Be Double-Sure before Buying

One of the biggest problems that potential home buyers make is jumping on, what seems an incredible deal on a property. Just like watching a movie more than once, a second trip to foreclosure listings can deliver new points missed the first time around. Make a list of everything good and revisit to expand this list to include everything that needs attention. Compare the two lists and the money involved before making a final decision.

Seeing is not always Believing

While foreclosure listings are often not as easy to inspect as many homes for sale on the market, a few extra dollars for a home inspector can same you thousands. Horror stories of undetected problems in purchasing distressed properties should lead you to speaking with neighbors and hiring a qualified inspector. Seeing a property in a real light through the eyes of others can often save lots of wasted time and money.

Home Buying can be a Costly Endeavor

Purchasing a home with lease option, low down payment or needed repairs often becomes more expensive than originally planned. Unexpected expenses like less than suitable contractors or finding a foundation unstable can leave you penniless in a matter of weeks. Never allow the heat of the moment to motivate your decisions when considering foreclosure listings or building a new home. Make a list that covers all angles and stick to it.

The Sensitivity of Pre-Foreclosures

Missing a single payment on a mortgage can cause the mortgage lender to consider a pre-foreclosure. It is a leading indication that the homeowner is having financial difficulties. Being sensitive to the residents is key in approaching someone that is headed for their home to become placed in foreclosure listings. By researching the property in advance and negotiating a short sale, the end result can be a win-win situation for both the buyer and the seller.

FSBO Knowledge on Disclosure Laws

Move your FSBO property through creative financing such as a lease option but remember, honesty is the best policy. Be aware of the Disclosure Laws of your area and what is expected from the seller. Most states prefer not to get involved in disagreements between buyers and sellers but if obvious problems are covered up by a FSBO individual, the liability could be costly. Be proactive in disclosing any major flaws to avoid lawsuits.

Use Resources of Today to Reach Young Investors

Discover a fresh audience for foreclosure listings in the age 30 and younger crowd through technology and Internet resources. Many are actively seeking bargains for first-time home ownership or looking to investment in cheap real estate properties.

By tapping into social networking such as Facebook and LinkedIn, your property is exposed to millions of clients. YouTube videos are also a great way to bring reality to properties that often passed by.

Reality TV Star Dives too Deep

Alexis Bellino, reality TV actress, found that having it all can abruptly change. Along with husband, Jim, the couple sunk a whopping $6 million into upgrades to their $3.3 million home. Her own reality has now crept into a personal nightmare in trying to foot the bill. Now considering a short sale, living beyond your means is never a good idea no matter how much money you make.

$71 Million not enough to make House Payment

We could all learn a big lesson from former NBA star, Antoine Walker. Money doesn't grow on trees or flow through rivers. The once Boston Celtics player has found his Miami home on the list of foreclosure listings for $3 million. Rumor has it that Walker likes the Crap tables and just didn't budget his money very well. Currently, the lender is attempting to stop a bankruptcy on the property.

Good Advice about Rent to Own Property

There is good news for people who are still renting because a credit score or other problem is prohibiting purchase of a real estate bargain. A recent article refers to the opportunity of rent to own homes. Even better, it addresses the things prospective buyers and sellers need to know about the process, such as costs, obligations and guidance.

Both lease option agreements and those for rent to own homes are discussed as an advantage. Additional rental premium is held in a separate account by the owner to apply towards a down payment. If an option fee is part of the agreement, it will be credited to the down payment.

Guidelines suggest steps to take before signing an agreement. Verifying ownership, a clear title and an appraisal are just a few of the hints to avoid problems. Another valuable tip is to speak with a mortgage lender about how to qualify to buy the home when the lease option agreement expires. A current appraisal will provide the lender with documentation to review.

In-depth issues regarding rent to own homes are addressed to serve as a caution to both buyers and owners. These include issues when the home has lost value at the end of the agreement or the prospective buyer does not qualify for a loan. Advantages given the homeowner in this type of situation are also covered. The result is that both parties enter the agreement better informed and likely to successfully complete the transaction.

Why Rent-To-Own Is So Popular in Housing Today

Many people have a dream of owning their own home. For those with less than perfect credit, trying to see that dream through to fruition may be more like a nightmare. One way in which they are able to realize the dream is the lease option or the rent-to-own home. To the long term renter, the lease option is much like going through the process of closing. Personal financial problems such as poor or no credit, a history of a foreclosure, the loss or displacement from a job can make it very difficult to get their home loan approved.

Bloomberg reports from recent months show that more than sixty percent of the current housing market in the United States is owned by major banks or mortgage subsidiaries. Add to that the loss of home values which is currently estimated to be about 30 percent plus, and it will explain the vast array of lease applications that companies are receiving. According to John Hogue, who is a consultant for Rest Easy Home Solutions, “The housing market is going through a sharp decline and the data that we have witnessed in news reports backs up the theory of more people turning to renting instead of buying." The problem is that many of them are not in a position to pay a down payment or to achieve financing currently.

When the rent-to-own option or the lease option enters the picture there are far better chances that these people will be able to attain a home to buy since part of their payment goes toward future ownership of the home. With part of each monthly payment set aside toward the down payment on the home, even those with income problems or a history of credit issues have the chance to achieve the home ownership dream.

Why You Need a Reputable Realtor for Foreclosure Listings

Not all foreclosure listings are listed equally. This is especially true in the depressed real estate market where foreclosures are on the rise across all states in the country. Many families, couples and individuals have been duped into entering foreclosure rental agreements where the supposed landlord collected on the rental payments and yet he is not the rightful owner of the property.

With this in mind, we strongly suggest getting a reputable realtor to provide expert assistance on your search for the best deals on for-rent properties. Such a real estate professional can be found in sites like RealtyStore.com where the listings of foreclosed properties have also been verified as to their legality.

The question then is: What are the specific benefits enjoyed with hiring a reputable realtor when browsing through foreclosure listings for foreclosure rental prospects - or for home purchase, for that matter?

The sheer number of for-rent foreclosed properties can cause physical and emotional stress on the average individual, not to mention the financial costs of looking through all the possible properties. Without a realtor, you have to schedule the tours, await the response of the owners, and generally just do everything yourself. Add in your everyday activities and you will have your hands full as well as be more vulnerable to scams.

With a reputable realtor on your side, you can tell the agent what you need and want in the rental property (i.e., number of rooms, area in square foot, and facilities like an indoor pool) and let him do the browsing through the foreclosure listings. You will then have a shortlist of the possible properties, spend time taking tours through these units, and then make your decision. You can still enjoy your life instead of pouring more time, energy and effort than necessary to house-hunting.

You also have an expert to explain the current rental market. You have someone to answer your questions about the rental rates, contracts and upgrades, among other things, instead of going about the process with blindfolds on, so to speak. You have an expert to set realistic expectations from the first get-go.

Last but certainly not the least, you can avoid scams related to the foreclosure market. If you are looking for your next rental home via online sites like craigslist, you are at high risk for being a victim of these scams, as many other tenants have discovered too late. Your reputable realtor will work in your behalf to protect your interest, just as your attorney will also do so.

In conclusion, before you browse through the foreclosure listings, be sure that you have a reputable, reliable and experienced realtor on your side. Try the RealtyStore.com now!