What Options Are Available to You, If you are Facing Foreclosure

As a homeowner facing foreclosure, you should know and explore all the options that you have in order to avoid being foreclosed upon.  Unfortunately, there are hundreds of thousands of people who face foreclosure every year and most have no idea what options are available to them. 

1. Most homeowners will try to list their home with a realtor.  There is usually not enough time to get a contract and then list the home and wait for buyers.  If the home needs repairs, then fewer buyers will be interested as well.  Also, if you are over-leveraged and you owe more than your home is worth, most realtors will not work with you.

2. Another option that you have is to sell it to an investor.  Investors buy properties, usually with cash and can close on the timeline of the seller (you).  Investors will look at comparable sales in the surrounding neighborhood, assess the repairs that need to be made, and make a cash offer that reflects the value of home in it’s current state, minus any repairs that need to be made, and of course some incentive for them.

3. You can also do a subject-to deal.  Subject- to deals allows investors to acquire the property, catch up the back payments, and make repairs all the while you are holding the note.  When the property is then sold, you will receive the amount that is negotiated between you and the buyer. 

4. You can also have investors, or real estate experts negotiate existing debt with creditors or do a loan modification, however you must show the bank that you are out of the hardship and that when the loan is modified the payments are able to be paid.  

If you are facing foreclosure, the best option is to sell your home if you do not see any financial change in the near future.  Investors are very easy to work with and you can usually have a cash offer on your house within 48 hours. 

For more information or for real estate reports and information, please visit my website at www.reosave.com

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Suze Orman slowing the recovery??

Have you ever stopped and thought that maybe the media (Suze Orman) and other talk show hosts are slowing the recovery of the economy? (Probably not because you can’t get a word or thought in edgewise).

With all the government is trying to do to get the economy back on it’s feet with the first time  home buyers tax credit, lower interest rates for mortgages, and instilling confidence back into the market- we constantly hear, everyday NOT to spend, stay in, cut back… basically stop living.  Now I understand that some may need to be on an economic diet, but the reality is we need to start infusing money back in to the economy and get things moving. Now the Government is trying, but the media is holding us back..

I know the media and other finance shows are out to help the public and are on our side.. but how about focusing on the positive and making it clear that not everyone be on an economic diet!

 

Also, an interesting article I found on Ms. Orman http://articles.moneycentral.msn.com/RetirementandWills/CreateaPlan/stop-listening-to-suze-orman.aspx

Hello Upstate! I’m Brian!

Welcome to Upstate NY’s blog resource for investing and current updates in the real estate world! Just want to introduce myself and let everyone know that they can count on great information!  Check back for updates!  In the mean time here is a picture of me…. more information on my website as well, www.reosave.com Join our mailing list if you want wholesale properties as a buyer, are looking to sell your home, or want to buy a fully renovated retail property!  See you soon!