Your home is your castle, but unfortunately many Americans are currently facing dethronement, or foreclosure. If you’re one of these unfortunate people who may be losing your house due to foreclosure, there are some steps you can take to help you avoid losing your home. (more…)
Archive for the ‘Foreclosures’ Category
How to Avoid Foreclosure
Wednesday, November 26th, 2008Investing in Foreclosures: Are the Profits still there?
Tuesday, September 16th, 2008
photo credit: salimfadhley
Do you remember a few years back when investing in foreclosures was almost a sure thing? While those days are long gone, many investors are still wondering if foreclosures have anything to offer. In other words, can you still profit by purchasing a foreclosure, fixing it up, and selling? This is a difficult question to answer due in large part to the many variables that are involved.
Here are three basic, yet useful tips to keep in mind if you are thinking about investing in a foreclosure:
1. You must exercise caution. You can no longer expect that every investment will turn into something huge. Instead, you need to be cautious with what you buy. Consider the price, location, comparables, and anything else that may affect your chance of success. Of course, if you are thinking about investing in your first foreclosure, you need to take even more caution as you move forward.
2. How are you going to pay? This is perhaps the most important detail to consider. Again, in the past you may have been able to get away with paying more for a foreclosure than you should have. But in today?s world, you need to earn every possible penny. Simply put, if a foreclosure does not fit into your budget, keep looking.
3. Find a mentor. If you are new to investing in foreclosures or just want some help, find a mentor that has been around this game for a while. The knowledge and advice that they can offer is invaluable.?
There is no denying that you can still make a nice profit through foreclosure investing. Does this mean that you are guaranteed to make out in the long run? Definitely not. With so many variables, including the ever fluctuating real estate market, you never know what is going to happen. At the very least, use the three tips above to get in the right frame of mind. From there, deciding whether or not to invest is up to you.
Foreclosures for Profit?
Friday, August 8th, 2008
photo credit: EdTarwinskiAbout five years ago the real estate market was a flipper’s paradise. Now it?s turning into a foreclosure nightmare. But some savvy real estate investors are turning these foreclosures into cash making opportunities by purchasing homes and then renting them. If the lightbulb just went on over your head, you’d betting pull on a lampshade and consider the nitty gritty details before diving into a foreclosed property investment.
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Landlord Foreclosure
Wednesday, July 30th, 2008
photo credit: respres
The current real estate situation is causing some unexpected problems for renters. When landlords foreclose it leaves many tenants in the scary situation of not knowing whether they’ll have a place to live or if they’re going to be out on the street once the foreclosure happens.
Southwest States Face Highest Foreclosure Rates
Wednesday, May 14th, 2008
photo credit: Apollo-Jack
People who are interested in snapping up homes that have hit the market after foreclosures will want to start looking in the Southwestern part of the United States. New foreclosure data reveals that Nevada, California and Arizona are the three highest-ranking states for 2008 foreclosures. (more…)
Foreclosure Rates Increasing Despite Government Efforts
Monday, May 5th, 2008
We all know that there is a housing crisis. We all know that people across the nation are facing foreclosures. And we keep hearing that the government is doing everything possible to mitigate the problem. But reports about foreclosure rates in the first quarter of this year seem to indicate that the government’s efforts aren’t enough to stop foreclosures from happening. (more…)
Plan in Place to Protect Minority Homeownership
Sunday, April 6th, 2008
credit: karlfrankowski
Owning a home is the basic foundation of achieving The American Dream. For minority cultures in America, homeownership has historically been a milestone revealing that they have made it here in this country. As a result, many cultural communities are concerned about the fact that the recent home foreclosures sweeping the nation have created a setback for the minority homeowner.
Foreclosures May Be On The Decline
Thursday, March 20th, 2008
credit: Jaypeg21We all keep waiting for news that foreclosures are on the decline. There is hope that the trend is decreasing with a new report from Realtor stating that foreclosure rates decreased four percent from January to February of this year. That isn’t enough to say for sure that we’re going to start seeing less and less foreclosures in the housing market but it’s a glimmer of hope for those people who have been waiting on the end of this negative trend.
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An Explosive Foreclosure in Cape May
Thursday, February 21st, 2008
The record number of foreclosures can bring opportunities for investors, but also headaches and even danger. Stores abound regarding displaced homeowners with little to lose defacing and destroying property before they leave. I’ve read about water being left on, fixtures stripped, and even holes punched in the walls. Nothing, however, compares to the recent story about what a real estate agent found in a foreclosed Cape May, New Jersey house.
It seems the older, former property owner had a WWI artillery shell in his possession, which he left behind for the new owner. (How these shells made it to the US after the war, and why people kept them, boggles the mind, but that’s another story.) The startled agent called the Cape May bomb squad, who verified that the shell was live. The authorities transported the rusted shell to Atlantic City’s Bader Field for destruction. Eight homes were evacuated during the incident as a precaution.
If there’s a moral to this tale, it’s to approach foreclosures very cautiously. If you expect at least a few surprises, you won’t be startled by what you find.
