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What To Look For In A Pre Foreclosure Letter
from:A pre foreclosure letter is typically from someone or some company that is searching the market for a home or property that matches yours. These letters can be very honest investors or potential homeowners that are trying to buy property, however they can also be from very unscrupulous investors or scam artists that are just as predatory as some of the lending practices that may have lead to your financial problems.
Looking at the pre foreclosure letter with a clear head and not from a position of desperation is essential if you want to sort out the real potential buyers from the potential con artists. It is also important to know your options as a homeowner in pre foreclosure, as not all the information in a letter may be factual or even applicable in your state. Often with large national or even state wide home buying companies the pre foreclosure letter will be generated by a computer, however it may be very cleverly mail merged to make it look like a letter from an individual buyer.
It is important to realize that not all large home buying companies and agents are disreputable or are out to try to buy your house at a way below market value and take advantage of your current financial difficulties. They are, however, trying to get your home at the best possible price, just like any other buyer. As the seller and current owner, you need to do some research on the contents of the pre foreclosure letter as well as realistically look at what is being offered. Typically the pre foreclosure letter that seem to be offering you a fantastic deal really are too good to be true, however talking with the company and asking questions is still a good option.
A realistic pre foreclosure letter will indicate what individual or company is making the offer in a clear and direct fashion. Avoid letters that use statements such as " I am a representative of an interested investor" or other vague statements. The writer should provide a phone number, not just an email address, where you can make contact. The letter should also clearly indicate if the interested person is an individual or a company.
The pre foreclosure letter should not indicate that you have to pay any type of fee or sign any contract to be able to talk to the writer or the company. These are almost always scams designed to take your application fee without ever planning on making a reasonable offer on the home. In addition be very wary of a pre foreclosure letter that indicates the company or writer will "buy your home no matter what the condition" as this typically means that they will only offer prices that are well below market value.
Pre Foreclosure News
2011's foreclosure rate lowest since pre-recession
2011's foreclosure rate lowest since pre-recession The foreclosure listing firm RealtyTrac Inc. cautions that this is not necessarily a sign that the housing market is getting better, as many foreclosures have been delayed due to confusion over documentation and legal issues involved in the process.
Read more...Foreclosure Homes Account for 20 Percent of All U.S. Residential Sales in Q3 2011 According to RealtyTrac(R)
IRVINE, CA-- - RealtyTrac® , the leading online marketplace for foreclosures, today released its Q3 2011 U.S. Foreclosure Sales Report™, which shows that sales of homes that were in some stage of foreclosure ...
Read more...US foreclosures fall to 20% of home buys
Bloomberg News - (Bloomberg) - Foreclosure and distressed sales fell to 20% of U.S. home purchases in the third quarter of last year as legal scrutiny of property seizures reduced the number of deals, according to RealtyTrac Inc. Transactions involving bank-owned property and short sales, where lenders accept less than the amount owed, were down from 22% of total home purchases in the second ...
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Read more...RealtyTrac: Portland-area foreclosure sales pick up in 2011's third quarter
The increase was driven largely by more short sales from July to September, while bank-owned sales declined.
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