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Get It Before The Bank and Save!
"It's Like Buying Real Estate Wholesale" Donald Trump
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Bank Owned |
Pre-Foreclosure |
Foreclosure |
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REO |
Short Sale |
Probate Sale |
Get It Before The Bank And Save $$
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Foreclosure (Back to Top)
The non-judicial foreclosure process pursuant to California Civil Code Section 2924 allows lenders to foreclose upon real property securing their loans without the necessity of going to court and incurring costly attorney's fees. More importantly, the non-judicial foreclosure process is quick. It normally takes around 4 months to complete from start to finish. Once the foreclosure sale auction is completed, it is final. (Exception: An Internal Revenue tax lien can cause delay in the finality of the sale). The purchaser at the sale takes the property and the borrower must vacate or the lender receives the property and must vacate the borrower.
REO
An REO (Real Estate Owned) is a property that goes back to the mortgage company after an unsuccessful foreclosure auction. You see, most foreclosure auctions do not even result in bids. After all, if there was enough equity in the property to satisfy the loan, the owner would have probably sold the property and paid off the bank. That is why the property ends up at a foreclosure or trustee sale.
Foreclosure sales begin with a minimum bid that includes the loan balance, any accrued interest, plus attorney's fees and any costs association with the foreclosure process. In order to bid at a foreclosure auction, you must have a cashier's check in your hand for the full amount of your bid. If you are the successful bidder, you receive the property in "as is" condition, which may include someone still living in the property. There may also be other liens against the property.
Bank Owned
"Bank Owned" is a term that is used to describe when the bank now owns the property and the mortgage loan no longer exists. The bank will handle the eviction, if necessary, and may do some repairs. They will negotiate with the IRS for removal of tax liens and pay off any homeowner’s association dues. As a purchaser of an bank owned property, the buyer will receive a title insurance policy and the opportunity to investigate the condition of the property.
REPO
Repo is a term that came from the automobile industry in the repossession of a car. This term has been adapted by investors who buy and sell foreclosed properties. It really refers to a property that has already gone through foreclosure and was purchased at the trustee sale auction.
Pre-Foreclosue
A Pre-foreclosure sale is when the seller of a property has been served with a notice of default (NOD) by the lender and the lender has agreed to allow the seller to try to sell the property before the foreclosure is complete. This process will get the lender paid and the seller will save their credit status. Sometimes this process will turn into a “Short Sale”.
Short Sale (Back to Top)
A short sale is the sale of a property for less than the total of the mortgages owed on the property. These properties are worth less than the total amount of debt that encumbers them. As a result they can’t be sold for what it is owed on them. Selling at what is owed on them places these properties makes them above the market value and un-sellable. In other words nobody will pay enough to cover all what is owed on the property. Most properties in pre-foreclosure that can not be saved by the owner are over mortgaged.
In a short sale the creditors authorize the home owner to sell the property for an amount lower than what is needed to pay all the creditors secured by the property. Creditors accept short sales in order to cut their losses. They would rather get a specified amount through a short sale than risking getting even less or nothing at a foreclosure auction sale.
Distressed Property
Distressed properties are another name for foreclosed homes, Reo homes, pre-foreclosure homes, bank owned homes, probate homes, homes with serious delinquent payments and divorce sales. Many of these homes are being sold because the mortgagee failed to make payments on the property. This results in the lender being stuck with the home, and looking to sell it in order to recoup some of the money that they have lost thus far on the deal. Many people buy distressed properties to live in; but there are a lot of people that purchase distressed properties for investment purposes.
Probate Sale
A probate property is when someone passes away, the decease’s inheritance is split up amongst the family and the inheritance almost always includes real estate which is referred to as a probate estate. Because family members may be split up all over the country and usually want their money fast, they will almost always sell the probate estate property at less than market value just so they can get their money and run. Because they do not have any emotional ties to the property it can be a very cut and dried sale.
Divorce
LOVE AND MARRIAGE, LOVE AND MARRIAGE, GO TOGETHER LIKE...Well, you know the song. But more than 50% of marriages end in divorce, and the lyrics quickly change from "love and marriage" to "alimony and child support”. When a divorce occurs, usually the couple’s marital property needs to be sold and many times for less than market value because of a judge’s order to liquidate and divide a couple’s assets immediately. This is called a Divorce Sale. Another factor is at least one party or both wanting to rush the divorce and get it over quickly. This is a prime example of “One person’s problem can be another person’s goldmine”.
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Today's Rates:
| 30-yr Fixed | 6.47% | 6.68% | | 15-yr Fixed | 6% | 6.32% | | 1-yr Adj | 5.29% | 6.56% |
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