Comments on: Fort Lauderdale Foreclosures – Risks and How to Avoid Them http://www.michigandreamhomeproperty.com/fort-lauderdale-foreclosures-%e2%80%93-risks-and-how-to-avoid-them.html Tue, 04 May 2010 16:26:25 +0000 hourly 1 http://wordpress.org/?v=3.1 By: Monica C http://www.michigandreamhomeproperty.com/fort-lauderdale-foreclosures-%e2%80%93-risks-and-how-to-avoid-them.html/comment-page-1#comment-592 Monica C Fri, 05 Feb 2010 08:53:09 +0000 http://bankratescompared.com/?p=969#comment-592 It happens with regularity. Not long ago, we had a FHA removed from listing for a similar situation. FHA discovered that it did not have clear title to the property and immediately removed it from the market. You need to understand just how large Freddie Mac is, and the variety of departments involved in disposing of their REO inventories. Now and then, the marketing department releases a property for listing before the legal department has cleared title. It happens with regularity. Not long ago, we had a FHA removed from listing for a similar situation. FHA discovered that it did not have clear title to the property and immediately removed it from the market.

You need to understand just how large Freddie Mac is, and the variety of departments involved in disposing of their REO inventories. Now and then, the marketing department releases a property for listing before the legal department has cleared title.

]]> By: Little Mama http://www.michigandreamhomeproperty.com/fort-lauderdale-foreclosures-%e2%80%93-risks-and-how-to-avoid-them.html/comment-page-1#comment-587 Little Mama Thu, 04 Feb 2010 01:38:01 +0000 http://bankratescompared.com/?p=969#comment-587 who ever buys the property isn't buying the debt. they just buy the property. the debt has to be dealt with prior to the sale. bankruptcy can sometimes wipe out a line of credit or second mortgage look at the bankruptcy discharge paperwork to be sure. good luck who ever buys the property isn't buying the debt. they just buy the property. the debt has to be dealt with prior to the sale. bankruptcy can sometimes wipe out a line of credit or second mortgage look at the bankruptcy discharge paperwork to be sure. good luck

]]> By: Ewan http://www.michigandreamhomeproperty.com/fort-lauderdale-foreclosures-%e2%80%93-risks-and-how-to-avoid-them.html/comment-page-1#comment-588 Ewan Thu, 04 Feb 2010 00:49:37 +0000 http://bankratescompared.com/?p=969#comment-588 By: sarabmw http://www.michigandreamhomeproperty.com/fort-lauderdale-foreclosures-%e2%80%93-risks-and-how-to-avoid-them.html/comment-page-1#comment-591 sarabmw Wed, 03 Feb 2010 13:17:24 +0000 http://bankratescompared.com/?p=969#comment-591 you need to know usually they are an as is sale, and there could be lots of damage. You need to have it inspected, which you will have to pay, as usually a foreclosed property will not supply an inspector. Also you need to make sure ALL liens are cleared off the property, because its foreclosed, some liens follow the property and not the person. Make sure the taxes are not too far behind. Some times they are great deal, but sometimes there are things that will bite you in the butt...Just do your homework, I am sure there are sights that give you a list of must before buying a foreclosed home! Good luck! you need to know usually they are an as is sale, and there could be lots of damage. You need to have it inspected, which you will have to pay, as usually a foreclosed property will not supply an inspector. Also you need to make sure ALL liens are cleared off the property, because its foreclosed, some liens follow the property and not the person. Make sure the taxes are not too far behind. Some times they are great deal, but sometimes there are things that will bite you in the butt…Just do your homework, I am sure there are sights that give you a list of must before buying a foreclosed home! Good luck!

]]> By: Monica C http://www.michigandreamhomeproperty.com/fort-lauderdale-foreclosures-%e2%80%93-risks-and-how-to-avoid-them.html/comment-page-1#comment-589 Monica C Wed, 03 Feb 2010 01:22:08 +0000 http://bankratescompared.com/?p=969#comment-589 Foreclosures for Freddie Macs are handled nearly identically to those for mortgages held by private lenders. All Freddie Mac foreclosures are handled by licensed real estate brokerage firms. Simply contact the listing agent who is handling the property in which you are interested. Prices for Freddie Mac's are similar to those of other comparable properties on the market. Foreclosures for Freddie Macs are handled nearly identically to those for mortgages held by private lenders. All Freddie Mac foreclosures are handled by licensed real estate brokerage firms. Simply contact the listing agent who is handling the property in which you are interested.

