The purchase of a bank-owned home is unlike purchasing a home from a typical homeowner.  Here is why: Once a property has been foreclosed or returned to the bank it becomes an REO (Real Estate Owned) asset of the bank. Those assets are assigned to an Asset Manager who is probably located in another state and has likely never seen the property. They have hundreds of these asset REOs to liquidate for the bank. They have no emotional tie to the property. It is now just inventory to them.
          The …

Loan Modifications and Short Sales are not something to be handled by ameteurs. Get expert advice. Financial decisions as large and important as your mortgage loan can have long reaching effects on you. Don’t get cought by a clause that comes back to bite you. Don’t let an untrained or unlicenssed person represent your most important asset. Beware of scams. Scams are rampant with scammers preying on those in financial difficulty.
You need someone that can review your specific finances and guide you into the right program. No two borrowers are alike. …

Some foreclosed listing agents are offering properties at well below the market value. They are baiting the property and successfully gathering offers. Under a traditional real estate sale the buyer gives the seller a time to repsond to the offer. In foreclosures the banks list them subject to their own time frame and response time. Typically they see how much activity there is on the proeprty and do not cut off the offers by accepting one. They wait to see how much they can get for the property. Until offers stop …

The banks are being given an unfair advantage. The loan program with 22% down payment assistance is for BANK OWNED properties only. See my last post. If you are a Seller and not a bank, you just had the wind taken out of your sails. You are competing with banks who reduce the price of their properties until they sell and write off the loss. Now they even have a 22% advantage over you.
They have been given bail out money. They have controlled the market. They are not responding in a reasonable …

Your Way Home Arizona
A Program for Buyers of Foreclosed Homes
As owner of EXIT Realty Cool Mountain I want to pass along good news when it comes along. Here is a program that can save thousands on a home purchase. Now is the time to get in on it yourself or to tell a friend or family member about it.
Part of the Economic Stimulus and Neighborhood Stabilization Plan that has come from Washington includes a program to sell foreclosed, bank owned, properties and stop the blight on our …