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HUD Foreclosures for Sale

Kevin Simpson — Sat, 17 Apr 2010 11:15:05 +0000

The Housing Urban Development Department will sell properties as fast as possible to recover the loss of monies spent on the foreclosures. There is a big rush to sell, because the homes are at market value prices. It creates an open door for the homebuyers to come in and make a profit in the real estate market.

The sale of HUD Foreclosures is rising and it’s a good value. You can take advantage of a opportunity as such because it’s a huge profit to make. This is the leading industry to steady income. We specialize in providing for you a valuable list of foreclosure homes in any state, you can bid at auctions by giving your real agent your bid…and when the bidding begins he will submit your bid. If your bid is selected he will inform you of the details.
If you want to sign up for a trial membership on the website you can sign up 24hours a day and 7 days a week. If you have any questions there is a number that you can call into our customer service line and they will be glad to assist you.

Most buyers that live in the HUD homes they will be given first priority to bid on the homes. You must complete your bid package with a deposit put down to start the process. You can a evaluate a purchase by inspecting the home and thoroughly walking the home from front to back. You should take note of every detail, to give to the agent or broker. Please make note that the HUD homes are sold “as is” and there will be no repairs done or renovations completed by the lender. Once your bid is accepted, it is settled and the closing begins quick to finalize all paperwork.
The HUD homes are not listed in the paper, you would have to use the services that are provided by the HUD department. The Housing Urban Development offers a large directory of foreclosure homes for sale. A real estate agent or broker can also help you and guide you to select your dream home that is right for you.

Most HUD homes are sold in places where you are not knowledgeable of, you have to become common with our website and try the seven day trial, and we will email you updates of all HUD foreclosures for sale. You would qualify for our elite program where you would receive exclusive listings. You will have an investment opportunity of a lifetime in the market field. Keep in good relation with brokers and real estate agent, they have the sources that can lead you to the HUD foreclosures sale.

The buying opportunities for HUD foreclosures sales are increasing and they are available to anyone, anytime and anywhere.

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ForeclosureListings.com has a comprehensive, searchable database of foreclosures in areas like Columbus, Bronx, Derry, Missoula and in the whole country. Try to search foreclosures by state today! HUD Foreclosures for Sale

The Foreclosures in the Legends in Maui Causing Reselling Problems

Julie Parker — Fri, 01 Jan 2010 17:46:56 +0000

The vacant foreclosed houses in The Legends in Maui are causing reselling problems because of their derelict condition. Agent Anderson carefully tip toes his way across a filthy carpet left behinds as he estimates the costs necessary for making the 1,800 sq ft house habitable once again.
John Anderson of a non-profit body Na Hale O Maui is engaged in buying and selling foreclosed units. He bemoans, that no young family would like to move in to such a house to make it into a home. He calculates that it would require about $20,000 to redo the house. Anderson informed that there were 16 such houses in the locality.

The Legends has been a victim of timing – houses were entering the market at the time when both lending and prices were at their peak. This has resulted in the high foreclosures today. The General Manger who sees to the community association issues for The Legends including four other localities, Barbara Kojima, she could realize why the evicting previous owners would take away with them as mush as possible because they had “put their life into this house.” She added, “They have a refrigerator and a stove, and they have to move somewhere.”

Anderson is worried about the impact of the growing number of foreclosures on the real estate market in Maui. Apparently there seems to be a slowing down of the pace of foreclosures but houses are staying in that zone for a longer period of time. The banks are not selling these units and trying to work out ways to keep the original occupants in it. The result is that the potential numbers of foreclosures just keep on piling threatening the market from the sidelines for weeks. Banks are postponing sending the properties to the markets most probably to keep them off their account books till the year draws to a close.

This means that finally when these will surface there will be a surfeit of foreclosed units in the market during the first quarter of the coming year. In January only there are scheduled 350 foreclosure auctions. In a single day 80 units will face the hammer. Anderson commented, “The market will have a hard time absorbing that number of distressed properties.”
Generally it is the banks holding the mortgages that buy off the units in foreclosure sales. Following this the banks sell it off through local realtors.

