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Everyone Wants a Deal – Could a Foreclosure be Your Answer?

Below is a clip from the article…good information to keep in mind when looking to pickup that “bargain” home!


“Four Warning Signs to Watch for When Buying a Foreclosure”

Matthew Frankel  Source: Respres.

Over the past several years, many people have gotten great deals on homes because of foreclosures. While the inventory of foreclosed homes in the market is not nearly what it was a few years ago, there are still many to be found. In fact, in some areas, the foreclosures from the 2008-2010 period are just now making their way through the court system and appearing on the market.

In the right situation, a foreclosure can be an excellent way to obtain your dream home at a much better price than you would expect.  Buying foreclosures can also be an great way to acquire investment properties, as many foreclosures are duplexes, triplexes, and smaller single-family homes that can become lucrative rentals.

Even though foreclosed homes can be a good deal, they definitely carry their own issues and risks that buyers need to be aware of. Let’s break down a few of these and see if they should affect your decision on whether to buy the property or not.


Will Renting be the New Thing?

There have been some very interesting thoughts regarding this matter, not the least of which is considering the unparalleled amount of people going through financial crisis with their homes.  How will someone who faces this hardship, who ultimately has to file bankruptcy, walk away and give the deed back in-lieu, or file foreclosure – actually recover?  If the file bankruptcy it is at least two years before they will be able to purchase a home.  If they walk-away or file foreclosure it can be three years (and that’s from the date the bank is actually able to “sell” the property – not the filing date.)  These people will not have any other option but to live with family, friends or RENT.

This is an interesting six-minute audio clip.  Tell me what you think…Are we headed for a community based Property Management service?  CLICK HERE FOR AUDIO FILE

You May Be Able to Rent Your Foreclosed Home!

Slowly, the steps to making some progress are being recognized and put into implementation!  The following article at least provides for the opportunity of a home owner or tenant who is in a property to be foreclosed to be able to RENT the property (month-to-month.)  While not a permanent fix – it does help to provide a little extra time to make other arrangements…if you need help in finding more details – call Tammy at 937-838-0997.
Daily Real Estate News  | March 6, 2009  |

Freddie Mac Launches Rental Initiative
Freddie Mac is launching a rental initiative, which will give former owners and tenants of foreclosed property the opportunity to lease their recently foreclosed properties month to month.

The REO rental initiative will be managed by HomeSteps, Freddie Mac’s national real estate unit, and implemented through several national property management firms. Freddie Mac has about 8,500 properties in various stages of foreclosure.

Freddie Mac also will continue to suspend evictions through March 31 to ensure that former owners and occupants have an opportunity to explore new options available to them.

To qualify for a lease, the tenant or former owner must occupy the property and show they have adequate income to pay the monthly rental amount established by the property management company based on market rents for the area. Occupants must agree to allow HomeSteps to show the home to potential buyers during the lease period.

Face Your Foreclosure Fear

An easy to use, step-by-step guide has been designed to give you the tools you need (no matter what your level of computer skills – you’ll be able to use our simple forms and call scripts!)  It could be the best $20 you spend!  ORDER HERE :

Being INFORMED is the best tool you can have to begin to face your fear of a pending foreclosure.  It is also the only way that you can FIGHT FORECLOSURE.  Many people that I have talked with, simply did not have the basic information that they needed to try and STOP the Foreclosure, and then they are faced with the humiliation of all that transpires and the need to find someplace else to live.

So much goes on and yet – there is HELP and if you are interested in finding out what you can do: either to sell the property before the foreclosure, save your property from foreclosure, or if you just want to take control over your life again after foreclosure – CLICK HERE to send me a confidential email.