Archive for the ‘Foreclosures’ Category

How to Buy a Foreclosed Home

February 4th, 2010 admin No Comments »

If you aren’t sure how to buy a foreclosure at an auction, it is actually a very simple process.  This process includes financing, a down payment, bidding and paperwork.

If you go to an auction with the intent to purchase a foreclosed home it is your responsibility to know what you are bidding on.  Be aware of damages that need repaired and anything that might cost you additional money once you win the property.  Foreclosure auctions are open to the public and anyone can bid on a home they would like to own.

Most public county auctions will not allow people to bid on a property unless they can prove they are financed and they have the means to buy a property.  However, some auctions give bidders up to 30 days after they win the home in an auction to qualify for a loan.  You should always expect a requirement of a cash down payment on a home you want to bid on at the auction.  This is a security for the auction and you will not be able to bid without giving the down payment.  Expect the down payment to be approximately 10% of the sale price.  Because it is an auction, you may not know what the price of the home will go for.  Bring enough money in a down payment so you can bid on the property.  If you do not have the winning bid, you will get your down payment back.

Auctions start the bidding after the auctioneer says a few legal things to the public that might seem like jargon to you.  Once the property you want to bid on begins you will need to pay attention and bid.  Some auctions sell homes out loud with people yelling the bids while other auctions do closed bidding.  Closed bidding occurs when you submit a paper bid that is confidential.  The winners are announced later.

If you do have enough money for a down payment on a foreclosure, bid on a property and win it then there will be a lot of paperwork for you to fill out.  There is a process it takes to be able to own the foreclosure.  You cannot buy a foreclosure straight from the auction and get the keys that day.  It takes time for title transfer and other paperwork issues to go through as it does a normal home purchase so never expect to move in on the same day.

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Tags: Buy, Buy Foreclosed

Foreclosed Home Auctions to Go Online in Lakeland, Florida

February 3rd, 2010 admin No Comments »

Foreclosed home auctions will go online in the Lakeland metro area this year to help the courts manage their backlog of filings, according to Richard Weiss, clerk of courts for Polk County, where Lakeland is located.

Polk County will be following the example of nine other Florida counties which have already launched their public online auction sites last year and three others which will be starting their online auctions before March.

Miami-Dade County was the latest to launch its online foreclosure auction site, and Broward County is set to follow before March.

Polk County needed to find a way to speed up its public foreclosure auctions as defaults and foreclosures continued to rise in the area.

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Tags: Foreclosed Home, Foreclosed Home Auctions, Home Auctions, Lakeland

Couple from New Bedford Filed a Lawsuit for a Wrong Foreclosure

January 30th, 2010 admin No Comments »

A couple from New Bedford filed a lawsuit for a wrong foreclosure, claiming that the Bank of America had foreclosed their second home wrongly.

Charlie P. and Maria Cardoso claimed that their home in Florida was free of any mortgage.

Their lawyers argued that the Bank had already been notified about the wrong foreclosure, in July, despite which it got foreclosed. At that time, the tenants to the house were a single parent and her two sons. According to the court records, the foreclosure proceedings forced them to leave the house. Charlie used to work in the construction business.

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Tags: Bedford Filed, New Bedford Filed, Wrong, Wrong Foreclosure

Foreclosure Houses Take Center Stage in NeighborWorks Drive

January 28th, 2010 admin No Comments »

Foreclosure houses have become the center stage of the campaign of NeighborWorks America to preserve property values and maintain stability in neighborhoods. NeighborWorks is being helped in its campaign other neighborhood-focused nonprofits like the National Housing Institute and the National Vacant Properties Campaign.

These nonprofits are concerned about the negative impact of vacant foreclosure homes on neighborhoods, on the safety of families and on the value of properties.

According to figures from the Center of Responsible Lending, almost 50 percent of short sales and foreclosure sales in 2009 involved huge discounts, with nearly 70 percent of nondistressed homes or new homes near foreclosure properties sold off at discounts averaging $7,200.

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Tags: Center Stage, Foreclosure Houses, Stage

Earning Money from Foreclosed Houses by Buying Tax Liens

January 23rd, 2010 admin No Comments »

One can profit from foreclosed houses without buying the properties, but buying the tax liens on the properties.

In Maricopa County, Arizona, tax lien buyers can earn up to 16 percent annually if they acquire good liens. Lenders typically pay up all the unpaid taxes on properties they foreclose upon, so lien holders can expect immediate returns on their lien investments.

Investing in real estate tax liens is ignored some investors, but tax lien experts say returns from them are more dependable than other property investments.

Phoenix-based lawyer Mark Manoil, who has published a book on tax lien investing, said that prospective tax lien investors in Arizona can take advantage of the record numbers of tax liens being auctioned off.

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Tags: Foreclosed Houses, Liens, Tax Liens

Brooklyn Foreclosures Highest Among NYC Borough Filings

January 19th, 2010 admin No Comments »

Brooklyn foreclosures accounted for most of the more than 2,000 foreclosure filings in New York City’s five boroughs in December, based on figures from a California-based research firm.

Brooklyn posted 757 foreclosures in December, up by 151 percent from December 2008 and higher than the 629 foreclosures filed in Queens.

Across the city, a total of 2,013 foreclosures were filed in December, an increase of 3.3 percent from filings in November 2009 and a jump of more than 84 percent from filings in December 2008.

Throughout 2009, New York City posted a total of 20,229 foreclosure filings, up by more than four percent from total filings in 2008. According to real estate firm owner Jonathan Miller, the major cause of foreclosures in New York in the latter part of 2009 was unemployment, and it will remain so in 2010. A

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Tags: Brooklyn Foreclosures, Filings

Miami Foreclosed Homes for Sale Put City 10th in Rate Chart

January 15th, 2010 admin No Comments »

Miami foreclosed homes for sale put the area tenth in a ranking of metro areas nationwide based on rates of foreclosure in 2009, based on a report from a California-based foreclosure tracking firm.

A total of 72,391 homes in Miami-Dade County entered foreclosure listings in 2009, a 46-percent jump from filings in 2008 and a substantial increase of 187 percent from filings in 2007.

Nearby counties such as Broward County and Palm Beach County had lower filings, with Broward posting 69,633 foreclosures and Palm Beach posting 30,870 foreclosures. The rate of increases from 2008 was 47 percent and 32 percent, respectively, and increase rates from 2007 were 235 percent and 159 percent, respectively.

Statewide, a total of 516,711 single-family homes and other residential types went into foreclosure in 2009, an increase of 34 percent from filings in 2008.

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Tags: Foreclosed Homes, Miami Foreclosed Homes, Rate, Sale Put

Amidst Foreclosures; California Housing Market sees price Correction

January 13th, 2010 admin No Comments »

The situation in the US is a critical one indeed. Unemployment is at a high of 10 per cent. With people losing jobs, even those with sound credit history, are faltering on mortgage payments. Subsequently, foreclosures are common.

According to experts, however, home prices in California will slowly come out of the low. Unemployment will, however, be the biggest stumbling block in the recovery of the housing market. Credit crunch, too, will continue to plague the scenario.

Home prices in California are expected to increase by 3.3 percentage points. Whereas earlier, the average price was $271,000, now that price has become $280,000. Experts are happy that this would be the first price increase after they had begun plummeting three years ago.

Sales, however, would drop from 540,000 homes in 2009 to 527,500 next year.

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