Auctions are Coming to the Rescue of the Banks to Offload their Inventory of Foreclosed Houses

Julie Parker — Mon, 24 Aug 2009 13:54:06 +0000

Auctions are coming to the rescue of the banks to offload their inventory of foreclosed houses. Rates are being drastically cut but there are risks attached.
A house on Shelby Avenue in East Nashville was up for auction among 30 others. The auction was being conducted by Bob Parks Auction – the company being on a fast tour of the area disposing of houses. The house had been renovated with top class hardwood floors, fireplaces ringed by exposed bricks and a kitchen with a fresh coat of paint. The tax authorities had listed the house at $297,300. But a bidder won the house of $166,000. Even the buyer, Stewart Levine who was representing a local investor, Lane Wallace, was surprised and said, “I’m surprised it didn’t go for more. In this market, things are just down.”

Auctioneers are opining that auctions of bank repossessed homes are increasing as the banks are facing pressure to get rid of their huge inventories of foreclosed houses. Meanwhile the developers and owners of the units are drowning under jumbo debts. With no or less income there is very little hope in front of them.

For the lucky bidders some are real deals but the investors together with the auctioneers warn that it is better to play the game after knowing the rules. There are potential pitfalls in auction bargains.

Dale Hire has been purchasing and refurbishing houses for the last two decades. He opines that these auction deals are a sort of gamble. For those with ready cash and luck in their pockets there are many opportunities to snap up. Across USA in 2008 the number of auctions went up by 1% calculating to $17.1 billion in gross-sales-revenue. This is as per the findings of National Auctioneers Association.

Locally the sale of plots and houses fell by 29% in 2008 from what it was in 2007. Meanwhile auctions are becoming more and more popular. In Nashville over 100 auctions were recently listed.

Charlie Montgomery of Comas Montgomery Realty and Auction of Murfreesboro said, “It’s across the board that a lot of companies are seeing an increase.” He explained that this increase has been due to an increase in the number of foreclosures and the desperation of owners to dispose of them as quickly as possible. On an average it takes a listed house to be sold within 87 days in Nashville as in July as per the observations of Greater Nashville Association of Realtors.

Houses Facing Foreclosures

Julie Parker — Wed, 02 Apr 2008 13:02:44 +0000

In Massachusetts certain types of properties are more in number in the foreclosure market during February. This is from a report issued by The Warren Group – publishers of Banker and Tradesman. The worst hits are the two and or three family houses in comparison to the one family houses and condos.

As compared to February 2007 foreclosure petitions (2,232) rose by 27% in February 2008 (2,835), they decreased from January 2008 (3,212) in February 2008 by 11.7%. Foreclosure deeds increased by 145.7% (350) from February 2007 to February 2008 (860). These had increased by 7.5% from January 2008 figures of 800.

Analyzing the petitions further it is noted that 635 were against owners of two to three family units. This amounts to 23% of all the petitions filed. These types of houses comprise 11% of the total number of houses in the region. February 2008 saw 1.8 petitions filed against two or three family houses for every unit of sale of that kind of property in the Massachusetts.

In February foreclosure auctions rose dramatically by 21.1% from what it was the previous year. In February 2007 there were 981 foreclosures while this year, 2008, there are 1,189.
It has been known for sometimes that multifamily houses are the greater targets of foreclosures. The figures clearly show up the disproportion. This is affecting seriously the owners as well as renters.

All the petitions do not finally end up in foreclosures. Some borrowers manage to sell off their houses, refinance or find some other alternative to halt foreclosures. Scheduled auctions are announced in the newspapers but that does not mean the final countdown. Before the auction takes place many changes do take place.

The lenders are collapsing with the weight of foreclosures – this judicial procedure being time and energy consuming. The abandoned houses are attracting criminals and raising health problems. The houses do not fetch money. Lenders want to dispose of the innumerable units. But with goods out numbering demand it is a buyer’s market and the real estate market is at an all time low. Moreover the credit crunch has caused many mortgage companies to close shop. So buyers have nowhere to turn to for availing of loans for buying houses. Foreclosed houses do not fetch tax or revenue. This has caused the administration at all levels to worry about their pockets. Meanwhile dispossessed evictees are causing endless worry to the vote seekers – the politicians.

