specialize in financing the purchase of foreclosure homes?

>

Answer: Definitely harder to get financing. Hard money lenders will give money to almost anyone but a steep price, interest or collateral.

3 Ways to Profit from Foreclosed Homes

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Foreclosures - the word that can strike panic in the heart of a home owner. Unfortunately, the housing market is going through a very painful adjustment. The number of foreclosure filings reported in the U.S. last month more than doubled when compared to August 2006. This represents a 36 percent from July 2007 to August 2007. The sad news is there is beginning of a trend that signals many homeowners are increasingly unable to make timely payments on their mortgages or sell their homes amid a national housing slump. It is as if there is no end in site.

There was a total of 243,947 foreclosure listings reported in August 2007 which is up 115% from 113,300 in the same month a year ago according to Irvine, Calif.-based RealtyTrac Inc. All of us know someone who has been affected by the lost of their home through foreclosure. It doesn't appear that anyone is immune to the possibility of foreclosure.

There is a silver lining because of all the foreclosures on the market. Today's market also provides some excellent money making opportunities for people who buy and sell foreclosure homes. Where does one go to find information on foreclosed homes? There are several websites that provide the consumer and realtors an opportunity to review their homes in foreclosure list. Some of the services are free but others require a monthly subscription. The point is the information is available. As with any business you need to do your research.

Buying foreclosure properties requires some knowledge of the process but once learned, the profits to be earned from foreclosed houses can be significant. Buying homes in foreclosure training is readily available on the web. These courses will also teach you about pre-foreclosure homes and how to approach the mortgage company to buy short sell. Buying that first foreclosed home may be somewhat intimidating but remember to take it slow so you understand the entire process as it moves forward.

Starting a foreclosure business is not as hard as you think. Our step by step guide will provide you with the necessary information and foreclosure training to start your own business to buy foreclosures and turn them around for a profit. Unfortunately, the market for foreclosed homes is large and growing. This provides the opportunity for the person to help people out as well as make money.

There are homeowners guide to foreclosure available that will provide the homeowner with the necessary information to stop foreclosure. You can learn how to negotiate with the mortgage company regarding short sell of your home. Read about pre-foreclosure and what takes place during this and how to prevent it. Maybe this information is what you need to help you during your time of need.

The web is loaded with information regarding foreclosure but remember, to verify the information. Needless to say, some of it may not be correct. You will be able to profit from pre-foreclosures as well as even finding a home for yourself from our foreclosure listing. If you are a homeowner, then you will find information to help take a bad situation and turn it into something good. This may be the time to own your own foreclosure business.

About the Author:

Jerbob Johnsen owns the
Foreclosure Homes For Sale
the premier website for foreclosures. If you are looking for foreclosures, information on foreclosures, then visit
http://www.foreclosurehomesforsale.net
for great prices on a foreclosed home.

Article Source: ArticlesBase.com - Buy Foreclosure Homes For Sale and Make Money!

Use a REALTOR When Buying Foreclosures

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Question: Anyone ever buy foreclosure property?

I am interested in a house that I think is in foreclosure. How do I go about finding out if it is for sure and if it is, how do I go about buying it? I've never done this before. There is a lot on the Internet, but I don't know what's hype and what's not. Every one of them seems to want money before they tell you anything of any real value. Any tips would be greatly appreciated!

>

Answer: Buying a foreclosure is the same as buying any house. The only difference is that you are buying the property as is so inspections become paramount and should be made a subject to clause in your offer.
There is preforeclosure which is the procedures being taken against the property owner to take the home away but you can still approach the owner to buy the house you will need the lenders approval of any offer accepted by the owner in demand.
There is foreclosure in where the owner is already in court and the property is either still in the name of the owner or the judge has ordered the sale of the property you can approach the attorneys for the parties for making an offer to purchase
There is the actual foreclosure sale in where you show up with "dinero" and you bid on the property being sold
There is other real estate owned OREO not to be confused with real estate owned REO in where the bank has successfully acquired the property at the auction and is now selling it.
I hope this overly simplified explanation helps

BANK OWNED (REO) BUYING TIPS!

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Question: Fifty parents with teenage daughters were asked ..?

