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Before buying a foreclosure you need to know what to look for. Do not just assume that because a house is a foreclosure that you are getting the home at a bargain. You will need to do just as much due diligence with your research as you would when you are buying any other property. There are also some unique issues and risks that need to be considered when purchasing foreclosures. Below are some tips on what to look for to ensure you are making a sound investment in a foreclosure: Some foreclosures accept bids and some are on the condition of sight unseen. Others you can go to the property but can not see the interior. In such cases you are gambling on the condition of the house. This can be a very risky move. If you are able to inspect the house before making an offer, do so thoroughly. Some homeowners, when faced with foreclosure, sell off appliances or cabinets to get some extra money. Some are bitter and purposely destroy parts of the home. Others still have not had the money for p...

For you first-time home buyers out there… Don't forget about the $7500 tax credit when you file your taxes this year. Designed to help stimulate interest in the housing market, this temporary provision provides a first-time home buyer (someone who hasn't owned a home in the last three years) a tax credit of up to $7500 for homes purchased between April 8, 2008 and July 1, 2009 . Basically the tax credit, which must be repaid over 15 years, is an interest-free loan from the government to help you offset the costs of home ownership. But here's the best part. The law allows qualified taxpayers to take the credit against either their 2008 or 2009 taxes. This means, if you qualify, you can buy a house this year before July 1st and receive the credit on the 2008 tax returns you're filling out right now! Imagine having an extra $7500 in cash to pay bills or credit cards or even pay for renovations on your new home. If you choose to utilize the credit on your 2009 returns, your...

As foreclosure rates continue to grow, more and more sellers are turning to short sales as a way to avoid foreclosure. Some of you may be thinking, "What is a short sale?" and "How does a short sale work?" In a short sale, the seller negotiates with their mortgage lender to accept a price that's less than the amount they owe on the property. As part of this arrangement, the lender typically agrees to forgive the rest of the loan. As a result, the seller doesn't have to go though a foreclosure, the buyer picks up a property at a discount, and the lender avoids taking on the burden of unloading the property. Sounds good right? Well, there are a few things that you should be aware of... Sellers need to be aware of the fact that a short sale may still damage their credit, though probably not as much as a foreclosure. Also, lenders typically will only agree to a short sale if the seller is behind in their payments and has received a default notice. There is a...

There are many factors to take into consideration when answering this question. One of course is interest rates, which have already reached historic lows (at least in the last 20-25 years) and continue to drop even lower. This won’t continue to happen forever! The foreclosure inventory continues to grow, keeping the majority of the prices low. Prices on homes right now are the lowest they have been in years. The programs that are available to first-time home buyers make it easier than ever to get a mortgage. Many of the programs offer low to no down payments, assistance with closing costs and options for the seller to contribute toward costs. Combine these three factors with the new home owner tax credit that the government has bestowed on first time home buyers ($7500 in your pocket) and it creates a an ideal situation. Put simply, there are a lot of good reason to buy right now! Many people believe that this is the golden age for buying real estate because everything is in the buyer’...