Via

Florida Foreclosures Rise Followed By Rising Auctions

Julie Parker — Mon, 31 Mar 2008 12:30:55 +0000

Foreclosures in Florida more than tripled in the fourth quarter of 2007 from what it was during the same period on 2006. More buyers are flocking to foreclosed house auctions as the real estate markets continue to nose dive.

America’s giant auctioneers Hudson & Marshall is scheduled to auction more than 500 foreclosed bank owned units from 7th to 13th April. In Miami alone 200 houses will wait for the anvil. In Orlando and Tampa the number is 100 and 80 respectively. The asking price ranges from $34,000 to $700,000 for houses whose insurances have been paid and title deeds clear.
A representative of Hudson & Marshall, Dave Webb comments that a frenzy of buildings and increased number of foreclosures have led to Florida leading other states in this crisis. But this is a great time for buyers who shied off during the boom housing price rise. A bargain can be picked from the auctions as banks are anxious to be relieved of the weight and agreeable to sell them at massive discounts.

A survey notes that in January 2008 the prices of single family houses continued to slide in the country. Las Vegas and Miami reported 19.3% decline – the steepest among all the metros.
Hudson & Marshall would auction foreclosed houses during April at Fort Myers, Jacksonville, Daytona and Port Charlotte, Port St. Lucie, Melbourne and Tampa as well as Miami, Fort Lauderdale and Orlando. The houses would be sold on an as-is basis. Prior to bidding the prospective buyers could inspect the units on 5th and 6th April during 2 hours in the afternoon. Further details are available on their website.

The winning bidders are expected to be prepared with cash or cheque deposit of $2,500 or 5% of the sale price – whichever being higher. By going online buyers can bid. Sellers generally call back within 24 hours. The auctions are reserved – the sellers have a right to accept or reject the offer. So far of all the auctions conducted by Hudson & Marshall none have been rejected.
Hudson & Marshall is a name in the auction business having been in operation for the last 40 years. It has set a standard for satisfactory service – a yardstick that it continuously endeavours to maintain and excel. Both buyers and sellers are satisfied with their handling of the matter. Their clients range from individuals to medium and corporate bodies.

Foreclosure Bargains On The Internet

Julie Parker — Tue, 25 Mar 2008 14:55:44 +0000

For those interested in picking up a bargain from foreclosure auctions a visit to a website launched by Long & Foster will be informative. It gives details of all the foreclosed houses ready to be sold in central and northern Virginia. Generally information about foreclosure is difficult to get. To find out if the property is foreclosed or not one has to click on ‘additional home attributes’. The best ones are the REO’s or those reclaimed by the bank. They have clear titles and one can inspect them in and out before bidding.

Some of the units are in a sorry condition. Most carry vibrations of people who could not light their home fires in these houses because of financial trouble. Many houses had been bought by investors who gambled on rising real estate to make quick phenomenal profits.

In all there are 2,610 foreclosed properties comprising of single family houses, town houses as well as condos. Most of these are located in northern Virginia. The compilation of the data is being done by Central Virginia Regional Multiple Listing Service. It provides regional information for the metropolitan area of northern Virginia. Richmond bagged the top position with 53 foreclosures. Chesterfield came second with 33 and Hanover county ranked third with 24 foreclosures. In central Virginia there were 146 foreclosures covering 19 localities. Most of the houses were owned by the banks, commented a spokesperson of Long & Foster. He is also the president of the Richmond Association of Realtors.

Realtors hunting around for a smart bargain may sometimes be lucky. Banks are more than eager to dispose of these estates weighing them down and offer discounts and incentives.
Long & Foster has adopted the strategy of organizing bus tours to attract potential buyers in northern Virginia. One of the costliest units is a house priced at $699,900, standing on Ridgeway Road next to the Country Club of Virginia in Richmond. There will be multiple offers and the buyers will have to compete for the best.
It is the law Nature that what is meat for one may be poison for another. Foreclosures are causing loss of homes while for many others it is a good time to move into a new nest with hopes and dreams. The best thing about bank repossessed properties is that the tears and sighs no longer cling to the walls and are things of the past.

