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The Quality of the Neighborhood is an Important consideration when Purchasing a Foreclosure Home
from:When you are prospecting for a foreclosure, home the neighborhood should be taken into consideration. We all want to have a great home, but the neighborhood also plays a big part in the value of the foreclosure home purchase.
Investigate the area:
• What is the surrounding property like? Is it well kept or rundown? Is it a residential area exclusive to homeowners or is there a mixture of homes and rental units sandwiched together?
• Is the community stagnant, deteriorating, or being built up?
• Is there commercial property in the area? Are their retail stores and grocery chains either already in the neighborhood are considering coming into it?
• Will you have easy access to retail outlets without having to use your car each time you need a loaf of bread or and gallon of milk?
• Do you have access to buses and taxis, trains, subways or other public transportation?
• How many for sale and for rent signs are visible? From a foreclosure home purchase standpoint, it is always a more lucrative investment if there are more homeowners than renters or tenants in the immediate area. Property values are higher in an area that caters to homeowners.
• Not only is it important to consider the condition and age of the foreclosure home you are considering, it is also important to look at the age and maintenance level of all the homes in the area.
• Similarly, consider the age and quality of the cars in the area as well as the city maintenance of the roads and streets. Are there quiet residential streets or busy thoroughfares?
• Are the sidewalks clean and litter free, is there a good quality trash collection system, are the public parks well maintained?
• Are there community centers, schools, training centers, career opportunities in the area or close to the area in which you would like to buy foreclosure home?
• How good are the schools rated in the area?
• Consider the noise factor if you will purchase a foreclosure home in the vicinity of a industrial park, opposite an elementary or high school, or within the downtown core where there is traffic congestion, night clubs and various other night life activity.
• What is the level of security in the area? Are there hospitals, clinics, fire stations, and police stations? Is there a neighborhood watch?
• What is the crime rate in the area?
As you can see from the details provided above that purchasing a foreclosure home is more than merely living in a home, it is a community investment. For more tips on community living click on the site U.S. Department of Housing and Urban Development
Voluntary Foreclosure News
Changes suggested to stave off foreclosure and its ill effects - Baltimore Sun
 Baltimore Sun | Changes suggested to stave off foreclosure and its ill effects Baltimore Sun The suggestions, presented Wednesday to a House committee, range from voluntary mediation before a foreclosure case is filed to tax incentives for homeowners who purchase a foreclosure. Some, including those two examples, would require legislation. Delaware's mandatory mortgage mediation program starts Attorney General Biden, Legislators, Advocates Mark Launch of New Foreclosure ... |
Mortgage relief: Partial solution better than none - msnbc.com
 msnbc.com | Mortgage relief: Partial solution better than none msnbc.com Renzo Salazar maintains the yard around a foreclosed home after the bank hired him to keep the home from falling into complete dilapidation on November 10, 2011 in Miami, Florida. By John Schoen As the clock ticks down on year-long negotiations on a ... |
HUD Secretary Expects “Substantial” Payment of Foreclosure Fraud Settlement ... - Firedoglake
HUD Secretary Expects “Substantial” Payment of Foreclosure Fraud Settlement ... Firedoglake ... it's not anywhere near adequate, but it's an important first step,” Donovan said, one which will be augmented with by “jump-starting” other voluntary principal reduction among servicers if it is found to be successful in preventing foreclosures, ... |
Q&A: Foreclosure mediation has its limits - Kansas City Star
Q&A: Foreclosure mediation has its limits Kansas City Star A few months ago, our lender sent us a package to complete a deed in lieu of foreclosure. We quickly filled it out and sent it back. We were just told that because our HOA dues are delinquent, the bank will not accept the deed in lieu. Can it do that? |
The Credit Report with Bill Lewis: Week of February 6th - Examiner.com
The Credit Report with Bill Lewis: Week of February 6th Examiner.com Foreclosure defense attorney Carlos Reyes will appear and discuss the latest developments in the Florida Supreme Court case of Roman Pino versus Bank of New York. Despite a voluntary dismissal by Pino in a foreclosure fraud matter, the Court found that ... |