Fifty parents with teenage daughters were asked how much they would be willing to spend on a wedding for their daughters. Which type of data graph would best display the center of the collected data?

Stem-and-Leaf Plots
Box-and-Whisker Plots
Scatterplots
Cumulative Frequency Graphs

A private research firm wishes to find out if there is a connection between the price of gas and the number of miles driven by American drivers during the last six months of gas price increases. Which type of data graph would best display this information?

Stem-and-Leaf Plots
Box-and-Whisker Plots
Scatterplots
Cumulative Frequency Graphs

A major bank would like to know how the number of mortgage foreclosures compares in the present year to last year. Which type of data graphs would best display this information?

Stem-and-Leaf Plots
Box-and-Whisker Plots
Scatterplots
Cumulative Frequency Graphs

>

Answer: (What's the difference between stem and leaf, and box and whisker)

Anyway, I'd say

Box and whisker
Scatterplot
Cumulative?

Networks Misrepresent Foreclosure Data

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Foreclosure Listings are a valuable resource for the buyer who knows that right now, going into the winter and holiday season, is an excellent time to buy well.

The housing market is said to be “correcting” nationally, in some states a “slump” cannot be ignored. .There are some real estate investors who have been caught out in a liquidity crisis. Investors and home owners, both first home and 2nd home buyers, speculating that the dramatic housing price rises of the decade would continue, have been caught in a squeeze as prices fall and mortgage interest rates climb. Other home buyers with bad credit ignored all commonsense and took out no deposit and other sub prime loans in the last 2 to 3 years. The home ownership rate has risen nationally to historic proportions; more home owners are at risk of losing their homes to foreclosure. Although the Federal Reserve Bank has acted now to brake the rise in interest rates, the tide of foreclosures in some states may not be stemmed quickly without a corresponding correction in economic activity in the same region.

Looking deeper into the picture state by state the buyer will find that national foreclosures data is of little use in directing the buyer to where he has the best advantage. Within each state there can also be a great divergence in foreclosure statistics. House prices have risen far higher than income per capita over the last decade in Los Angeles, Chicago, and Boston, resulting in an affordability crisis now. Yet in Dallas, some areas of the Mid West and also the South East there is little or no divergence between the rate of housing price increase over the last decade and the rate of per capita income increase. Foreclosure filings have been on the rise in these latter regions but both costs of living and house prices have remained affordable. The average foreclosure sale price this last quarter in California was around $360,000, in Texas was a very reasonable $125,000.

All this is by way of underlining that the foreclosures home buyer, knowing that the bottom of the market is near in some states, must look first at the local economic fundamentals. He will target foreclosures for investment (second home, home and income, or rental or starter home) in cities where affordability is not an issue, and economic activity is renewing with private-sector job growth noticeable. Foreclosure listings by city and county within a state are a vital first step in the search for the best investment. Only then can he move on through the listings to select neighborhoods or communities by analysing their demographics.

About the Author:

Philip Smith is the writer of http://www.foreclosuredeals.com. Your Source of Foreclosure Listings online.

Source - Foreclosure Listings; an Essay on How to Get the Best From Them

Home Mortgage Modification Means Better Mortgage Rates No Foreclosure

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For the last two years the real estate short sale has been a popular topic of conversation with investors as well as home buyers and sellers. Yes, but is the idea of a short sale much like kissing a frog with the hope it will turn into a handsome prince?

A short sale is when a bank or mortgage lender agrees to accept less than a homeowner still owes on a home. Lenders do that when there is not enough equity in the home to attract a buyer and pay all costs of a sale.

Ah yes, but a lender does not have to agree to a short sale and even with those that might consider cooperating it can be very difficult to make such deals work. That also makes home buying very difficult.

Banks have what's called a loss mitigation department that handles foreclosure short sales. As the economy moves into a recession those departments have been swamped with foreclosures and are often unable to respond to a short sale request before the home is lost to the foreclosure auction.

A real estate agent experienced with short sale deals might be able to help, but less than about 5% of defaulting homeowners are able effect a short sale before the foreclosure.

Oh, but there's more to it than that...

The big mortgage lenders package up their loans then sell them to investors all over the world. Sometimes the first buyer was Freddie Mac or Fannie Mae. They bought, packaged and sold millions of mortgage loans.