Bidding For Foreclosed Houses In Ontario

Julie Parker — Tue, 18 Mar 2008 13:34:33 +0000

At Ontario last Sunday auction was on in full swing and Sid Hanna was hoping to pick up a bargain for his son. But the bidding was beyond his pocket. But Wyatt Durstler had another tale to tale. Having successfully bid for a four bed roomed dream in Beaumont he thought the prices were ‘amazing’! Prospective buyers had packed into the ball room of Hotel Doubletree to try their luck with 119 repossessed houses. Some were disappointed while others were euphoric. The auction was being conducted by Kennedy Wilson Auction Group. It was mixed crowd comprising of novices wanting to set up a home for the first time and senior looking for sound investments.
Auction firms are in a frenzy of activity as the number of repossessed house rose by 21 times in Riverside County and by 15 times in San Bernardino compared to 2007. The banks are trying to lighten the load they are weighed down with by taking the help of auction houses.

Experts are warning potential buyers to do their homework before plunging into a bid. Bargains may be made but there also many pitfalls. The condition of the house should be thoroughly checked before taking a decision. It means not just walking through the unit but by flushing the toilet and turning on the switches. The current rates of nearby houses should also be noted down.

Other points relate to auction rules. In a reserve-auction the highest bidder has to reach a minimum level that has been predetermined. If the bid is below that then the bidder has to wait fifteen days to give time to the seller to decide whether he or she will at all proceed with the sale. Another 5% has to be added to the amount to cover fees and expenses.

Hanna felt that many overwhelmed by a emotional tide often bid 20% or 30% more than they should. Nobody is sure about the market. Prices could fall and tumble fast. The successful bidders are taken away to a conference room to sign escrow papers. Dursteler of Temecula is one of them. Recently he got a job and felt confident to pay $287,000, inclusive of the 5% fees, for a four bed roomed house in Beaumont that had been listed for $359,900. He felt lucky and immediately after the signing ceremony rang up his wife. Diana Jones too felt euphoric after successfully bidding $215,000 for a unit listed at $279,900.

Foreclosures And Mortgage Frauds

Kevin Simpson — Tue, 25 Dec 2007 18:15:50 +0000

Organized mortgage frauds located in Atlanta seem to be a plausible explanation for the rising numbers of Atlanta foreclosures. The Wall Street Journal has reported how a fraud caucus managed to pocket $6.8 million in mortgages from Bear Stearns. A certain New York couple approached the bank with the story that they earned more than $50,000 per month as top ranking personnel of a marketing firm. They submitted statements showing assets worth $3million. In actual life the man was had an income of $105,000 per year with assets worth not more than $35,000! His wife did not have any outside income. Such a couple purchased a mansion and sold it in a foreclosure auction. Neighbours smelt a rat that led to the exposure of this foreclosure fraud ring.

According to the FBI, 28% of the mortgage agents and analysts are engaged in fraudulent activities. In 2003 the number was 7%. Lenders should know their rights and file Suspicious Activity Reports as soon as they suspect anything. Between 2000 and 2006 the reports have increased by 700%. There were 436 mortgage fraud cases in 2003. That has gone up to 1,210 this year – that is 2007.

The Prieston Group provides mortgage fraud insurance. According to their chairperson Arthur Prieston, losses from mortgage fraud in 2006 could be about $4.5 billion. It is a 100% rise from the 2005. The statistics for 2007 have not been released as yet. This organized racket is adding fuel to the fire of foreclosures. Prieston is of the opinion that in some regions more than half the foreclosures might stem from these frauds. He blames the sub-prime system of loans as ‘liar’s loans’ because no documentation was required about income statements. People merrily lied and got loans that were used in an organized manner for speculation leading to the foreclosure fiasco of today.

The Mortgage Asset Research Institute is another firm dealing with fraud protection. It said that 60% of the stated income amounts were exaggerated by more than 50%.

The net result is that with these exposures people who are self-employed and rely on stated-income loans will find it difficult in the near future to get loans to buy houses. The antics of few criminals make life hard for the many honest hardworking folks.

The main things that this fraud affair has exposed that where were the watchdogs when all this was going on?

