Welcome to Foreclosure Guide
What Is A Foreclosure Article
. For a permanent link to this article, or to bookmark it for further reading, click here.
A Home Inspection is an absolute must for Home Foreclosure Properties
from:There are many reasons for buying real estate property and one of them is to buy your own home. There are many tax advantages available for buying residential property. The government and most financial lending institutions offer tax benefits, favorable appreciation values, and finance options to homeowners
With the questionable economy today in the United States, it is pretty much a buyers market. This means that the selling price on affordable homes have come down in prices. Many families are facing home foreclosure and are selling often time at well below market value just to get out from under that debt. Like any other investment, the investor must purchase wisely.
When buying from a family facing home foreclosure, chances are the property may not be in the best of condition. Since money is an issue, the family may have also had difficulty keeping up with maintenance and repairs.
You will need to have a home inspection done, often called a pre approval inspection. That way you will know if the building is worth the selling price or if you will have to put out additional monies to bring the home up to building codes and your own esthetic needs.
A building inspector hired for your home foreclosure lead will be looking at such things as electricity and plumbing. An inspector will also look at the structural foundation of the building, checking the landscape, exposure to heat from the sun and rain or strong winds, and the inclination. The inspector will be looking for water damage, leaks and creaks, both on the inside and outside of the house. The inspector will take note of the gutters, downspouts, outside paint or siding, condition of bricks, wood, paneling, and the condition of the roof. Inspections will also be done upon the fuses, heating and cooler systems, fans, air conditioners and vents, as well as the fire alarms and security systems.
If the home foreclosure unit comes with appliances such as refrigerator and stove these appliances should be checked as well. A very important condition to look for is the water pressure. For example, many older homes lack sufficient water pressure to enjoy a pleasant shower. If you are looking for home foreclosure property in colder climates make sure that the water pipes are not only in good condition but are properly insulated as well.
If any problems come up in the inspection, you can use the cost of the repairs to negotiate a lower sale price if you still want to consider this property.
A very important thing to consider is whether or not the family is still living in the home foreclosure before you buy. You want to avoid eviction costs and legalities. There should be a stipulation in the lease that the occupants must vacate the premises as soon as a the property is sold, this becomes even more important if it is more than a single dwelling home foreclosure unit that you are purchasing for yourself and other family members.
What Is A Foreclosure News
States With Highest Foreclosure Rates Among Bank Deal Holdouts - BusinessWeek
 Bloomberg | States With Highest Foreclosure Rates Among Bank Deal Holdouts BusinessWeek 8 (Bloomberg) -- California, New York, Nevada, Florida and Massachusetts are among the states that haven't signed off on a settlement with banks over foreclosure abuses, according to state officials and two people familiar with the talks. Foreclosure Dispatches: Views From Around the Country Mortgage Settlement Talks Look Like Tobacco II Michigan Signs up for Foreclosure Settlement |
Banks See Paying Bonus to Troubled Homeowners Beats Foreclosure: Mortgages - Bloomberg
 Bloomberg | Banks See Paying Bonus to Troubled Homeowners Beats Foreclosure: Mortgages Bloomberg Enlarge image Banks Paying Homeowners a Bonus to Avoid Foreclosures Banks Paying Homeowners a Bonus to Avoid Foreclosures John Moore/Getty Images Locks are changed during a home foreclosure on October 5, 2011 in Milliken, Colorado. Cash for Keys: Avoid Foreclosure, Pay the Bank Less Than What You Owe… and ... Banks Realize Short Sales Are Better Than Foreclosure, Pay Homeowners To Sell Now Bills may prevent some foreclosures |
Deadline day for states to sign foreclosure deal - Fox News
Deadline day for states to sign foreclosure deal Fox News It's to take millions of dollars from banks accused of foreclosure abuses. California was holding out, but reports are out today that the White House is pushing it to jump aboard, a move that would add billions more to this settlement. REP. |
CSI Missouri: A "Robo-Signing" Indictment in the Show-Me State - Huffington Post
 Sky Valley Chronicle | CSI Missouri: A "Robo-Signing" Indictment in the Show-Me State Huffington Post A Missouri grand jury handed down multiple felony indictments for foreclosure fraud on Monday. That's the same kind of crime being negotiated in nationwide settlement talks with America's big banks. If people can be indicted for doing it, ... NYT: Criminal Charges in the Foreclosure Scandal FORGERY CHARGES ANNOUNCED IN "ROBO SIGNING" FORECLOSURE SCANDAL Missouri AG Files Criminal Charges Over Alleged Mortgage/Foreclosure Fraud |
Arizona close to joining foreclosure settlement deal with banks - East Valley Tribune
 CBS Local | Arizona close to joining foreclosure settlement deal with banks East Valley Tribune Horne acknowledged that Arizona has been one of a handful of states that has so far refused to join in the tentative pact designed to settle claims that the five banks were guilty of abuse in the foreclosure process. That deal would force the lenders ... More Than 40 States Agree on $25B Foreclosure 'Robo-Signing' Deal Michigan Part Of Home Foreclosure Settlement |