How To Buy A Foreclosure Home

Anyone can buy a foreclosure home with some knowledge and sound finances. But before you do so, you need to know that you are actually purchasing a home from someone who can no longer afford to live there. Foreclosures are not easy to find but once you have the resource and know-how, you can even profit from them if you buy a foreclosure home just so as to resell rather than staying there.

Here are some simple steps to buy a foreclosure home.

1. Be mentally prepared that the property was seized from the previous home owner for defaulting on the mortgage payment. In other words, there are legal steps to be taken which would be different in each state.

2. Assess if making an offer is worthwhile. Normally, the banks would like to recover partial if not all of their loans. Because of this, they are often willing to off load the property at up to 30% off its value.

3. Find an experienced foreclosure agent. It is hard, though not impossible; to negotiate directly with sellers without any qualified representation such as a property agent.

4. Conduct a search and browse through major property magazines, newspapers and classified ads online and offline. Call up the property lenders, government agencies such as Fannie Mae, Department of Housing and Urban Development (HUD) and so on for foreclosure homes to purchase. A check through public records such as the local county clerk’s office for foreclosure notices would be helpful.

5. Inspect the property. Check the surroundings as well as the property itself. You would be pleasantly surprised to note that many of these homes are in good condition.

6. Send your agent to do a study on the fair value of houses within the neighbourhood before you buy a foreclosure home. You want to be sure that the price you are paying indeed enjoys a significant discount.

7. Make sure you check your credit report and ensure all your personal details are properly updated. This is also the time when you also confirm your finances are sound and you can qualify for a mortgage application.

8. Your agent should contact the listing broker and represent you in making an offer to buy a foreclosure home.

9. Verify if the foreclosed property is clear of its liens. These can include outstanding property taxes, utility and conservancy bills and so on. Check out who is liable for the payment.

10. Arrange for an inspection of the house should you have the permission from the seller. Be prepared to bear the cost even if this inspection is part of the sales agreement.

11. There are different forms to fill and paperwork to handle when you buy a foreclosure home. This is understandable as it is not like any normal house you are purchasing.

These are the 11 tips that can get you started to buy a foreclosure home. Check out my property site for more details on the exact steps to do so.

By: Davion W

Learn the A to Z of how to buy a foreclosure home at huge discounts. Buy a dream home to stay or resell for profits!

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Manage Your Real Estate Investments

The election year coupled with the threat of a recession are causing people to yank their money out of the stock market and enter it into a real estate investment. And there is no better time than now to take advantage of the sinking real estate prices. But before you sign on the dotted line, like any big investment you should use caution. Ask yourself these following questions before you buy a real estate investment.

Do you know what you are buying?
You were smart enough to cash in on your stock investments when you did, so do not reinvest haphazardly in a real estate investment. Make sure you have done your research and inspected the property carefully. Do not make rash decisions based on your emotions. Base your decisions on careful research and planning just like you would if you were buying stock. It is easier to succumb to emotions in a real estate investment because you actually get to see what you are buying.

Do you know your borrower?
Online stock investment is conducted by sitting comfortably at your desk, and with a few clicks of the mouse. On the contrary, real estate investment involves showing up at a bank or a mortgage company and spending the afternoon signing stacks of papers as high as the bank itself. So before you suffer from writers cramp from putting your signature on hundreds of documents, make sure you know what you are signing. Are you getting that great interest rate you were quoted when they came on their hands and knees for your business? Find out when the first payment is due and if there is a prepayment penalty. Also, make sure you know where to send the payments. You do not want to get hit with a late payment fee on your first payment. Lastly, make sure you ask any questions you might have before you put that pen on paper. When in doubt, hire a lawyer.

Do you know how much you will need for your real estate investment?
It would be really embarrassing if you showed up to the closing with empty pockets or not enough money to cover the closing costs. It takes money to get a loan. So if you show up with money, you will probably leave with no money. It does not make sense, does it? The loan process is weird. So where is that money coming from and how is it getting there? It could be wired or it could be in the form of a cashiers check. Whatever it is make sure you get it to the closing or you will not have a real estate investment. Be prepared before you show up to the closing. Know how much you owe and to how many people you owe money to. The bank and the seller will not baby you through this process. It is up to you to know how the process works.

You held up your side of the bargain, did the seller hold up his?
Even before you get to the bank, make sure your real estate investment is exactly what you asked for. Make sure all negotiated repairs and or credits were made by the seller before you sign the papers. Inspect the real estate investment before you show up at the closing. And check the paperwork for any credits that were due because once you sign, the property is your responsibility. Remember it is a real estate investment, so you want to capitalize as much as you can when you resell it.

By: Self Storage

The original article is located at Manage Your Real Estate Investments

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Ask Three Little Questions Before Buying A House

Shopping for a house can be an overwhelming experience. There are so many factors to consider, it's easy to fill your head and become frustrated. One simple mental exercise can help get through this storm of emotions and help you focus on what you really want. Before you go out shopping consider the following three questions:

Where do you want to live?

