http://investors4realestate.com/how-to-buy-foreclosed-homes/- How To Buy a Foreclosed Home

I have spent the past two years focusing on purchasing as many foreclosed homes as I could.  Along the way I have learned what works and what does not work.  I have come across many myths and false beliefs.

During this short four minute video I am going to share with you the most important lessons I have learned in regards to buying a bank foreclosure. If I were to have known these when I first started I would have made thousands of dollars more.

The very first thing you should do is sit down and decide exactly what your dream foreclosed home would be.  Break it down as specific as you possibly can. Start by answering the following questions.

Bed and baths.
Square footage.
The size of your yard.
You should have a specific location defined.  An area where you want to live.  Make sure you are willing to live in that area.  Do not set an area and change your mind, make it exact.  Take into consideration work, super markets, parks, schools, entertainment and other factors such as crime.
How updated the house is.  How new are the windows, how new are the bathrooms and kitchen.  If you want them to be new with in the last 10 years or so I would suggest the you either buy a new house or plan on having them redone.
The age of the house.
Anything else that you can think of which would make an ideal house for you.
Rate of return you are looking to get if this house is an investment.

Next find out how much you can spend on the foreclosure.  

Speak to a mortgage broker and get a pre-approval letter.  
Look at your finances and determine how much you can spend monthly.  
If you’re an investor decide how much you can invest.

Once you have your ideal house created in your mind and on paper.  Find a real estate agent or get access to the local MLS.  Set up an automated search function and have it alert you whenever one of these homes becomes available.  Find out how much the banks are willing to negotiate on the price and at what point do the get desperate.  In my area unless it has been on the market for a couple of months, the banks will not go more than 5% away from the asking price.

Next we are going to look at the mind tricks the banks use to get you paying more for a foreclosure.

Banks have all kinds of rules and regulations restricting people from getting a house in the first month or so of its listing.  They do this to build the illusion of scarcity.  Many people fall for this. Don’t let them trick you, know there are plenty homes.

It causes people to grossly over pay for foreclosures. The banks love it. So they do everything they can to get you emotionally involved and over pay for a given house.

http://www.youtube.com/watch?v=oDObtnOm75k

Duration : 0:2:13

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Technorati Tags: bank, buying, Estate, finance, for, foreclosed, foreclosure, foreclosures, home, homes, house, housing, how, owned, purchase, Real, real estate, realty, REO, residential, sale, short

When buying a foreclosed home, find a real estate agent familiar with foreclosures and be prepared with an approved mortgage loan. Understand that a foreclosed home is owned by the bank and will not be repaired before the purchase with tips from a real estate broker in this free video on house financing.

Expert: Penny Smith
Contact: www.liveoakgroup.com
Bio: Penny Smith has been in real estate for more than 14 years.
Filmmaker: Reel Media LLC

Duration : 0:1:56

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Technorati Tags: buying homes, foreclosures, investment property, real estate, real estate finance, real estate tips

http://realestatemarketingthisweek.com – Real Estate Marketing – Foreclosure rates on Forbearance Agreements done with banks reaches 58% – With Michael J Barnes and Dan Havey of Real Estate Marketing This Week

Part 3 – In studio with us today on this fine New years eve is Dan Havey, the co founder of the modification hotline as well as the author of The Foreclosure Sharks a great white paper he put together. He is also the author of Real Estates Future and this segment we are talking about loan modifications and some specific information.

You also have a great story to tell about this to. Well unfortunately I have too many stories about people who have had to go through foreclosures, bankruptcies, loan modifications. The one story I want to talk about real quick is a friend of mine who unbeknownst to me went out and did a loan modification on her own and not to get into a whole bunch of technical details on it she ended up getting a pretty decent interest rate because they actually cut her mortgage payment in half and she was pretty happy about that.

She owed a little bit more than the house was worth, she wasnt terribly upside down, but by the time they got done with her she certainly was going to be because the modification, and actually I should not call it a modification, I should call it a forbearance agreement, what they did to her was to say, OK we will cut your interest rate in half, we will cut your monthly payment in half, but we will take all of that deferred interest and tack it onto the back end of the loan. So that by the time her interest rate went back to where it had been, it was going to adjust up over the next five years, so that within that five year time period she was actually going to owe $60,000 in back interest on top of the principal balance that she had before she went to go talk to her bank.

What kind of a deal is that? I didnt think it was a very good one and she ended up eventually not taking it and just recently let the house go back to the bank, because she just looked at it and said, Wait a second here, I am already $20,000 upside down, by the time Im done with you guys I will be $80,000 upside down and so great I get a cheaper payment for a while. She moved into a rental property that was even cheaper then what she would have had to pay to stay in the house and from what she tells me the house is nicer.

Some of the unfortunate scenarios that come up that we get to see. Unfortunately we talk to lots of people that have similar situations, trying to do these on their own and it is possible to do a loan modification on your own. We know that, the program is designed for you to do that. The problem is it generally does not work out.

The re-default rate on loan modifications done on your own is significantly higher than loan modifications facilitated by an attorney that is representing you, for a number of reasons. Number one you have to pay an attorney to represent you. The other is that I think you are going to get a better modification based its not just a negotiation between you and the loss mitigation department for the bank. We are talking about using a professional attorney who is a trained negotiator to negotiate on your behalf with another attorney. By the way, theyre not talking to the same loss mitigation people in India that you may be talking too.

Here are some numbers that just came out from John Dugan who is the Office of the Comptroller of the Currency and they did a study of the loan modifications that have been done to date. In many cases these were forbearance agreements, not loan modifications. If an individual talks to his bank, generally speaking he will not get the same as result as what an attorney would do, so most of these are really forbearance agreements. And in that case, 36% had defaulted or were 30 days past due after 6 months and 58% were in default after 8 months. Again that is 58% in default after eight months and I saw some numbers the other day and unfortunately I didnt bring them in with me today, that according to some study of the very few modifications that have been done using an attorney, I say very few, but it is still thousands or tens of thousands, but few compared to what is getting done directly with the bank, the number is only like 5% of the ones done with an attorney have re-defaulted and again I dont have the numbers with me so I cant site the source… http://realestatemarketingthisweek.com/foreclosure-rates-on-forbearance-agreements-reaches-58/

Duration : 0:5:47

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Top 10 Tips for Buying a Foreclosed Home Washington DC

Duration : 0:4:13

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Mortgage Foreclosures in Michigan are on the rise. Attorney Brad Aldrich explains what you can expect in during a Michigan Mortgage Foreclosure and how to protect your interests in a court of law.

Aldrich Legal Services can help you in a variety of legal situations in the Michigan Counties of Wayne, Oakland, Washtenaw and Monroe.

Visit our website at http://www.aldrichlegalservices.com/ to learn more or call to set up your free 30 minute consultation at (734)404-3000

Duration : 0:3:37

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Technorati Tags: aldrich legal services, attorney, Brad Aldrich, Foreclosure attorney, Law, lawyer, loan, mortgage foreclosures, mortgage information, mortgage lawyer, mortgage rates, rates, real estate, real estate attorney