Foreclosure is a process that happens over many months. There are various opportunities to acquire real estate that is in a different stage of foreclosure, including before the foreclosure process completes. This short guide identifies the different stages and the opportunities that may exist to acquire a property at a discounted price. Get The Money Lined Up First To acquire a property at any part of the foreclosure process requires cash or pre-approved credit. Have the full amount of cash available to pay for the transaction or have a recent pre-approval letter from a reliable lender. The letter shows the amount of mortgage financing available and approved for buying a foreclosure. … [Read more...]
6 Ways to Fight Foreclosure
Sometimes, things don't go as planned. Despite the best intentions, there are times when it's impossible for homeowners to fulfill their mortgage obligations. When your misfortune turns into a foreclosure notice, these tips will help you control the situation and realize the best outcome. Work With Your Lender Open the lines of communication with your lender to stall the foreclosure process. Call your lender and explain your predicament. Give them specific details about the nature and estimated length of your circumstances. Many lenders are willing to temporarily modify payment terms to temporarily accommodate certain hardships. Apply for a loan modification. If your credit rating has … [Read more...]
Differences Between A Short Sale And A Foreclosure
If you're looking to get a non-traditional deal on a new home purchase, you may encounter either a short sale or a foreclosure. These two terms refer to sales that are not usual. As a homebuyer, it's important to understand the differences between them and how each one might affect your buying experience. What's A Short Sale? A short sale is a situation where the owner has a strong motivation to hurry up and sell their home. In so doing, they're willing to sell for less than what they owe on the house. Homeowners have a variety of reasons why they might do a short sale. Their reasons might include a personal emergency, or they might be trying to protect themselves against a future … [Read more...]
5 Creative Ways To Buy A Foreclosure
Buying a foreclosed home is easy, right? After all, they sell for pennies on the dollar, right? Well, that could be a false assumption. Buying a foreclosed property appears easy on TV, but in reality, it can be overwhelming. Foreclosure sales continue to decline in the market from 38.6 percent in 2011 to 14 percent in 2017 but ticking up a bit in 2018 according to Attom Data Solutions, a national property data company. As foreclosure sales drop, competition for these properties become stiffer and more complex. And as home prices increase in most cities, buyers often turn to foreclosures as affordable alternatives for landing their dream home Foreclosures usually occur when … [Read more...]