Foreclosure Auctions Not Always a Bargain

Julie Parker — Wed, 19 Dec 2007 12:17:31 +0000

To turn a foreclosure auction into gain one requires patience and nerves of steel. Recently a seminar was held at Hotel Huntington Beach on foreclosures. The speaker, Hannigan, was a lawyer from San Diego who claimed to have traded in 50 foreclosed properties in 25 years. It is these investments that have made him wealthy. But Hannigan stressed that anybody listening to him would be mistaken to think that the route to wealth via gambling in distressed sales is as easy as it sounds. The prerequisites to end up with a success story are determination and grit. An orator of sorts Hannigan kept his audience engrossed. He stressed that dabbling in foreclosure auction is not child’s play but is a full time serious job.

The investor must first plan what to do with property after having made a thorough search about liens and deeds. A cashier’s check must be ready in case the bidder turns out to be the winner. Then one must be prepared for a shock because properties are often yanked off the shelves at the eleventh hour for many reasons – the main one being an agreement between the lender and borrower. This is all part of the foreclosure game.

Having crossed this zone if finally the buyer does land up with the property then other problems might pop up – the occupants might have to be evicted and extensive repairs might derail the budget.
Hannigan attracted both seasoned investors as well as novices beginning to toy with the idea. Jerry Tagliaferri is new in the field having just recently got a real estate license. The falling real estate market edged him on to try his luck at foreclosed auctions. He has been regularly attending auctions but comments that most of the foreclosed houses hardly get any bidders. It then becomes REO or property of the lender. The few units that do have some equity left over and above the loaned amount are fiercely fought over. Tagliaferri was lucky to win a four-hour free discussion with Hannigan. The latter usually charges $250 by the hour while training.

Another listener was Jim Pollina who drove down from San Luis Obispo County to listen to Hannigan for the third time. He was amazed to note that many people slipped into foreclosure even when there was equity on the house. The point is to spot these goldmines.

Brook Valley Country Club To Face Foreclosure Auction

Julie Parker — Tue, 18 Dec 2007 13:56:58 +0000

The club is scheduled to be handed over to the highest bidder at an auction to be held on 26th December in Pitt County Courthouse. It will start at 2 pm as per an insertion in the classified section of a daily newspaper – The Daily Reflector.
The Brook Valley Country Club boasts of an eighteen-hole golf course and has presided over Michael Jordan Celebrity Golf Classic as well as NGA Hooters Tour Touchstone Energy Open. The current owner is Brook Valley Country Club of Greenville Inc. Bob Edwards is the president of the club board. He did not comment on the pending matter.

The highest bidder will take over about 152 acres short of the actual clubhouse, situated on Oxford Road. The house is specifically exempted from the foreclosure notice. Apart from the sprawling golf course the property also includes a swimming enclosure, tennis courts – all amounting to a heated area of about 22,000 square feet.

The total value of the property is over $3.9 million as per records with the break up being $1.44 million being land value and $1.4 million being value of building. $1 million is calculated to be value of extra features. In 1986 it was sold for $1.75 million.
The Brook Valley Country Club with its golf course made its debut in 1966. The East Carolina Bank is handling the foreclosure. It remained non-committal and excused them by saying that they are legal hurdles about discussing without seeking the permission of their clients.

The foreclosure auction notice said that a cash deposit not more than 5% of the amount of the bid or $750, whichever is greater would be required at the time of the sale. If an upset bid is filed within 10 days then the offer will be made to one who bids the highest.

With such a giant like Brook Valley Country Club facing the anvil at an auction the question that rises to the forefront is the reason for this turmoil on the socio-economic front in general right across the country. Experts and analysts are huddling together with explanations but no magic solution has been found as yet. The prime blame is being made on the sub-prime market, which made easy money within everyone’s reach. When interests rose, so did delinquencies, foreclosures and auctions. The government is trying remedial measures. One has to wait and watch.

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ForeclosureListings.com has a comprehensive, searchable database of foreclosures in areas like Columbus, Bronx, Derry, Missoula and in the whole country. Try to search foreclosures by state today! Brook Valley Country Club To Face Foreclosure Auction