Archive for the ‘buy’ tag
buy foreclosure
buy foreclosure
ok my brother wants to buy a foreclosure house but get this hes 16years old?
any i was wonder if its even possible for him to buy a foreclosure house it kinda peaked my curiosity
and i heard that its possible if he has like our parents to co sign and the house i s only 20,000and the mortgage was $171 actually inm thinking of geting it lol
He can do so only if his parents or legal guardian cosign both the contract, the mortgage and any other contract involved with the purchase. Otherwise he has to wait until he is 18 or become legally emancipated from his parents.
buy foreclosure
The Right Way of Buying Foreclosures Home
The real estate industry is reshaping a new market as a result of the real estate bubble burst and the sub-prime mortgage problem. We are now witness to the emergence of a new phenomenon called a foreclosures home.
Investors and homeowners who can pass the stringent requirements of financial institutions may consider investing on a foreclosures home. There are a lot of properties that are on the FHA foreclosure listings we can consider as “best buys.” Another thing to watch out for is the impending occurrence of a second wave of foreclosures; this time in the prime property sector.
Best Practices When Buying Foreclosures Home
Buyers can follow either of three routes in buying foreclosures home. One option would be to transact directly from the homeowners before the real property is foreclosed by the mortgage lender. This approach is referred to as pre-foreclosures.
Another approach is through auction. Prospective home buyers are required to bid the highest to purchase a foreclosures home.
The third one involves direct transaction with the real estate company.
Buying Through Pre-Foreclosure
Pre-foreclosures can be an attractive approach under the following circumstances. Prospective home buyers must have the available equity to close out the deal with the present owner of the real estate property. You should also have access to complete information appertaining to the property; particularly the title, the mortgage structure and liens.
The owner of the home gives up his rights to the property by signing a deed in your favor. You are in effect assuming the mortgage along with the rights to the real estate property. You also have to pay all back payments or mortgage payments that are over due.
The auction approach may vary depending on the state where auctions of a foreclosures home are held. It is essential to note at this point that this approach carries the heaviest risk. This method, however, may also yield the greatest benefits to the winning bidder, as he stands to gain as much as 40% out of the transaction.
The downside of this approach is that buyers will not be able to do a thorough inspection of the property prior to the auction. Winning bidders also have to pay in cash. In some instances, you may also encounter problems with former owners of the property refusing to vacate the house. In addition, you may also compete with real estate investors who are out to cash in on the purchase through resale as well.
Buying directly from the real estate company entails lesser risks when it comes to the actual condition of what you are buying. You are afforded ample time to inspect the property. You can also demand for a clean title and also add a stipulation in the contract that it is subject to getting a mortgage. Brokers usually handle the sale of foreclosures home in behalf of the banks. This approach is the safest amongst the three approaches, however, the downside would refer to lesser gains from the purchase of the foreclosures home.
Selecting the right method in buying foreclosures home would depend on the goals and circumstances of the buyer.
About the Author
http://www.RealEstateBusinessWealth.com Claim your FREE video Webinar right now and Discover Otto Ruebsamen’s simple yet extremely powerful techniques to enjoying passive income even in a tough real estate market.
What are some good resources on how to buy foreclosure properties? Has anyone done this?
Foreclosure props – buying procedures and information
Advice and suggestions
Resources – best books, websites
Some of the best resources for forclosures are:
www.faniemae.com, www.ocwen.com
But the most effective source is your local REO Agent, this is a real estate agent that gets most if not all the properties that are going into foreclosure in their area.
The best part about it is they know about the property before it even gets listed. If you can make friends with this agent you can be sure that you get what properties nobody even know about and gives you the advantage over other investors looking for these properties.
Buying procedures; You have to find the property first then find out how much they are asking for it. Then do a market analysis on this property by contacting a realtor to give you comparables in this property area of atleast the 3 latest houses sold and 3 houses currently selling in the vicinity as well.
After you do your market analysis and know what the price is and how much your going to sell for, this will determine if it is worth going to look at the property. If it’s worth looking at it then take a camera and a notebook pad to write everything down that you see needs repairing or replacing and I mean every little detail no matter how small. Make a detailed list.
Make sure you look at the foundation very good and look for signs of water leaks or water coming into your basement. Look at the structure of the house, if you see that the roof is sagging you might have to replace the roof etc.
Even though you might not determine if this might be a problem it will give you an idea if the property is worth even putting in an offer or will give you an idea of how much money it will take to rehab the house.
Then take your notes and contact atleast three contractors to give you a free WRITTEN estimates on how much it will cost you to repair the house.
After this you put all your numbers together and determine what you will offer and remember if you are selling the property after you repair it make sure that take into account your profits, carrying costs ( mortgage payments ), closing costs, title insurance, attorneys fees, advertising and always add an extra $5,000 dollars for those unexpected things that show up.
After you calculate all this and have an offer ready make sure you put in your additional contions or better yet in a seperate addendum that the contract is; ” Subject to final inspection by an inspector at Buyers sole discretion ” You want your own inspector and not the banks or the owner of the house. This will give you an out on the contract if the inspector finds that there is foundation or structural damage which are some of the most expensive repairs.
Make sure you ask the agent listing the property if there are any sellers disclosures, like for example : Lead Based Paint, Asbestos Issues, Termite or Radon Gas. Ask the inspector when you go for inspection to educate you on this. Most inspectors would be glad to share their insights.
Most if not all foreclosure properties owned by banks you need either proof of funds or a letter from your lender stating that you are pre-approved.
You can checkout this site that gives you leads in your area for Wholesale, Foreclosures, Bankruptcies and Pre-Foreclosures. You can sign up for $6.00 and a month free of all of theses resources and also checkout the bonuses area, here he has pre-recordings and free ebooks so you can read too.
The site is: www.hotbargainproperties.com, the owner of the site is Tim Mai and he is loceted in Texas but will help in your area as well.
Also go to : www.reiclub.com and www.creonline.com and sign up for free. Here you will get to know investor clubs in your area and get a lot of free advice as well.
I hope you find this useful and wish you well with all of your endeavours.
Good Luck
Should I Buy A Foreclosure? Part 3
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