1)Make sure it has good structure.
2)Check to see if Taxes have been paid if not you are responsible.
3) HOA Liens.. Make sure all HOA are up to date.
4) Make sure Water Bill is up to date
5) Make sure there aren;t a lot of foreclosures in the area
6) make sure your getting it was under vaule.. If not wait and they will drop the price..

Not sure the state you in so some stuff might be different depending on the foreclosure laws. I would make sure you are buying in a good area because if there are a lot of foreclosures in the area then your house is going to drop in value.. Also this is a foreclosure and if you haven’t seen the inside be prepared for the worst (mold, Structural Repair, Bad pipes depending on when they moved out)…

hope this helps

Some commentators have been predicting house price falls in the UK for several months. But renewed house price growth in the UK this year inevitably raises the question of whether house prices have to fall.

There are various reasons to suggest that house prices are overvalued and likely to fall. The ratio of house prices to incomes has risen to an all time high, the effect of this is that house prices are becoming unaffordable; making it increasingly difficult for first time buyers. However, the banks get around this problem to some extent by being willing to offer bigger mortgages compared to salaries. The Abbey National recently said it would lend 5 times salary to certain borrowers.. Banks are also considering mortgages over a longer period. This increased generosity in lending has helped to keep the market buoyant without addressing the underlying problem of overvalued house prices.

Traditionally the view of the property market is that it is not just an asset but a place to live. Therefore unlike the stock market house prices won’t rise and fall due to speculation. However a lot of demand for UK housing is coming from buy- to-let speculators with many fixed on the idea that house prices are only likely to rise. If there was a fall in renting incomes this could be the first sign of house prices falling and investors would be likely to leave the market causing a significant drop in demand.

There are record levels of consumer borrowing in the UK. This is a combination of mortgage borrowing and personal debt like credit cards. The total level of debt is £1.168 trillion. Therefore even a modest rise in interest rates could have a very adverse effect on consumer confidence and spending. Therefore the housing market is particularly vulnerable to any rise in interest rates that may occur.

James Quinton
http://www.articlesbase.com/mortgage-articles/why-house-prices-must-fall-140039.html

1. What is a Loan Modification?

A Loan Modification is when the bank allows a change in the terms of your existing mortgage. The purpose of a modification is to ultimately and significantly lower your monthly payments, for either a temporary or permanent period of time.

2. Who qualifies for a loan modification?

Anyone that is having trouble paying their existing loan. In today’s housing conditions banks are willing to work with mortgage holders that are having trouble paying their mortgage. However, high probability characteristics are homeowners currently in an adjustable rate mortgage, have a high interest rate, are upside down on their home, and/or experiencing any kind of hardship.

3. Why will it work for me?

The government has asked for ALL lending banks to help in the foreclosure epidemic and modify mortgages for all troubled homeowners. Certain websites can automatically produce your Bank Approved Loan Modification Package. Going to your lender with a complete modification package that has been reviewed by modification consultants, will make a scary process seem simple.

4. What if my credit is bad?

A Loan Modification is not based on credit. The banks are trying to make a good loan out of a troubled loan.

5. What if I have no equity or I am upside on my home?

It does not matter! Some banks are doing principal reduction, which means the bank will discount the total loan amount to the current value of your home. This is called a principal reduction and is becoming popular for banks.

6. What if my income is too low?

You will need to show the bank, you or all others in your household can afford the new payment proposed by your bank.

7. What should I expect the terms to be on my new loan?

Banks have rapidly changing guidelines for Loan Modifications. A bank will typically modify your loan into a loan you can afford and continue to pay. This may include a lower interest rate, payment reschedule, principal reduction, longer terms or any other function that will make and keep the loan performing.

8. How much can I really save by doing a loan modification?

Hundreds or Thousands a month. Remember, a Loan is typically for 30 years. So the Loan Modification that saves you $500 a month, really equals $150,000 over the life of the loan.

9. Does every bank do loan modifications?

Yes. We are in a housing crisis and banks are willing to work with clients to help save their homes.

10. How does the bail out bill affect my chances of getting a loan modification?

The government is telling banks they need to do their part to fix the housing crisis. The Bail Out Bill will only help your chances of getting a Loan Modification.

