5. If it sounds too good to be true, it probably is.
If you feel you may be the target or victim of foreclosure fraud, trust your instincts and seek help. For tips on spotting scam artists, visit the Federal Trade Commission s webpage on foreclosure rescue scams. Report suspicious schemes to your state and local consumer protection agencies, which you can find on the Federal Citizen Information Center s Consumer Action Website.
4. Know what you are signing–and be sure you sign it.
Don t let a counselor pressure you to sign paperwork you haven t had a chance to read through carefully or that you don t understand. Don t sign any blank forms or let the counselor fill out forms for you. Be sure to talk with an attorney before signing anything that transfers the title of your home to another party.
3. Be wary of guarantees.
A reputable counselor will not guarantee to stop the foreclosure process, no matter what your circumstances. Working with a legitimate counselor can certainly increase your chances of keeping your home–but be wary of people who promise a sure thing. Again, get the details of your transaction, along with any promises, in writing first.
2. Don t pay an arm and a leg.
You should not have to pay hundreds–or thousands–of dollars. Most HUD-approved housing counselors provide no-cost counseling services and many more provide low-cost counseling. Do not agree to work with a counselor who collects a fee before providing you with any services or who accepts payment only by cashier s check or wire transfer. In general, do not pay money to anyone unless you know exactly what services you will receive.
1. Work only with a nonprofit, HUD-approved counselor.
public service announcment.
If you are looking for help to prevent foreclosure, be sure the counseling agency is on the Department of Housing and Urban Development s list of approved agencies. Visit HUD s website for an easily searchable list of HUD-approved housing counseling agencies, or call 877-HUD-1515 (877-483-1515) for more information. If you are approached by foreclosure counselors–by mail, phone, or in person–make sure the counseling agency is HUD-approved before you do business with them.
5 steps to buying a distressed property
1. Get preapproved for a mortgage.
2. Find an agent specializing in foreclosures.
3. Know how long it takes to sell a home in your price bracket.
4. Study the sale prices of comparable homes in your area.
5. Remember the sale is for the home as is.
Read more: 5 tips for buying a foreclosed home http://www.bankrate.com/finance/mortgages/5-tips-for-buying-a-foreclosed-home-1.aspx#ixzz1LeLK9YWZ
onclusion
Bank foreclosure properties can definitely help you make a good buy in real estate properties and still have lots of savings. So do not hesitate to utilize this option. Make something good out of this promising venture.
3. Do a Little Research
Sometimes you cannot simply depend on the fact that foreclosed properties are sold at cheap prices. Do a little research to know if you can really make a good buy.
There are properties that sound inexpensively priced but they will not sell high as well despite the repairs because of their location or neighborhood.
Just take the extra mile to research. You can even seek help from an assessor to make sure that you have a good deal.
2. Repair and Resell
Foreclosed properties have previous owners who are in financial troubles, thus the upkeep is usually not maintained. This is one reason why they are also sold at lower prices.
Sometimes, this condition requires ordinary repairs and make over. Carefully consider this aspect in evaluating your purchase, whether it can give you enough room to earn.
1. To Resell or to Keep?
When scouting for bank foreclosure properties, decide whether it is something you will resell or something you would like to keep.
This will aid you in picking the right find. Some houses can easily be repaired for reselling purposes because the next buyer can take care of the other details.
However, it may take considerable time and effort if the house is something you want to keep.