BMO Private Bank reports foreign buyers drive up Florida home prices

Basics of Buying Real Estate Short Sales

Over the last several years, short sales have received a substantial amount of attention. This type of transaction is done when the seller owes more on his or her mortgage than the value of the property. The lender essentially agrees to accept less than the balance owed as an alternative to foreclosure . On the surface, a short sale (SS) seems attractive for all parties involved. The buyer is able to purchase a property for a price that is below market value ; the seller is able to sell their home without losing it to foreclosure; the lender is able to recover a portion of the mortgage that would otherwise be lost. However, these deals are often more complex than they seem. Some require up to six months to close, and often fall through beforehand. In this article, we’ll explain the basics of buying real estate short sales, starting with the importance of working with an experienced real estate agent . We’ll describe the process and explore some of the factors you shou

Mortgage Rates Higher to Begin Important Week

Can You Save Money At A Foreclosure Auction?

In the last year and a half foreclosures in the United States have been commonplace. Banks and mortgage lenders have many properties they must sell to recoup their loans . At foreclosure auctions, houses often sell for a fraction of their market value . This sounds perfect for people who want to buy a home, but there are some catches. You probably will not be able to get a standard mortgage for a foreclosure sale. For people with excellent credit ratings and a reasonable amount of savings, auctions can be the perfect opportunity to snap up a house they otherwise couldn’t afford. Lenders may or may not set a minimum bid depending on the amount owed on the loan and how motivated they are to divest themselves of the property. Some current foreclosures are actually worth less than the amount owed on the loan. If you have no desire to move to another area, the local newspaper is an excellent source for foreclosure auctions. There are also listings of foreclosed properties. It isn’t nece

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