I can't even begin to thank you enough for the amazing service you provided us. I must admit, I came to you with small expectations. My husband Doug had been laid off and we were 2 months behind on our mortgage.
You took the bull by the horns and immediately started talking with our mortgage company. Before we knew it, we had worked out a deal to keep our home and keep our payments the same.
What really impressed us was the sensitivity you used in working with us and allowing us to maintain our dignity throughout this unfortunate period. Thanks again."
Lori & Doug - Colombus, OH
Foreclosure articles from mortgage foreclosure experts
Brokers, Agents and the Foreclosure Market
Brokers and Agents should take a good look at the foreclosure marketplace for several reasons not just to broaden the range of services they offer and enjoy increased sales but to get a better understanding of consumer behavior.
The idea of saving money on a home purchase is fascinating and most often in this regard consumer’s seek information about foreclosed properties.
Saving money may not always work on foreclosure deals. Whatever be the consumer’s interest –the need or desire to purchase a property or choosing to buy a foreclosed home, it all settles down to purchasing a property. In this situation, the broker/agent has plenty of opportunities to make a sale.
Foreclosed homes are now sold by brokers/agents representing the lending institution that foreclosed the mortgage or trust deed. Facts are lenders have realized the regular distribution channel for real estate sales remains the best. So selling their foreclosed property inventory through brokers/agents is the fastest and most economical way for lenders to dispose these properties.
Things you need to know
- Offer customers known foreclosed properties along with the other real estate services - Most often foreclosed properties are listed and ready to be shown immediately - "Post-foreclosure" properties have no liens, encumbrances or other issues that may cause hindrances - "Post-foreclosure" properties are RTG (ready-to-go) and these properties should be mixed in with your regular inventory - Difference between "Post-foreclosure" properties and other resale’s is lender has to force a foreclosure proceeding for non-compliance with the mortgage or trust deed - Most foreclosures are sold at market value - Broker's opinion of price and market value, determines condition of property and fair value
Where to get the best deals: The free real estate magazines available in supermarkets and convenient stores are filled with ads from brokers/agents offering foreclosed properties. These brokers/agents have learned the value of offering these properties and there are regular queries about foreclosed properties from prospective buyers.
No special requirements for selling lender-owned properties: The seller's representative which is the local brokerage will offer these properties for sale. You can participate in the transaction like you would with any other home purchase or sale, new construction, resale, foreclosure or any other.
NOTE: Since the regulations regarding the sale of government-owned properties has changed frequently in the last few years and to make sure you're up-to-date on the latest changes, please visit hud.gov for HUD-owned properties and va.gov for VA-owned properties.
Georgia continues to be one of the top states for personal bankruptcy, as new reports indicate that the state ranked 2nd in the nation with just shy of 13,000 bankruptcies registered during the first quarter. The only state with more bankruptcies was Tennessee.
Source: Seattle Times: Local : Here's how the state's members of Congress voted on major roll calls in the week ending Friday. House Federal mortgage relief By a vote...
Source: Houston Chronicle: Nation : How the Texas congressional delegation voted on selected issues last week.<img src="http://feeds.chron.com/~r/houstonchronicle/nation/~4/287882123" height="1" width="1"/>
Buyers are finding more opportunities for Los Angeles cheap homes purchase, as new statistics show that the sprawling city’s current foreclosure rate is more than 13 times that of New York City.
Brand new statistics for April showed that Los Angeles foreclosure homes numbered just over 4,500 filing for the month, a figure that [...]
City leaders are getting serious about reducing the number of Charlotte Foreclosed Homes currently on the market that are driving down property values and leading to more defaults across the city. A group of city officials toured some of the hardest hit areas on Tuesday and pledged to start doing more to help citizens in danger of default.
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