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July 12, 2011
"Strategic foreclosure" is the newest phrase circulating throughout the media. It refers to homeowners who elect to walk away from their underwater mortgage even if they can afford payments. As property values continue to decline, experts predict many homeowners will elect to walk away.
The problem with strategic foreclosure is walking away does not give homeowners immunity from paying their mortgage. In fact, those who engage in this strategy could end up owing money on property they no longer own.
February 10, 2011
Real estate owned by banks refers to property that has been repossessed by mortgage lenders through loan default. It can be advantageous to seek out bank owned foreclosures because these properties are often sold below market value.
Real estate owned by banks is no different than properties listed for sale by private sellers. Banks list properties through local realtors and buyers submit offers to the bank. The majority of lenders require buyers to prequalify for lending prior to placing offers on bank foreclosures.
January 06, 2011
Do you wonder which properties make the best investment? If so, you're not alone. The real estate market has undergone radical changes in recent years; leaving many investors holding investments they cannot sell.
A variety of properties exist that can allow investors to generate positive cash flow. Some of the more popular include foreclosure homes and short sale real estate. These property choices often make for great rental homes that can be used as Section 8 housing or sold through creative financing strategies.
August 23, 2010
An excess of foreclosure property could be the yellow brick road to the pot of gold for savvy real estate investors. A recent report published at CNNMoney.com deems investors who sweep in to purchase distressed properties as 'vulture investors', but in reality these individuals have learned how to capitalize on a downturned market.
Foreclosure property can consist of single- or multi-family residences, commercial real estate, or raw land. Previously, investors purchased foreclosure real estate primarily for the purpose of house flipping. Today, these properties are being purchased as rental homes to accommodate the millions of homeowners who lost their home to foreclosure and incapable of qualifying for mortgage loan.
August 16, 2010
Foreclosure auction refers to selling real estate at public auctions so banks can recover financial losses associated with the foreclosure process. While it is true real estate can be purchased below market value, buyers should take time to understand the process involved and engage in due diligence prior to placing bids on distressed properties.
A foreclosure auction usually takes place at a public location such as county fairgrounds and local courthouses, but can also occur at the property being auctioned. Public auctions offering multiple homes for sale allow buyers the opportunity to scout out potential deals.