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Real Estate - What Is Foreclosure?
This interesting article addresses some of the key issues regarding realestate. A careful reading of this material could make a big difference in how you think about realestate.
Foreclosure properties come up for sale when the property owner who has a taken a loan or mortgage on the property is unable to repay the loan and the lending company takes possession of the house and puts it up for sale. Foreclosures are usually distress sales made because of the inability of the owners to repay the mortgage taken by them.
It is essential for you to understand the process, and what steps you need to take at different times of the process to make a successful investment in a foreclosed property which usually sells up to 50 to 20 percent cheaper than its list price.
The foreclosure process may end up in any of the following 4 scenarios:
1.The borrower/owner pays off the default loan repayments to reinstate the loan during the grace period also known as pre-foreclosure.
2.The borrower/owner manages to sell the property to a third party during pre-foreclosure period, allowing the borrower/owner to pay off the loan and avoid having a foreclosure on his or her credit history.
3. A third party buys the property at a public auction at the end of the pre-foreclosure period.
4.The lender takes ownership of the property, usually with the intent to re-sell. The lender can take ownership through an agreement with the borrower/owner during pre-foreclosure or by buying back the property at the public auction.
It's really a good idea to probe a little deeper into the subject of realestate. What you learn may give you the confidence you need to venture into new areas. . .
Real Estate Resources
You may not know exactly how much to tell the potential buyer of your home about the property. Disclosure to potential home buyers about problems and issues has been a much debated subject. Many areas actually have laws that require certain disclosures to be made at the time the real estate contract is entered into.
Personally, I tell all. Everything from the once or twice the wind blew down the chimney the wrong way one windy spring to the small little hole in the guest room window screen. Nothing is too small and nothing is to large.
Caveat Emptor -- "let the buyer beware" -- used to be the law when it came to real estate transactions. Unless the buyer specifically asked about the defect, the seller didn't need to disclose any problems.
But over the years, the Courts noticed that this was unfair. Car buyers get to test drive cars, so why should home buyers be so blind? If a seller knows about a problem in the home, the problem should be corrected or disclosed to a potential buyer.
Modern consumer protection acts have led to disclosure requirements for sellers.
Although the laws vary from place to place, the purpose of these diclosures remain the same. Sellers of residential real estate must disclose to their purchasers any known defects or information concerning the water and sewer systems, insulations, structural systems, plumbing, electrical, heating and air-conditioning systems, fixtures and much more.
These laws require the seller to complete a disclosure form at the time the real estate purchase contract is entered into and give it to the purchaser. If the purchaser has not recieved the form, he or she will have the right to terminate the contract and receive a full return of the earnest money.
Should You Tell Everything when Selling?
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