News you can use.

March  Newsletter

This Newsletter is full of interesting and useful information that I think you will enjoy whether you are a buyer, seller, homeowner, or renter.

This month’s issue includes topics such as:

“Make Your Home Appealing to Buyers”;
“Know Your Expenses Before You Buy”;
Home Equity Use No Longer Home Equity Abuse”;
“Get Out Of Debt”;
“Incentives for Going Green”;

Plus a roundup of February real estate activity as well as much more advice and information.

I hope you enjoy this monthly newsletter. If you have any comments, please e-mail them to me. Or, if you would like to see a certain topic covered in future months, let me know that too!

Enjoy!

Enhanced by Zemanta

Its Here: New Short Sale Law.

Infographic: What would you do if you can't pa...
Image by truliavisuals via Flickr

Are you Thinking Of Short Sale your home?  Now you can do it without fear of lenders coming after you. Please read the following article  for more details of this new law:

Short Sale Without Fear.

Interested in this topic?  Please visit a new, upcoming website, www.thinkingofshortsale.com, with a collection of all sorts of Short Sale related information, comments of homeowner’s experiences, documents and reports. Estimated launch date: August 1st, 2011.

Enhanced by Zemanta

Scam Watch- Fraud is Booming!

BBB Video Series logo
Image via Wikipedia

According to the BBB Better Business Bureau article: “The housing market in the United States may not be thriving, but business is booming for foreclosure rescue and loan modification scammers.” Don’t be a victim of a scam – if you think that an offer to help with foreclosure or loan modification issues sound to good to be true, seek help or ask for a second opinion from a legitimate source. Read more…. 

Enhanced by Zemanta

Difference Between REO or Foreclosure Homes.

Half million dollar house in Salinas, Californ...
Image via Wikipedia

Buying bank owned properties
There is a lot of interest in buying bank owned properties these days. A lot of information, some good and some bad, is floating around about the subject.   Often the information offered is for sale, with the promise that you can make a lot of money with little effort once you know “the secret formula”.  The fact is that there are no secrets, and to make money does require effort.

What’s an REO?
REO stands for “Real Estate Owned”.  These are properties that have gone through foreclosure and are now owned by the bank or mortgage company.  This is not the same as a property up for foreclosure auction.  When buying a property during a foreclosure sale, you must pay at least the loan balance plus any interest and other fees accumulated during the foreclosure process.  You must also be prepared to pay with cash in hand.  And on top of all that, you’ll receive the property 100% “as is”.  That could include existing liens and even current occupants that need to be evicted.  A REO, by contrast, is a much “cleaner” and attractive transaction.  The REO property did not find a buyer during foreclosure auction.  The bank now owns it.  The bank will see to the removal of tax liens, evict occupants if needed and generally prepare for the issuance of a title insurance policy to the buyer at closing.  Do be aware that REO’s may be exempt from normal disclosure requirements.  In California, for example, banks are exempt from giving a Transfer Disclosure Statement, a document that normally requires sellers to tell you about any defects they are aware of.

rightIs it a bargain?
It’s commonly assumed that any REO must be a bargain and an opportunity for easy money.  This simply isn’t true.  You have to be very careful about buying a REO if your intent is to make money off of it.  While it’s true that the bank is typically anxious to sell it quickly, they are also strongly motivated to get as much as they can for it.  When considering the value of a REO, you need to look closely at comparable sales in the neighborhood and be sure to take into account the time and cost of any repairs or remodeling needed to prepare the house for resale.  The bargains with money making potential contractsigningexist, and many people do very well buying foreclosures.  But there are also many REO’s that are not good buys and not likely to turn a profit.  A realtors involvement to buy REO, or any properties for that matter, is always good advise.

 

Reblog this post [with Zemanta]

Title Insurance = Peace of Mind

trustdeedPurchasing a home is probably the single biggest investment you will ever make. Before closing on the house, you’ll want to know that no other individual or entity has a right, lien or claim to the property.

Determining that your rights and interests to the property are clear is the business of a title insurance company.

For a modest, one-time title insurance premium, you will receive continuous title insurance protection in an amount equal to the purchase price of the property or its current market value. This premium typically includes your “owners” policy as well as the “lenders” policy.

One of the marked advantages of title insurance is that prior to a policy being issued, the title insurance company completes extensive research into relevant public records, maps and documents to trace ownership of the property and determine if anyone other than you has an interest in the property. Through its research, the title insurance company can usually identify any title problems that may arise and have these problems cleared-up prior to closing.

Your title insurance owner’s policy will describe the property and outline any recorded limitations on your ownership. It will also set forth the title insurance company’s responsibilities should any claim covered by the policy terms arise. Typically your title insurance will protect you from loss:

  • if someone contests your title in legal action (the title insurance company will defend the title at no expense to you),
  • or if there is a title defect that cannot be eliminated (the title insurance company will protect you from financial loss – up to the amount of the policy).

This is extreemly important, escpecially these days, where many homes going trhough foreclosure, and changing hands rather rapidly.  As a home buyer, you want to make very sure that the tilte of the home you are buying is free of any leans!    

Reblog this post [with Zemanta] 

Buying Foreclosures or REO’s?

rightBuying bank owned properties
There is a lot of interest in buying bank owned properties these days. A lot of information, some good and some bad, is floating around about the subject.   Often the information offered is for sale, with the promise that you can make a lot of money with little effort once you know “the secret formula”.  The fact is that there are no secrets, and to make money does require effort.

What’s an REO?left
REO stands for “Real Estate Owned”.  These are properties that have gone through foreclosure and are now owned by the bank or mortgage company.  This is not the same as a property up for foreclosure auction.  When buying a property during a foreclosure sale, you must pay at least the loan balance plus any interest and other fees accumulated during the foreclosure process.  You must also be prepared to pay with cash in hand.  And on top of all that, you’ll receive the property 100% “as is”.  That could include existing liens and even current occupants that need to be evicted. 

A REO, by contrast, is a much “cleaner” and attractive transaction.  The REO property did not find a buyer during foreclosure auction.  The bank now owns it.  The bank will see to the removal of tax liens, evict occupants if needed and generally prepare for the issuance of a title insurance policy to the buyer at closing.  Do be aware that REO’s may be exempt from normal disclosure requirements.  In California, for example, banks are exempt from giving a Transfer Disclosure Statement, a document that normally requires sellers to tell you about any defects they are aware of.

rightIs it a bargain?
It’s commonly assumed that any REO must be a bargain and an opportunity for easy money.  This simply isn’t true.  You have to be very careful about buying a REO if your intent is to make money off of it.  While it’s true that the bank is typically anxious to sell it quickly, they are also strongly motivated to get as much as they can for it.  When considering the value of a REO, you need to look closely at comparable sales in the neighborhood and be sure to take into account the time and cost of any repairs or remodeling needed to prepare the house for resale.  The bargains with money making potential exist, and many people do very well buying foreclosures.  But there are also many REO’s that are not good buys and not likely to turn a profit. 

Please check out available foreclosure homes in your area.

Reblog this post [with Zemanta]