 West Milford Messenger |
Elizabeth Meditz is named broker-manager at RE/MAX Classic Group
West Milford Messenger West Milford — Realtor Elizabeth Meditz, GRI has been named broker-manager at West Milford's RE/MAX Classic Group. Christopher J. Brown, managing partner of ... |
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Breast cancer event to be held Wednesday
Richmond County Daily Journal On Wednesday from 6-8 pm, Remax Tri-City Realty will host a Passionately Pink Reception at Sandhills Regional Medical Center to benefit the Susan G. Komen ... |
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Firefighters to use modular housing when station is rebuilt
Hollister Free Lance 1, the timeline of which is unclear at this point, the firefighters will be housed in some sort of modular housing. "I've been actively working on it," said ... |
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Formaldehyde Bill Would Limit Chemical In Homes
Newsinferno.com Commonly used in manufactured homes and furniture, formaldehyde can cause respiratory problems and has been classified as a carcinogen by the International ... |
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EDC purchases Solitaire site
Big Spring Herald The land and building that once housed Solitaire Manufactured Homes has a new owner this week, as the Big Spring Economic Development ... |
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Gold Coast property market action
Gold Coast Bulletin News Sold by Mike Brooke and Sandra Sherratt, RE/MAX Real Estate Specialists Burleigh Heads. Mildura Drive, $465000. Four-bedroom house. Sold by Andrew Colley, ... |
Existing-home sales jumped 9.4 percent in September, the fifth gain in six months.
 Inhabitat (blog) |
Modular Passiv-Haus Concept Offers Customizable, Net-Zero Home
Inhabitat (blog) The Mini40 was also designed to be constructed with modular parts, and reminds us a little bit of Werner Sobek's modular homes, although the Mini40 has a ... |
There are 3 main ways to buy distressed properties.
Foreclosures, short sales and real-estate-owned (REOs) are all distressed properties but aren’t all the same.
The three types of distressed properties do have similarities. For instance, most short sales are foreclosures, however not all foreclosures are short sales. To further complicate matters, REO’s are not short sales but some intended short sales can end up as an REO.
Here are the basics about these distressed properties:
Distressed Properties-Foreclosures:
A foreclosure is official when the notice of default has been filed in the public records. It means the owner has stopped making mortgage payments (usually behind 2 or more payments) and the lender has given notice that unless the payments are brought up to date, it will sell the property to the highest bidder.
Not all homes that fall into foreclosure go to public sale because owners have the right to make up back payments up to a point, the time which varies from state to state.
Foreclosures are typically profitable real estate deals because investors and home buyers buy the distressed properties for the amount owed, picking up the home owner's equity for free.
As an investor, before you decide to buy a home in foreclosure (in California) by making up the back payments to the lender, giving the seller a few dollars and recording a deed, call a real estate lawyer.
Distressed Properties-Short Sales:
A short sale is when the lender agrees to accept less than the amount owed on the mortgage for distressed properties. This happens after a distressed property goes into foreclosure but before the distressed property goes to public auction.
Investors can typically buy the home for even less than a foreclosure because investors are not paying off the existing mortgage or paying back payments.
Sellers don't need to be in default and it isn’t necessary for the properties to be distressed in order for a short sale to occur. For a buyer who wants to occupy the home, buying a short sale makes financial sense.
Distressed Properties-REOs - Real Estate Owned:
REO or real estate owned distressed properties are similar to short sales except the property has already been repossessed and is by the lender.
Lenders usually end up owning distressed properties if nobody bid high enough (to cover the mortgage owned on the property) when the house went to public auction.