Archive for the ‘Foreclosure’ Category

The Best Deal on Foreclosed Homes

Thursday, June 3rd, 2010

We often hear of families and businessmen who search for foreclosed homes for them to be able to buy it off in a lower price and sell it off in a much more expensive deal. These are a few of the tactics that real estate gurus do and this is where they are able to make a great deal of money. So why don’t we used this trick for you to be able to close a great deal.

If you are unaware, what are foreclosed homes? Foreclosed homes are homes which are previously owned by people who are not able to meet up with the agreed mortgage loan. Often times these loans, if not most of the times, these loans are with banks and therefore when loans are not paid on time and not kept up to date, they have the right to foreclose the home and sell it off in a lower price just to be able to get back the money that they have given for the previous owners loan.

These foreclosed homes are often times advertised on FSBO listings, bank ads, newspapers and even on the internet. There are several ways for you to find the home that you want. If you are new in the area, there are several dealers that will certainly be aware on where you can find a great deal for a foreclosed home. You can also opt to ask lending companies, mortgage companies and banks, they will surely be glad to share a few information regarding homes that are foreclosed.

So this is the best time to find a great deal of home to purchase; this is because banks are not mean when it comes to selling off real estates. So they have the tendency to sell it off in a much lower price. So if you and your family are on a budget and looking for a home that will suite you, this is the best option. But before you head on to search for that home that you are looking for, you must first consider a few things.

Without a doubt foreclosed homes are cheaper than other homes listed on the FSBO listings and as much as you would just want to close the deal on one, you must make sure that you have looked into the papers and the deal behind the foreclosed home. It is also best to consider the vicinity of the home, though the home may be bought in a very good deal, the area might not be a good one for your family. So be sure to look into every detail first.

When you have chosen the home that you want, you can now approach the dealer or the bank. Ask them regarding the deal and how much is needed to pay off the home. It is best that you be informed regarding the previous deal that was broken between the company and the previous owner for you to avoid such a thing. They may not disclose the name of the previous owner, but they will certainly be able to answer your other query. So don’t be afraid to get to know more about the foreclosed home for you to be able to get a successful and safe foreclosed home deal.

Learn how to sell your own house here: For Sale By Owner

If you’re looking to buy a home from an FSBO listing check here: FSBO Listing

Foreclosed Homes FAQ:

Question: Where can I find a list of foreclosed homes for sale in Ontario Canada?

Answer: There is none. You must go through a real estate broker. A good broker will keep you in the loop

Question: If your home is being foreclosed in B.C, Canada can you remove your appliances?
my parents are having their apartment foreclosed and sold. They have nice appliances they bought and want to move with them. Does any lawyer or someone who knows the law know if they can?

Answer: Yes if they purchased the appliances they can keep them.

Question: Why is it so easy to find foreclosure homes in America, but not in Canada?
Even on Google its possible to now find homes that are foreclosed and for sale, but not in Canada. WHY?

Answer: Foreclosures have been much less prevalent in Canada, as the mortgage rules were never as relaxed as they were in the US. Try searching for Power of Sale houses in Canada.

Question: Where would I find a list of foreclosed homes in canada, specifically newfoundland?
Is there a webpage showing a list of foreclosed homes in canada?

Answer: In Canada they’re referred to as “power of sale” when the bank is forcing the sale to pay off the debts. Working with your real estate agent would be the best way to find this information. Since you’ll need an agent to look at the homes and to draft the offer letter and such anyway, you might as well start off with an agent now – it’s all included in the commission they will get anyway, so might as well use all their services.

Question: Can I sue the ex for unpaid mortgage and condo fees?
The ex and I jointly own a condo – we are both on title, both on the mortgage, both on the condo plan and tax roll, and both on a home equity loan. The ex essentially walked out, and refuses to pay her ‘half’ of these obligations (almost $1200 a month). I will likely pay the amount, because I don’t want the bank to foreclose and ruin my own credit. My plan is to send her a payment demand letter at the beginning of each month, and then when the total reaches over $5000 to take her to court. I know I likely need a lawyer, but what are your thoughts on all this? We are in Canada.

Answer: That’s a solid plan, I’d go with it. Her only recourse would be to file bankruptcy. Make sure she is NOT deducting anything as far as taxes seeing that your paying everything, only you can take any deductions.

Question: If I foreclose on home in michigan, can the lender come after me, garnish wages, in Canada, where I now live?

Answer: If Michigan allows deficiency judgments, certainly.

Question: If I foreclose on my house in the U.S.A. will that affect my credit in Canada?
I have an investment property in the U.S.A. that will need to be refinanced in two years. I currently have an ARM, but will not be able to get the rent to cover the new payments. If I foreclose on this property, will it affect my credit here in Canada? I want to buy more homes in Canada in the near future.

Answer: Probably not. US and Canadian credit doesn’t usually cross over. If the lender has facilities in both countries, though, you might have a problem. Wouldn’t it be better to sell the property rather than just abandon it?