Education and Tools
Tips for Buying Forclosures
Every home buyer wants to score big and buy that bank foreclosed home, many of which are under-priced. However, when banks price these properties under the comparable sales, multiple offers often occur. This means you could be up against a lot of competition for that foreclosed property.
It's not unusual for these properties to receive several offers. Sometimes the banks will throw out all but two offers and then ask the selected buyers to resubmit what is called "highest and final" offer. It is important to make your offer stand above all the rest. Here are a few tips to help you select the right price and terms.
Steps to Buying a Short Sale
Even though the deals aren't quite as impressive as foreclosures, short sales are a great way to get into a home at a very good price. However, keep in mind that the process is a lot more involved and can take several months to close.
If you decide to embark on purchasing a short sale home, follow these steps to ensure a prompt close with the least amount of undue stress.
Foreclosure Rescue Scams
The possibility of losing your home to foreclosure can be terrifying. The reality that scam artist are preying on the vulnerability of desperate homeowners is equally terrifying. Many so called foreclosure rescue companies or foreclosure assistance firms claim they can they can help you save your home. Some are brazen enough to offer you money aback guarantee. Unfortunately, once most of these foreclosure fraudsters take your money, they leave you much worse for the wear.
Deceptive Mortgage Ads
If you're looking for a mortgage to buy a home or refinance an existing loan, you may see or hear ads with offers of low rates or payments. Whether you see them on the Internet, on television or in the paper, or whether they come by fax or mail, some of these ads look like they're from your mortgage company or a government agency. Regardless of where you see the ads, remember that while the offers are tempting, some are terribly flawed: they don't disclose the true term of the deal as the law requires.
Glossary of Commonly use Real Estate Terms
