Home water filter: Make your life more beautiful
By Roger Glass
Are you really concerned about the quality of water that is coming from your tap? If yes, then think of purchasing home water filter that can easily connect to your main water line. And the end Read more...
Men Taking Over One Room In Home
By Maxine Chandler
It’s all the rage these days with families and couples shelling out the bucks for a new home. The women can decorate the rest of the home however they please, but… NOT THE MAN Read more...
Tips For Selling Your Home Business
By Thomas Childs
Tips For Selling Your Home Business Do you have a successful home business? Do you feel that it is about time to move onto a new venture in life? If this sounds like you, you may want Read more...
is a dwelling and its premises within the property lines including single-family dwellings and apartment houses, duplex dwellings, boarding and rooming houses, and seasonal cottages. Excluded from Home are barracks, dormitories, and resident institutions.
Home Buyers Boot Camp real estate listings buyers guides - your comprehensive play house resource.
Below, you'll find extensive information
on leading play house articles and products to help you on your
way to success.
Rising Home Foreclosures Spell Opportunity For Savvy Home Investors
By Joe Hanoa
With sharply higher mortgage rates comes an increase in foreclosures as homeowners find that they simply cannot afford the higher mortgage payments. Worse for them, no mortgage company will allow them to refinance if their credit standing is precarious. Thus, the number of foreclosures is rising across many housing sectors spelling opportunity for savvy investors. Are you ready to jump in? If so, it isn’t always thing to do, but it can be done as outlined below.
Chances are if a homeowner is faced with a foreclosure, he may be receptive to you offering to buy his to “rescue” him from what will inevitably be a credit killing experience. If you play it right, you could offer to take over payments or simply buy the at a price that covers what is owed on the mortgage. In effect, the owner loses his down payment and equity in the home, but he gets to keep his all important credit rating and he will have the opportunity to purchase a again once his finances straighten out.
On the other hand, if a homeowner is seriously behind on payments and the home’s value has not
kept up, his mortgage lender could squash any deal that you make. The mortgage company could end up losing tens of thousands of dollars on the sale, especially if your offer doesn’t pay off the outstanding mortgage. Yes, the homeowner is responsible for the loan deficiency but if he doesn’t have the money now, what is the likelihood he will have the fund later? In that case, the mortgage company may authorize that the courts proceed with a foreclosure to remedy the situation.
A compromise plan could have you still buying the if your offer effectively is almost enough money to cover the outstanding mortgage. If it falls let’s say five thousand dollars short, the mortgage company could be interested in entertaining your offer. Why is that? For several reasons including:
--Foreclosure proceedings are expensive. The mortgage company must hire a lawyer and pay filing fees. In addition, thousands of dollars in late payments could be lost forever. Your deal would recover some of that money.
--Property management is a pain. If the is recovered via foreclosure, the mortgage company must still maintain it until it is sold. Taxes, maintenance, repairs can add thousands more to the cost of the home.
Also, if the local housing market truly stinks then your offer may be the only one that a mortgage company could expect. Therefore, understand the market and set your offer at a price to make the most of your benefit.
Joseph is the proud owner of Finance Guide, a website that will
explain everything you need to know about Personal Budgets. We invite you to visit our site today and see what we have to offer.
We strive to provide only quality articles, so
if there is a specific topic related to home that
you would like us to cover, please contact us at any time.
And again, thank you to those contributing daily
to our play house website.