Buying a Home with Equity
There are many ways to purchase a home today with instant equity. Due to the large amount of foreclosure filings, we have more than enough pre-foreclosures and foreclosed properties to choose from. You should know or have the following prior to searching or viewing a distressed property. 1. What is your price point? What is the price range you would like to stay in for each purchase? 6. Realistic expectations. Some homes have already received deep discounts. Bid smart or risk losing out
2. Do you have a solid pre-approval? Banks and asset management companies only consider serious
offers. You should already have a pre-approval.
3. The area of town you would like to purchase in.
4. The condition of the foreclosed property that is acceptable to you.
5. If you are willing to purchase a foreclosed property as a rehab project, do you have contractors in
place?
on a good dea
What is a HUD Home?
The Federal Housing Administration (FHA) is a part of the Department of Housing and Urban Development (HUD). They are the part of the organization that provides federal mortgage insurance when a home is purchased with a FHA loan. When the homeowner forecloses on their home, the lender can file a claim for the part of the mortgage that has not been paid. FHA will pay the lender's claim and HUD gains title to sell the home.
HUD Offer Periods
New listings are available weekly on Friday mornings. Bids may only be submitted by HUD authorized real estate agents for owner occupants during the first 10 calendars days. After the bids are opened and reviewed, the bid with the highest acceptable net bid to HUD will be selected.
After the initial 10 day period, all general bids to include investor & non-owner occupied bids can be submitted and accepted.
What are REO Properties?
REO is an acronym for real estate owned. These homes have been foreclosed upon. Buying homes that have been foreclosed upon can save home buyers and investors thousands of dollars off the sales price of a home.
Addendums to contracts can vary from one REO property to another. You should work with a real estate agent with experience in working with various foreclosed contracts. An agent needs to know how to advise the home buyer on inspections and inspection periods, repair negotiation, bid and closing cost negotiation.
What are Motivated Seller Properties?
There are many reasons why a seller may be EXTRA motivated to sell. The seller may unfortunately be going through a divorce, relocation, financial distress, plus many other personal reasons. If a seller is extremely motivated, the seller's agent will disclose(with permission) this information to another agent. This information is NOT available through a public search of the MLS. These properties may also be easier to negotiate because of the nature of the transaction.
What is an Equity Property Search?
There are homes in the MLS may have been appraised by the county appraisers for property tax purposes at a higher amount than they are actually listed for. Please note that only an appraisal for current market price by a licensed appraiser will safely determine the amount of equity that may be in a property. An equity search may help identify properties that are listed for a lower price than they may be worth.
Ready to start your foreclosure search?

Leave a comment » Charlotte's Residential Auction Resource BlogCharlotte Real Estate Auction For Sale We offer today's buyer up to the minute property information on the best deals available. We offer today's seller a way to sell their home outside of the traditional listing method to create a competitive bidding environment among qualified buyers.
http://www.charlotterealestateforeclosures.com/003A4C
Posted on June 12, 2008 13:35:52 by sandra.allen - View Profile
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Leave a comment » More Upside Down Mortgages in 2010More Homeowners to Default in 2010New Buyer Seminar on Foreclosures, Short Sales, Auctions and NC Downpayment Assistance programs! Click to talk with an online sales agent for more information. According to DailyFinance.com, about 5.1 million mortgage holders will own a home that is worth 75% or less than what they owe on the home. A new study drawn by First American CoreLogic then given exclusively to the New York Times states that it would take $745 billion dollars to get mortgages to the point where no home loans in the United States were underwater. Ironically, that is somewhere around the amount that the banks received for their bailout??? RealtyTrac has recently estimated that there will be a rise from last year's foreclosure rate. They are estimated roughly 3 million homes will go into foreclosure in 2010. We are still waiting for the federal government for a long-term solution. Adding more money to this problem may not be an option since the federal budget deficit this fiscal year is projected to be nearly $1.6 trillion. We will continue to see a sharp increase in short sales and foreclosures in Mecklenburg and the surrounding counties. As a Certified Distressed Property Professional, I am able to assist buyers and sellers navigate through the ups and downs of our housing market with less stress, more ease while keeping more money in your pocket. Call me today, Sandra Allen at (704) 559-5988 X5 for more information on buying short sales and foreclosures or if you are an owner of a distressed property. http://www.charlotterealestateforeclosures.com/00521C
Posted on February 09, 2010 15:00:38 by sandra.allen - View Profile
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Leave a comment » New Loan Modification Paperwork to Start for Lower MortgagesNew Loan Modification Process
As of December 31, roughly 900,000 borrowers had been given trial modifications, but only 66,465 had been converted to a permanent loan modification. As of September 30th, about 7.5 million households were behind on payments or in the process of foreclosure. If you are a buyer looking for short sale properties in need of immediate or if you are a seller in need of avoiding foreclosure by short sale or if you are in need of loan modification information, please click here.
http://www.charlotterealestateforeclosures.com/0051FF
Posted on February 01, 2010 12:17:53 by sandra.allen - View Profile
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Leave a comment » Preforeclosure New Homes Now Available for Immediate SaleNew Homes Being Placed within ReceivershipSome lenders are forgoing the foreclosure process for new home builders facing foreclosure. Instead they are opting to place these properties into receivership. By placing these properties into receivership, lenders prevent having to absorb the cost of utilities, finishing construction of the unsold homes, preparing the homes for sale and the liability associated with the new unsold homes. Court-appointed receivers protect the asset for the lender by maintaining the property. Newport Beach, Calif.-based California Real Estate Receiverships has been assigned the assets of several banks, including nearly 1,100 lots and homes that Bank of America retrieved from WL Homes.
There are new homes within the Charlotte and surrounding areas that are in receivership that need to be sold. For a list of these homes, please click here for more information. http://www.charlotterealestateforeclosures.com/0051C7
Posted on January 20, 2010 11:09:26 by sandra.allen - View Profile
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Leave a comment » New Foreclosure Records SetForeclosures, Charlotte Real Estate, Short SalesNew records are being set daily according to recent RealtyTrac reports. Foreclosures have increased 21% from this year last year and 120% from 2 years ago. Foreclosures have come in 3 waves. The first wave consisted of originated loans with bad lending practices coupled with overvalued homes. The 2nd wave of foreclosures which we are currently in is being caused by a down economy and job loss. The 3rd wave will be led by the adjusting of option ARMs and adjustable rate mortgages on homes that are worth less than their current loan. A great amount of option ARM loans have an above average loan amount. Foreclosures are expected to increase greatly in 2010. Option ARM mortgage homeowners and homeowners experiencing job loss will probably not qualify for the HAMP program, Home Affordable Modification Program due to homeowners who will default this year with adjustable rate mortgages and job loss not meeting the program's guidelines and eligibility requirements. For more information, please view the video below.
http://www.charlotterealestateforeclosures.com/0051BA
Posted on January 16, 2010 23:55:49 by sandra.allen - View Profile
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Faced with criticism, the Treasury department outlined new guidelines to help streamline the loan modification process under the adminstration's
What do receivers do? Receivers work for the judge. Their main responsibility is to complete the house and deliver it back to the bank free and clear of liens or warranty obligations. Some production homes when placed in receivership have few construction defects associated with the property. They may have an expired permit and may be in need of re-inspection.