Prices for Freddie Mac's are similar to those of other comparable properties on the market.

]]> By: loui8 http://www.michigandreamhomeproperty.com/fort-lauderdale-foreclosures-%e2%80%93-risks-and-how-to-avoid-them.html/comment-page-1#comment-593 loui8 Wed, 03 Feb 2010 01:07:00 +0000 http://bankratescompared.com/?p=969#comment-593 That depends on the purchase offer negotiated between you and the seller, your loan financing and other variables. That depends on the purchase offer negotiated between you and the seller, your loan financing and other variables.

]]> By: Mark http://www.michigandreamhomeproperty.com/fort-lauderdale-foreclosures-%e2%80%93-risks-and-how-to-avoid-them.html/comment-page-1#comment-590 Mark Tue, 02 Feb 2010 21:05:09 +0000 http://bankratescompared.com/?p=969#comment-590 You need a US social security number to get a loan. But if you pay cash you can buy anything you want. You could even borrow the money in Canada as long as you showed up with cash in USA. You can buy directly from the bank at their foreclosure "auction". It is not a real auction because no one shows up. It is just a formality. The bank enters a bid for the amount they were owed by the previous owner (their borrower). They often tack on late fees and attorney fees. You have beat their bid to win and it is seldom worth the amount of the loan. But you could try. In the last 2 months, banks have started accepting lower offers. The sales are advertised in one local paper in the city of the foreclosure. You have to read all the papers to find the one. You don't get to see the inside of the house you are buying and you don't even get a key. After that "auction", the bank hires a realty agent and a For Sale sign goes up. YOu can find those homes online at sites like realtor.com, realestateabc.com, trulia.com ( i don't work for any of them). Or ask any friendly agent to email a daily list of repo's. Then you buy one just like buying any other house. Except that the bank will do no repairs for you. You need a US social security number to get a loan. But if you pay cash you can buy anything you want. You could even borrow the money in Canada as long as you showed up with cash in USA.

You can buy directly from the bank at their foreclosure "auction". It is not a real auction because no one shows up. It is just a formality. The bank enters a bid for the amount they were owed by the previous owner (their borrower). They often tack on late fees and attorney fees. You have beat their bid to win and it is seldom worth the amount of the loan. But you could try. In the last 2 months, banks have started accepting lower offers. The sales are advertised in one local paper in the city of the foreclosure. You have to read all the papers to find the one. You don't get to see the inside of the house you are buying and you don't even get a key.

After that "auction", the bank hires a realty agent and a For Sale sign goes up. YOu can find those homes online at sites like realtor.com, realestateabc.com, trulia.com ( i don't work for any of them). Or ask any friendly agent to email a daily list of repo's. Then you buy one just like buying any other house. Except that the bank will do no repairs for you.

]]> By: bonze http://www.michigandreamhomeproperty.com/fort-lauderdale-foreclosures-%e2%80%93-risks-and-how-to-avoid-them.html/comment-page-1#comment-585 bonze Tue, 02 Feb 2010 10:54:58 +0000 http://bankratescompared.com/?p=969#comment-585 Foreclosure information is directly available from the government. Check your local bankruptcy court and banks that have properties in foreclosure. Foreclosure information is directly available from the government. Check your local bankruptcy court and banks that have properties in foreclosure.

]]> By: fmbonura http://www.michigandreamhomeproperty.com/fort-lauderdale-foreclosures-%e2%80%93-risks-and-how-to-avoid-them.html/comment-page-1#comment-586 fmbonura Tue, 02 Feb 2010 10:40:48 +0000 http://bankratescompared.com/?p=969#comment-586 I am a realtor in Santa Clarita, CA and would love to assist you with this purchase. I work very heavily with pre-foreclosure and foreclosure sales, and have contacts in almost all 50 states, so I could probably get you to someone in most any area if you are not in CA. I am a realtor in Santa Clarita, CA and would love to assist you with this purchase. I work very heavily with pre-foreclosure and foreclosure sales, and have contacts in almost all 50 states, so I could probably get you to someone in most any area if you are not in CA.

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