11. What should I do to ensure the best loan modification?

Take Advantage of Attorney services that fully process your modification. Read up on submission steps, and negotiation tips.

12. How long does the process take?

With the right documents you will be able to submit a full package ready to go to the bank. All Banks are different and can take 30-90 days for a decision. It all depends how busy their are with current modification requests and how many loss mitigators they have on staff. It is not uncommon for one loss mitigator to have up to 700 files under their management at a time.

13. What is the difference between doing a loan modification myself or hiring an attorney?

A Loan Modification firm will charge you a high fee ($2000-$5000) to submit the docs that you can submit yourself. Banks are willing to help their clients with a Loan Modification with out an Attorney. What is important, is you have the CORRECT, BANK APPROVED documents ready for submission, so the bank can efficiently and more effectively review your case.

14. Are there any other costs involved? Appraisal, credit report, title, closing costs, broker fees, etc…

There are no costs assigned with a Loan Modification. The banks are modifying loans for no charge.

Chris Fuelling
http://www.articlesbase.com/real-estate-articles/top-faqs-for-home-loan-modifications-693098.html

(NewsUSA) – Maintenance costs are up, home values are falling and states are seeing more foreclosures than sales. But terrible times for homeowners make for terrific investment opportunities.

Why? The market sees constant ups and downs. Buying when the market’s high it is means greater upfront costs. And because the market cannot rise indefinitely, property investors must constantly watch for the bubble to pop.

In a down market, the question is not “if,” but “when” the market will improve. If investors can buy properties at rock-bottom prices, they can afford to maintain the home until the market improves. At that point, the investor can sell the home both to recoup their buying and operating costs and to make a profit.

Some companies are looking to profit on the down housing market. Deer Park Development Corporation, a Nevada-based company, is purchasing foreclosed homes in Arizona, Nevada, California and Florida, some of the areas most affected by the down market. Nevada, for example, sees more foreclosures than any other state -; million-dollar properties can be bought for half their building costs. Between May and June, Californian banks foreclosed on 40 percent of the homes on the market.

Deer Park Development Corporation’s agents and brokers draw on 35 years of experience -; they have seen down markets before, so they can easily identify promising properties.

When Deer Park Development Corporation finds a home that it wants to acquire as an investment, it works with the homeowner or bank to purchase the home at a 50 percent discount.

But the company does not profit at homeowner’s expense. It negotiates with homeowners so that people can rent their homes after the sale. When the original homeowner’s lease expires, Deer Park Development Corporation allows former homeowners to repurchase their properties for a predetermined price. In this way, the company invests in the down market while also helping down-and-out homeowners.

Ron Roberts
http://www.articlesbase.com/management-articles/struggling-market-now-is-the-time-to-buy-743136.html

http://govlisted.com/foreclosure/property/2153836

1311 Michigan Ave
Price: $ 76,545

1311 Michigan Ave, is located in Saint Joseph, MI 49085. It is currently listed for $76545.00. For more information, contact us at expert@govlisted.com.

1311 Michigan Ave is a single family home and was built in 1911. It has 3 bedrooms and 1.00 baths. 1311 Michigan Ave was listed on 01/26/2012.

1311 Michigan Ave, Saint Joseph, MI 49085 is a HUD owned Home. For a copy of the Property Condition Report on 1311 Michigan Ave, Saint Joseph, MI 49085 or to speak to a Distressed Property Agent, contact us at expert@govlisted.com. HUDListed partners with HUD Registered Distressed Property Experienced agents to help Home Shoppers with the “HUD Owned” Home Buying Process.

HUD Listed is not the listing broker for this HUD Owned Property. ALL PROPERTIES ARE SOLD IN “AS IS” CONDITION. SELLER MAKES NO REPRESENTATIONS OR WARRANTIES CONCERNING THE CONDITION OF THE PROPERTY AND DOES NOT GUARANTEE THAT THE PROPERTY IS FREE OF HIDDEN OR VISIBLE DEFECTS. BUYER IS RESPONSIBLE TO TAKE ACTION TO SATISFY HIMSELF THAT THE PROPERTY IS IN A CONDITION ACCEPTABLE TO HIM. SELLER WILL MAKE NO REPAIRS. BUYER IS ENCOURAGED TO HAVE A HOME INSPECTION TO IDENTIFY ANY DEFECTS.

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