With all the other economic issues plaguing the U.S, there can be a lot of confusion when it comes to assistance programs. The Homeowner Assistance program was recently expanded, and with it came more confusion. In this video, the new program is explained in detail, and homeowners can learn how to use this free program [...]
Short sales are the hottest thing going in the distressed-property market we currently have, and the trend is expected to get even hotter in coming weeks, when the government starts handing out cash to encourage lenders to close these deals.
“Banks have ramped up short sale approvals,” said Duane Legate of House Buyer Network, which connects short sellers with buyers. “They’re hiring a lot of the people who once worked in the mortgage-lending industry and moved them over to short sales.”
Foreclosure
The foreclosure process is not very difficult to understand. There are several stages during which the homeowner has an opportunity to bring the loan current and avoid foreclosure.
After about three to six months of missed payments, the lender orders a trustee to record a Notice of Default (NOD). At the County Recorder’s Office. This puts the borrower on notice that he or she is facing foreclosure and starts a reinstatement period that typically runs until five days before the home is auctioned off. Which is best for you?
Now that you are able to understand both a little better, you have a choice to make. Which one of these will be better for your personal situation? A foreclosure is painful, but a short sale can be this way as well. Foreclosures hurt because you not only lose your home, you are faced with having to deal with a huge credit hit. Short sales hurt because you may avoid foreclosure but you lose your home and end up still owing money.
An auction is a public sale in which goods or property are sold to the highest bidder. A foreclosure auction is not too different, as it is designed to sell foreclosed properties at whatever price someone is willing to pay. The auction itself is regulated by state law, yet the individual county where the house is specifies how the auction works. After the auction begins and potential buyers have made their offers, the highest bidder then claims the property. There are also numerous techniques that skilled bidders use to gain potential property. These techniques, however, take years of practice and observation to fully master.
As you well know, our economic system is down and the stock market is crashing all around us. People are losing their homes left and right, families are having to down size because of the way the economy is right now. If you are one of the lucky few the economy has not effected, you should take advantage of all the foreclosed homes in your area. If you are planing to buy a foreclosed home check out these great tips.
Budget carefully.
Get a list of foreclosed home.
See the house for yourself.
Look at the neighborhood.
Find out how long has the house been empty.
Look at the landscaping.
Be patient.
If you don’t have cash get pre-approved for financing.
There are currently just under 2 Million foreclosures in the U.S. (October 2009). My home state of Florida is Number 2 in the country in terms of foreclosures.
California had the highest number with 85,240.
Here is a breakdown by state:
California and Florida lead the nation in foreclosures.
For more information, or to search foreclosures by city, state or zip code, click here.
The National Foreclosure Alert (NFA) is looking for approximately 50 realtors to participate in a free beta program. We will be working with you to develop an ongoing stream of buyer leads from people who find a property that they are interested. To apply, you may register for our 14 day trial and then send an email to nfa@yovia.com.
Thanks, we look forward to your feedback and participation.
Yovia has recently partnered with Jordan Publishing to launch an exciting new foreclosure alert program. This will include a new website and membership area, enhanced mapping and search capacity and an alert system when an exclusive new database of foreclosures, short sales and other real estate offerings.
The new “National Foreclosure Alert Project” is designed to help people to find and purchase distressed property, including providing trends and market statistics. We will continue to provide the same general functionality, but will be making the product easier to use and more accurate.
If you have questions, or if you would like to receive a notice when the new project launches (Scheduled for August 15, 2009), then please let us know:
My wife and I just moved into our first home - a short sale near the beach!
Hi, my name is Israel Swanson and my wife and I recently bought our first home. It’s just a few blocks from the beach and although it needed some work (ok, A TON of work), we got a great deal because it was a short sale. There were some extra steps involved with buying it because we had to deal with the bank, but overall it is a great home and a great investment. I am helping with this site because I work for Yovia, who was one of the founding companies of the National Foreclosure Alert, and because I know there are lots of great deals still out there.
Yovia on March 29th, 2010
Yovia
Nina Coleman
jmuller