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October 06, 2010
Fannie Mae Homepath properties are quickly moving to the forefront of homes sold due to discounted prices and special financing options. According to Terry Edwards, Executive Vice President of Fannie Mae's Credit Portfolio Management, "More than 87,000 families have purchased HomePath properties in the first half of 2010."
Fannie Mae Homepath properties encompass a mix of foreclosure homes scattered across the nation. Prices start as low as $5,000 for single family residences, but the average home price hovers around $139,000 for a two bedroom, one bath home.
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.
July 27, 2010
REO properties refer to real estate which is owned by the bank. Often referenced as real estate owned, bank owned, and bank foreclosures, these properties were once foreclosure homes that did not sell through public auction.
REO properties have become a preferred choice amongst real estate investors. Although real estate owned homes generally have a higher price tag than houses sold through foreclosure auctions, they are sold with a clean title. The bank removes any tax or creditor liens which may have been attached and evicts foreclosed homeowners if they refuse to vacate the premises.
March 26, 2010
The Countrywide foreclosure list is an indispensable tool for real estate investors. On any given day, investors can locate over 15,000 foreclosures, bank owned, and cheap homes for sale located across the nation. Most properties are priced well below market value and sold in "as is" condition.
Countrywide foreclosure list properties are part of HUDs Neighborhood Stabilization Program. NSP allows qualified borrowers to obtain grant money to purchase bank owned homes in an effort to stabilize communities hit hard by foreclosure. Recipients of NSP funds have access to properties under Bank of America's "First Look" Purchase Program.
November 20, 2009
Investment property refers to real estate purchased for the purpose of generating profits. Numerous types of properties exist and each produces income at a varying pace. For example, rental homes produces monthly income while house flipping generates a one-time cash payout.
Investors need to determine which type of investment property best suits their needs. Some investors prefer to build portfolios slow and steady, while others elect to diversify and purchase multiple property types.
August 02, 2009
Short sales vs. foreclosure is a hot topic in the world of real estate. These two options might be the only thing left for borrowers struggling to make ends meet. Both can resolve financial challenges or create an entirely new set of problems.
The primary difference between short sales vs foreclosure is with short sales homeowners have the opportunity to sell their property for less than is owed on the mortgage note. Borrowers must meet certain criteria to obtain short sale approval from their lender.
June 30, 2009
A loss mitigator refers to an individual who specializes in helping homeowners who have become delinquent on their mortgage note. Loss mitigators either work as an employee of the bank; independent representative for the lender; or an agent who represents the homeowner.
The primary roll of a loss mitigator is to develop a plan allowing borrowers to remain in their home. The most common option offered is a loan modification. When mortgage loans are modified, terms are permanently altered. In some cases, borrowers end up paying a higher mortgage payment in order to cure arrearages
June 26, 2009
Short sale foreclosure properties include residential homes, commercial buildings or raw land that has been returned to the bank because the property owner became delinquent on their mortgage note.
Short sale foreclosure is also an option given to borrowers allowing them to sell their property for less than they owe on their mortgage loan. Short sales can be a saving grace to borrowers unable to refinance or obtain a loan modification. The process generally takes four o six months to complete, but allows the borrower to walk away from their home without owing further monies.
May 26, 2009
'Real esates' is a common misspelling for 'real estate'. Both spellings refer to real property or raw land used for housing, commercial buildings, farming or ranching. In reality, Earth is one gigantic ball of real estate opportunities!
Today, people are leery of investing in real esates. It's no wonder. With housing prices dropping at unprecedented rates, sellers are reluctant to sell their properties because most of them would take a financial loss.
April 12, 2009
Wondering which real estate investment is best for you? If so, you're not alone. Although the market is undergoing massive transition, there are still numerous opportunities to profit in this field.
One of the best places to obtain real estate investment information is through the Internet. However, caution should be used because real estate is a hot topic and many unqualified people are jumping on the bandwagon. If something sounds too good to be true, it probably is