|
||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
foreclosed housing in chicagoFree access for 7-days, try it out! No strings, no contracts, no hassles and you can cancel at any time. Hurry! Foreclosures sell fast. Visit ForeclosureFreeSearch.com. With virtually every Bank, Government and Institutional Seller you will find your next investment waiting for you. |
|||||||||||||||
A Possible Bargain: Foreclosed Properties In the superheated San Francisco Bay Area property market, foreclosed properties are available at as much as 40% below market value, writes Srini Saripalli.The last few months of a calendar year are considered sluggish for transacting real estate, but Silicon Valley seems to be an exception to this. Properties are appreciating rapidly at this time of the year and this year has been one of the best years for selling real estate. Understanding the marketplace and rationalizing the escalating prices has become difficult for investors and homebuyers . At a time when real estate prices are soaring there are still many opportunities to buy properties that are 30 percent to 40 percent below market value. Foreclosures are one of the best ways to find great bargains. So what is a foreclosure? A foreclosure is a legal process that a lender initiates after the borrower fails to repay the loan as per the terms of the contract. The lender initiates the foreclosure process to reclaim the possession and ownership of the property. For example, let's say a borrower has a mortgage of $1 million on his property that is worth $1.5 million. Let's assume monthly payments on a $1million mortgage are about $9,000. If the borrower misses three consecutive monthly payments, then at the end of the 90th day or third month the lender will file a "Notice of Default" at the county recorder's office. This is the notice that indicates pending foreclosure proceedings. It also indicates the auction date. At this time the borrower will have the following options: Pay off all the back payments, penalties and legal fees if any and make the loan current As the borrower in the example has equity of $500,000 he can convert a part of that to cash by re-financing the property. Re-financing a property in foreclosure is usually difficult. Sell the property and payoff the mortgage, provided the proceeds from the sale equal or higher than the mortgage amount. The opportunity to buy a pre-foreclosure property opens the day the "Notice of Default" is filed. The opportunity ends on the day the property is sold at the auction. The time between these two events enables a buyer to work with the homeowner and the lender to negotiate and structure a deal that could be extremely profitable. This is the only time in the entire foreclosure process where the buyer can use conventional mortgage, hard moneylenders or creative financing techniques to buy the property. Once a "Notice of Default" is filed it becomes public information, and usually there is a lot of competition from other investors due to this filing. Hence to avoid competition experienced investors use various farming techniques to spot owners before the "Notice of Default" is filed. Properties can also be bought in auctions at bargain prices too, but one would need cash for the purchase. Bidding in an auction sale is extremely risky and one needs lot of experience and skill. What is the motivation of the seller? Once a borrower defaults on a loan his credit is at serious risk. A foreclosure stays on the credit report for a minimum of seven years. This is the prime reason why people who have defaulted their payments are extremely motivated to avoid a foreclosure proceeding. Borrowers in foreclosure are sometimes difficult to deal with, as they are confused and scared. Their self-esteem is low and they are in need of support from someone who understands the process. As a buyer your motive should always be to help them in their tough times. If any time during the transaction a seller perceives that you are taking advantage of his or her situation, he/she always walk away from the deal. Srini Saripalli is a real estate investor and business development consultant to Fortune 500 companies. He lives in San Jose, Calif. Srini can be reached at: http://www.srinisaripalli.com
|
||||||||||||||||
Other sites that feature foreclosed housing in chicago
1. http://www.ephmc.com/sessions/Foundation/Foundation.asp?EVENT=SHOW_FOUNDATIO... 2. Think Progress » 2005 » May 3. Property Listings: Houses & Homes for Sale & Rent, Apartments, Commercial Pr... 4. Forum Mortgage Bancorp. Uniform Residential Loan Application 5. Foreclosure - Department of Revenue: Property Tax Real Property Foreclosure 6. Home Mortgage Loan - Welcome 7. House - Motor Homes 8. SearchItFast.com: Real Estate 9. A Bane Amid The Housing Boom: Rising Foreclosures 10. Federal Bureau of Investigations - Publications - Financial Crimes Report to... 11. The Hud government loans illinois with king county washington hud matrix and... 12. Web design dallas 13. Apartments in uptown tulsa oklahoma 14. Real Solutions FAQ 15. Anabolic steroid costs 16. HUD.US.com : Pasadena VA homes, Pasadena HUD Homes, First Time Home Buyer 17. North Carolina Mortgage - Helpful North Carolina Links 18. PlogResearch.com - Real Estate - Page 7 19. refinancing a mobile home - Best Resource About refinancing a mobile home 20. real estate listings 21. Foreclosure Real Estate - Exclusive Real Estate Agent, International, Home, ... 22. Foreclosures - Feb. 5, 2004 23. Discover free foreclosures and repossessed trucks here. 24. Firstbanks.com - About Us - First Bank in the News - Press Releases 25. clearly 26. Burlington Associates in Community Development 27. real estate - shopping - businessnew mexico forclosed homes for sale 28. Foreclosure listings, Houses For Sale, Cheap Houses, Foreclosed Homes, Repo ... 29. Foreclosure - Milwaukee Foreclosures 30. Public Interest Law Initiative 31. Connecticut Real Estate - Information, Services, Listings to assist agencies... 32. http://www.sdfcumortgage.org/Resource/glossary.asp?sec=res 33. San Antonio Apartments - Links 34. Home Foreclosures. Find Home Foreclosure Solutions. Real Estate Foreclosures. 35. Orlando Real Estate 36. Denelle Buyers 37. McCary Stevens Associates, Inc. - Biographies 38. Saving Affordable Housing: The Elements of Success |
Other Results for
foreclosed housing in chicago
|
|||||||||||||||
| copyright 2007 | Privacy Policy | the-culinary-chef.com | gov-auction-info.com | gov-houses.com | acquired learning | ironstone-house.com | ||||||||||||||||
