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Real Estate Blog

"Foreclosure Rescue Scams, Homeowners Beware"

May.08.09

 

Homeowners who are facing foreclosure are often being contacted by "foreclosure rescue companies" claiming they will help save your home, but in reality are out to make a profit-- at your expense. If you are at a risk of foreclosure or have received a Notice of Default from your lender, you might be at risk of a foreclosure scam.

 

Here are some of the things you need to look out for:

  •  Asking for money upfront before providing services.
  • Tells you not to contact anyone, they will handle everything.
  • Wants mortgage payments made directly to them or a bank account.
  • Requires payment be made only in cash, cashier's check or wire transfers.
  • Promises they will stop the foreclosure process, no matter what your circumstances.
  • Wants you to transfer your property deed or title to them.
  • Asks that you give them a power of attorney.
  • Asks for signatures on a grant deed or deed of trust.
  • Asks of a signature on a document with blank lines.
  • Offers to fill out paperwork for you.
  • Offers to buy your house for a fixed price that is not set by the market value.
  • Fails to provide copies of signed documents
  • Won't put oral promises in writing.

If you are facing foreclosure and someone utilizing these above requirements approaches you, you should think twice about using their services.

 

This blog was written by Jerry Glaser of Realty World Fine Homes & Estates®. Jerry has been providing exceptional Real Estate service to the residents of San Diego County for almost ten years.

 Jerry Glaser can be reached at (760) 500-0218 or by email: homes@jerryglaser.com. Visit my website at: www.jerryglaser.com.

 

 

"Five things you want to know about Bank-owned/REO transactions:"

Apr.07.09

APRIL 2009

 

Much of the current sales activity in the real estate market is buyers purchasing great opportunities of foreclosed or pre-foreclosure properties.  As a listing agent for several Banks of foreclosed homes, there are several items to consider when submitting an offer to purchase a bank-owned property.

 

1-      Most importantly, this is not an emotional transaction from the seller’s point of view; the bottom line (net proceeds) is the only consideration.

2-      Generally, the list price is based on the current market using statistics that are less than three months old.  Two price opinions are used by the Bank to aid them in establishing the fair market value; one opinion comes from the contracted real estate agent and the other from a professional appraiser.  If the property is priced right, there maybe multiple competing offers.

3-      All properties are sold “as is” and disclosures are not required as it is corporate owned.  Therefore, it is very important for prospective homeowner to invest in having a home inspection completed.  Banks differ in philosophy regarding initial repairs to the property, so being aware of the condition of the home before contingency periods expire is vital.

4-      Most banks (the seller) also require that prospective buyers be pre-approved with a lender of the seller’s choice as part of the offer process.  Buyers certainly can select a lender of their choice to do the final financing, but offers will not be considered without the pre-approval through the seller’s lender.

5-      It is very important to know the timeframe of the prospective buyer.  As opposed to “short sales”, purchasing a foreclosed home is generally a quick escrow of 30 to 45 days with deadlines that must be meet in a timely manner.  

 

 

 

This blog was written by Laurie Silas of Realty World Fine Homes & Estates®. Laurie has over twenty-plus years of Real Estate experience, and has established a successful partnership with several nationwide lenders as their listing agent of choice for foreclosed/bank-owned properties.

 

Laurie Silas can be reach at (707) 330-1844 or by email: lauriesilas@yahoo.com.