Make Sure Your Foreclosure List is Reliable
Experienced investor will tell you that the best way to find the best foreclosure properties is by taking the advantages offered by a paid foreclosure list. Some homebuyers are scared off by this and opt to look for homes using a free foreclosure list.
Unfortunately, most free foreclosure listings are incomplete, inaccurate and outdated. If you are interested in buying foreclosed properties, you should subscribe to reliable foreclosure listings compiled by reputable companies like foreclosure deals.com that specialize in this. We focus on cleaning, updating, and improving the foreclosure property listing data on a daily basis, and sometimes even twice a day. The amount you pay in subscription fees is nominal compared to the potential profit you make from purchasing hot foreclosed properties.
U.S. Real Estate Auctions
Find properties, and save money with the extensive listing of properties, We bring a full lineup of home auctions from all over the US. We help first-time homebuyers, experienced investors, and real estate professionals find the right properties that meet their expectations.
U.S. Bank Owned Properties
The extensive bank foreclosure listings makes it easier to find bank-owned homes for sale. you can now locate, buy, and sell properties in over 2,200 counties across the US. From Alabama to Wyoming, we have your foreclosure needs covered.
How To Buy Foreclosures
Foreclosure allows a lender to recover the amount owed on a defaulted loan by selling or taking ownership (repossession) of the property securing the loan. The foreclosure begins when a borrower defaults on loan payments and the lender files a public default notice. The foreclosure process can end in one of four ways:
1. The borrower pays off the default amount to reinstate the loan during a grace period known as pre-foreclosure.
2. The borrower sells the property to a third party during pre-foreclosure, allowing the borrower/owner to pay off the loan and avoid having a foreclosure on his or her credit history.
3. A third party buys the property at a public auction at the end of the pre-foreclosure period.
4. The lender takes ownership of the property, usually with the intent to re-sell. The lender can take ownership through an agreement with the borrower during pre-foreclosure or by buying back the property at the public auction.
Foreclosure Buying Opportunities
The foreclosure process offers three bargain-buying opportunities, represented by six different property statuses on RealtyTrac.
1.Buying during pre-foreclosure (NOD, LIS)
2.Buying at public auction (NTS, NFS)
3.Buying bank-owned properties (REO, GOV)
How to Receive a Free Mortgage Loan Quotes
Home financing is big decision that should not be taken lightly. But with all the options for mortgage loans available today, and with a multitude of lenders competing for business, deciding what to do can make your head spin. Whether you are looking for first time home financing, foreclosure financing or one of the other available options, it is best to go through the process well-informed and with as little out-of-pocket expense as possible.
For investors who want to be more informed and prepared for the complicated house financing process, obtaining a free mortgage loan quote can be the answer. Getting a free mortgage quote is easy with online services that RealtyTrac also provides. RealtyTrac’s fast, simple and secure online forms match specific loan needs with one of the company’s local mortgage partners to provide buyers seeking first-time home financing, and investors, with competitive options for new home, home equity or home refinance loans.
HERE IS A BASIC STEP-BY-STEP GUIDE TO HELP THE HOME BUYER THROUGH THE PROCESS:
Location – To start with, an investor or home buyer should have some basic information regarding the property such as the city, zip code and state they are interested in. This is important because different cities and states have their own policies regarding home financing. Generally speaking, most investors already have an area in mind that fits their specific investment needs and strategy. Likewise, home buyers typically have an area in mind where they would prefer to live.
Current Property Value – Basically, before even considering home financing the buyer or investor needs to know how much the home is worth in the current market. It is helpful if the buyer or investor has a basic knowledge of what the average home prices are in the area and how much home they can afford upfront before pursuing the purchase of any particular property.
Desired Loan Amount – This is the amount the buyer or investor hopes to receive from the lender when the house financing process is completed. The amount could be the same as the property’s value if the buyer or investor is looking for 100 percent financing, or less if the buyer/investor already has enough money for a down payment.
Loan Purpose – It is important to know what the loan purpose is before seeking home financing. Whether it is a purchase or refinance, first time home financing or foreclosure financing, there are different loan options available depending on what the purpose of the loan is. By gathering this information, the loan quote is much more accurate and better suited to the buyer or investor’s needs when exploring home financing options.
Occupancy – It is important to know whether the property being financed will be owner-occupied, a rental property, investment property or a residence for an extended family member or a second home for vacation purposes — among other possible scenarios. This is because there are loans designed depending on who is going to occupy the property.
Credit Rating – Whether a buyer or investor, anyone seeking house financing should have a basic knowledge of what kind of shape their credit is in upfront. One’s credit rating is affected by such things as the timeliness of credit card and loan payments, debt to credit ratio, and the length of time the buyer or investor has had credit. It can be classified as excellent, good, fair or poor. The better the credit rating, the lower the interest rate will be on the loan.
Points or Pre-paid Interest – Also known as a buy down, this is a lowering of the interest rate on the loan and is usually temporary for the first few years of home financing. It can be very helpful for lowering payments in the first few cash-strapped years of homeownership, especially in a first-time or foreclosure financing situation.
Loan Programs – Most quotes will offer the buyer or investor a few loan choices for comparison. A 30-year or 15-year fixed rate loan guarantees the buyer the same interest rate for the life of the loan. A 3/1, 5/1, or 7/1 adjustable rate mortgage, on the other hand, adjusts the rate upward after the initial three, five or seven years of the life of the loan and then usually adjusts once a year thereafter for the life of the loan.
Buyers or investors who go to a lender prepared with the proper information stand a better chance of getting the loan they need approved, leading up to a better home buying experience overall. Therefore, a buyer or investor should try a few different options when filling out the online form for a free quote in order to be well aware of what the lender is offering when it’s time to sign on the dotted line.