Think about what type of needs you have and what sort of location will help facilitate your lifestyle. If you have kids, are there schools nearby, and if so, what are they like? What sort of commute will you or your spouse have to work? If you won't be driving, where is the closest source of public transit?

Do you want to be close to friends and family? If you're planning on starting a family, will this new location be appropriate for your new lifestyle?

Think about these things to help get a mental picture of your needs in your new location.

What sort of home and features are you looking for?

The type of home you desire may be in part determined by your budget. A town house or semi-detached is usually less expensive than a single-family home. If you want extra space between you and your neighbours, one of the above may not be your ideal choice.

What do you want to see when you look out your window? Do you want a home with a view or some property? If you're the type that goes away for months at a time or desire a maintenance-free type of home, a condominium or townhouse may be your best bet.

Also going hand in hand with the type of home, is the type of features you're looking for in a house. Do you feel more comfortable in an open concept home with vaulted ceilings or do you like lots of divided rooms? How many bedrooms and bathrooms do you want? Does it matter whether the basement is finished or if your future home has a deck?

Make yourself a checklist of the most important features you desire, and rate the various houses as you walk through them. This will help you to remember which home had which feature. After spending an afternoon touring through houses, they all start to blend together.

How much can you afford?

You'll save yourself a lot of frustration by determining what price range you're comfortable with before you start shopping. It's so easy to get caught up in an emotional buy if you don't have a set of guidelines to follow. When deciding on a price range don't forget to factor in any upcoming events that may affect your budget, changes in employment or large purchases such as a car. Also add in closing costs which may be estimated at about 2% of the purchase price.

Make it easier on yourself by touring homes within your price range. It's also helpful to apply for a pre-qualified mortgage ahead of time, and you'll know exactly how much you can realistically afford.

By: Joe Samson

Joe Samson, a Calgary REALTOR who has been helping clients achieve their goals in the Calgary real estate market since the year 2000. If you'd like to know about open houses in Calgary, or to see video open houses, you can view them directly on

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Slovenia Estate Agents - Points To Consider When Choosing One

Slovenia has emerged as one of the world’s top overseas property destinations. The forecast growth is of 280% in the next 10 years and it has recently been voted one of the top ten overseas property investment destinations. To maximize your gains in Slovenia property you of course need a Slovenia based estate agent.

There many Slovenian Estate agents to choose from and here we will look at some main points to consider when for choosing one.

1. Go direct

There numerous middlemen dealing in property for sale in Slovenia; however most are not regulated under Slovenian law. Make sure you get the best service by only dealing with a local, licensed, and registered estate agent. This ensures they are regulated by a strict set of rules, which ensures that you will receive the best service when buying your Slovenian property.

2. Local Knowledge

Many middlemen are biased toward selling their own properties and of course these may not be the ideal ones for you. Find a Slovenian estate agent that knows the areas they sell property in so that they are familiar with all the local pros and cons and has your best interests at heart.

3. You’re Objectives

Are you buying for capital gains or rental income – or maybe you’re looking for a combination? If so decide before you buy and make it clear to your estate agent what your investment aims are. Find an estate agent that will understand and match your aims with the right property who you feel comfortable with.

You should also check out the destination you are buying in personally.
Go there and get a feel for the area and what its like. You will find out a lot more from a visit, than you will from someone else or simply reading info on the area. It’s a rule of overseas property investment; it applies to Slovenia property just as it does any other – See the property and feel the area.

4. Finance & Buying

Will take around 4 weeks to complete and the main points to consider are outlined below.

On any property you wish to purchase, a 10% deposit will be required which if the seller decides not to proceed (for any reason whatsoever) will be returned to you - but doubled. If you decide not to proceed, the seller of the property will keep the 10% deposit.

Mortgages are now available to foreign nationals from banks and they will normally they will go up to 70% of the property value. A plus point for property investors is that the mortgage is secured on your property in Slovenia not on your residences elsewhere.

When you wish to buy you will need to show your passport.

You will then need a tax number as well as an EMSO number, which are required to complete a property purchase. To get them is quick and should only take about a week.

Make sure you use a local Lawyer to check all paperwork, ownership details and contracts.

Ask your banks for their currency rates and go to specialist currency conversion companies. There are big differences in transaction rates and they mount up and can make a big difference to your purchase price.

You should open a bank account locally. Bank accounts can be set up on the same day and only a passport is needed as proof of ID.


Take time to find the right Slovenia estate agent sand you will find that they can not only safe you time and money but their local knowledge can also help you maximize your investment.

By: kelly Price

SLOVENIA PROPERTY FOR SALE SPECIALISTS For all the facts on Slovenia and more on Slovenia estate agents visit our website for a comprehensive resource of articles, features and properties at sloveniaestates/index.php

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