When a loan goes into default and a short sale is requested the lender needs to some how contact and negotiate with each investor who now owns a piece of the loan or loan package.

They ask Mortgage Investor #1 if he is willing to accept $X00,000?
They ask Mortgage Investor #2 if he is willing to accept $X00,000?
They ask Mortgage Investor #3 if he is willing to accept $X00,000?
They ask Mortgage Investor #4 if he is willing to accept $X00,000?

Maybe they can get in touch with everyone who owns a piece of the package and maybe not. Ah, but there's more...

Often there is more than one mortgage loan on the home and the negotiation process starts over again with those additional investors.

See the problem? With a short sale you not only have to negotiate with the investors, you have to negotiate with multiple lenders, sometimes as many as two or three. And they also must negotiate with their investors.

For homeowners facing foreclosure the question is should you even try for a short sale? Not an easy question to answer, but consider the follow:

A home owner's credit score will be damaged by going through foreclosure or by giving the home to the lender by means of a deed-in-lieu of foreclosure.

- Foreclosure or Deed-in-Lieu of Foreclosure

Sellers will take a credit score hit of something like 200 to 300 points. If before the foreclosure your FICO score was 680, it would drop as low as 380.

- Short Sale

Some say the hit on your credit score will be less with a short sale than a foreclosure. Others claim the damage will be identical. The short sale will appear as a "pre-foreclosure in redemption status" in your credit history. That may result in a credit score loss of 200 to 300 points. If your FICO was 720 you will see it fall to 520 to 420.

Are you doomed? If you have a foreclosure on your credit history will you ever be able to buy another home?

Sure you will IF you establish a good payment record with your other debts. After your foreclosure you might wait 24 to 72 months before a lender will offer a mortgage loan with a sensible interest rate. The more improvement you can show on your credit report the lower the rate of interest.

Most who have sold a home with the help of a short sale will be considered for new mortgage financing after two years if they show a responsible credit history. So the main advantage of a short sale is that you can be considered for a new mortgage loan within two years over the three- to five-year period required for foreclosures.

What about deficiency judgments? Are they going to squeeze you for every penny? Well, you could be subject to a deficiency judgment for the difference between the loan amount and the amount received by the lender in a short sale. Not to worry, many states have laws that no longer allow that and in the states that don't have such laws lenders seldom go to the expense of trying to collect from someone who apparently has no money.

Have you heard that you can be taxed on unpaid foreclosure debit? Forget it, because The Mortgage Forgiveness Debt Relief Act of 2007 generally allows you to exclude income from the discharge of debt on your principal residence.

Oh yes, since Washington has decided to bail out the banks they have little incentive to take less than what you owe them on any debit. Can you say, "Good bye short sales!"

About the Author:

Mark Walters is a third generation real estate investor and founder of
CreatingWealthClub.com
. For a limited time Mark is offering his big guide to finding hard money loans for real estate investing free.
Free guide to private money loans.
 
http://www.FindPrivateMoney.info

Source - Foreclosure Short Sales and the Tooth Fairy

House Search: Find Foreclosed Houses for Sale Online - Video

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Question: Why Floridian economy is so bad?? we spent more that we earn to live a normal live.?

I moved from L.A., California to Miami, Florida 2 years ago, the only thing that I see here is a lot local people in foreclosed and big debts, victims of Real Estate fever. For example Home insurance is more expensive here that any where else. I think the only way to survive Florida is if you work in NYC or CA and buy a place here. Because with the Floridian local salary nobody can’t survive at least if you make like $100.000 or more. Miami,FL for example is only for rich people out state.

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Answer: Why not move to the Tampa Bay area where it's not so hard on real estate. Or Rent. When you rent, you don't pay home insurance or real estate taxes. Some people rent out a room in their house or some own a coop house like I lived in. Others rent apartments and don't pay for the insurance or real estate taxes. Plus it's a bit cheaper to rent in Florida. I know what u mean on other expenses. Car insurance is a pain in the @$$.
They have such high insurance and costs on housing because everything else like beer, food, gas, etc. is cheaper.
I can't explain why salaries are so low though. Seems so unfair. I couldn't find a good paying job that met my satisfaction.

New York Foreclosed Homes - NY

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