Foreclosures Help Information

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Buy Foreclosure Property

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

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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

Find Foreclosures Online

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.

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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

Find Foreclosure Auctions

Question: Process to remove personal property from land obtained at a foreclosure auction?

I recently obtained some land at a foreclosure auction. There is personal property on the land such as two old cars, boat, etc. What is the legal process required to remove the personal property?

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Answer: We bought a piece of property in 2006, the previous owner abandoned a 66 Jag, 71 Mercedes, a 72 Porsche and a kit car - we were unable to contact him after many attempts with certified letters asking him to remove the items. It was in our contract that they were supposed to be removed at the close of escrow but it wasn't done. My husband was fed up so was I, I had an estimate of having them towed away at $250 per vehicle, so my huband listed them on ebay and we sold them all for $15,000 to a guy in Florida.. He was aware of the situation, that we didn't have the titles and he bought them regardless..

Foreclosure Auction: Is It Always a Good Deal?

Find Foreclosure Homes

Question: Where can I find Foreclosure homes in Estrella Mountain, AZ for free?

I want to buy a house in Estrella but I want to spend not more then $100 000. How can I find foreclosures in that area? Mls doesn’t offer much

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Answer: The banks list all the property on their books with local real estate agents. The best bet of finding a foreclosed property lies in you seeking a real estate agent, telling this person what you are looking for and the price you would like to pay.

The best thing you can do prior to finding a real estate agent is to get pre-approved for a mortgage prior to locating a real estate agent.

In order to find out the type of loan programs you are qualified for you will have to fill out a loan application, with a mortgage broker, which you can find one in your local telephone book.

Make sure this mortgage broker or mortgage banker is able to do government loans such as FHA and VA loans if you qualify for one.

He will fill out this application, which takes awhile so grab your favorite beverage and sit down. Once you have completed the application, he will run your credit report which will have your credit scores. These credit scores will determine your interest rate.

The amount of your monthly debt payments you are required to pay as per your credit report and the amount of mortgage you can take on based on your income will determine the amount of house you will be able to purchase.

When you speak with the mortgage broker you will need the following documents to complete the loan application, there will be others, but this will get you started.

#1 One month of pay stubs for each person that will be on the mortgage.

#2 Six months bank statements from each bank in which you bank as well as statements from any 401K from you place of employment.

#3 Two years of federal income tax along with the W-2 that match.

Once he has all that he need to do he can then issue you a pre-approval letter so you can purchase a home. In this pre-approval letter will be the amount of house you are qualified to purchased.

Once he gives you this pre-approval you may now find a real estate agent to find yourself a home or he might have a referral.

Now make sure before you get your pre-approval you and your mortgage broker go over all your options as to the mortgage programs you qualify for, the interest rate, monthly payments.

If you are getting a FHA, fixed rate, two loans to eliminate PMI like an 80/20 or one loan, if you are qualified for and approved for a 100% loan.

You should select the loan that best suit your financial condition at the time. That could be an adjustable rate loan. It could be a fixed rate loan for 5 or 10 years and then adjust. Some adjustable rate mortgages only adjust once.

Make sure your mortgage broker explain all your options so you may make an intelligent decision.

What might be good for one person might not be good for you, in other words just because your friends and all your real estate buddies are telling you about the great fixed rate they got, your financial situation might call for something else.

So select the best option for you and your financial situation.

You should also get a Good Faith Estimate (GFE) which will indicate the cost you will have to pay for getting this loan. It will also indicate the amount of your down payment.

Once you have found a home the real estate agent will then prepare a contract for you and the seller to sign.

Your mortgage broker will now order an appraisal to show proof of the property value.

The mortgage broker might ask for additional information or documentation, don't get all up tight this is normal, just supply the information or find the documents needed.

After the appraisal has been completed you will be called by your mortgage broker to sign your loan docs so you can take possession of your new home.

Before signing any loan docs make sure they say exactly what you and your mortgage broker went over when you decided on what mortgage program was best for you.

I hope this has been of some use to you, good luck

"FIGHT ON"

How To Find Foreclosure Homes In Gilbert AZ

Houston Foreclosed Homes

Question: Does anyone know what is required purchase foreclosed homes in a gov auction in Texas?

I just basically want a run down on what occurs and if it is the tax lien only what happens with the mortgage holder..I just don’t have a clue in how this works but I know there is a property that I’m interested that is going to be auctioned off at 1115 Congress, Houston, Texas on 5/6 and it seems like getting info is like pulling teeth! there is a 1st and 2nd mort and tax lien..go figure. I’ve reseached and done as much legwork as i can and i’ve come up with 3 different trustees, one law firm-got nothing from there, one at the county clercs office- the ‘clerks knew nothing found nothing..dead end, and another name that went nowhere. HELP!

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Answer: www.craigslist.com

Foreclosures in Houston, TX