Upcoming Foreclosures

Real Estate?

what the meaning of this Reo Properties Bank owned Foreclosures Corporate Owned Properties Governments owned properties HUD dose it mean when ppl can't make the payments ? or they are selling for les ? ( i see some are high ) ? got any advic for first time home buyer ? * SERIOUS PPL REPLY * Thank You

Public Comments

1. were have you been? its in the paper every day. basically , if you have money, its a buyers market. name your price...
2. REO properties = bank owned Bank owned foreclosures = bank owned Corporate owned Properties = can be bank owned or owned by a corporate relocation company Government owned = Owned by a government entity HUD = owned by HUD All of these entities obtains appraisals and broker price opinions in regards to value, and they are in a position to hold out for their price, so don't expect a bargain. For a first time home buyer looking at these properties, the only advice I have is to have patience. The people in the loss mitigation departments are notoriously slow to respond to offers and regularly ignore deadlines you write in offers. It's not your fault, it's not your Realtor's fault, it just moves at the pace of the lender.
3. Foreclosures are when people cannot or do not make their payments and the bank "forecloses" on the home to kill their bad debt. One way to save money is to get the bank to do a short-sale. You would really have to learn about that and know what you're doing for the bank to give you one though. So if you have any connections to investors, that would be ideal. REO means Real Estate Owned (by the bank) whenever a property is foreclosed on, if the home isn't sold on the auction day the property goes back to the bank. And once the bank owns the property, they normally want retail value for this property. (same as bank owned foreclosures) Corporate Owned Properties is self-explanatory, as well as Gov't. HUD stands for Housing and Urban Development and can sometimes be discounted. You can go to a foreclosure auction and buy a home, this doesn't mean you need cash, but you may need a down payment until you can get your own financing. You're given 30 days to do that. The best thing to do is to catch someone while they're in pre-foreclosure. You can negotiate the price down to where their mortgage balance is at potentially, or just at a deeply discounted price. You can find out who these people are on websites or at the county courthouse. Then my next advice would be to get a good, FIXED rate loan that you can afford. No Adjustable Rates, that's why there are all the foreclosures out there! Hope that helps!