Friday, November 19, 2010

Greedy People, Banks and Government are Killing Housing Market

If GREEDY people would stop buying foreclosures - knowing how much fraud is out there,l then the market would correct. I think it is appallilng that in this day when people lost their retirements, savings and everything to save homes and then lost more due to recession, including lost stock returns and lost jobs, lost wages and other income.
WELL I think it is criminal that there are foreclosures when homeowners are not bailed out, while companies can use grants and states can use settlements and federal dollars to buy up the homes STOLEN from people working hard to achieve the American Dream.

WHO in there right mind is staying in a home now while upside down?????

as always click on this title link to read full article: Courthouse Auctions: Mining Foreclosure Gold: "Shrewd auction buyers won’t bid on underwater properties unless there are huge discounts and a potential to make a quick buck.

“In a declining market, you have to be very cautious about what you are buying,” warned attorney Ward Hannigan, owner of InnoVest Resource Management, a San Diego-based firm that specializes in buying courthouse auctions and a private, one-on-one foreclosure trainer. For one thing, cautions Ward, buying a house at auction is far different from buying a house through a broker. And though auctions offer a real opportunity to find a house at a lower-than-market price, the risks, he said, are real.

Mining the Minefield
As Hannigan, Metcalf and other regulars have learned over the years, no minefield of American real estate is as explosive and dangerous as foreclosure sales. Buying at the foreclosure sale is plagued with risks. Most defaulting properties have multiple loans, and buyers need to verify that they are bidding on a property that has no senior liens. For protection, buyers should hire a title search company to make sure the property is not encumbered by liens.

Experts said the most important rules when buying at auction are to have an exit strategy, don’t get too greedy, and be patient waiting for the best deals. "

No comments: