Foreclosed homes are regularly set on the market by the two major home lenders: government agencies and banks. Be they government foreclosures or bank foreclosures, what matters most is that they can be purchased at expenses lower than their real market value. This is why homebuyers or investors generally are in haste as soon as a reliable foreclosure opportunity is listed. After having investigated the real estate market and its potentialities, homebuyers must move quickly if they want to grasp this temporary chance. In what follows we will see some of the basics and advantages of opting either for government foreclosures or for bank foreclosures.

The most popular government agencies that frequently market foreclosure properties are as follows:
1) the U.S. Department of Housing and Urban Development (you are probably already familiar with HUD foreclosed homes);
2) the U.S. Department of Veteran Affairs (for the well-known VA foreclosures); 3) local agencies of taxation;
4) the Federal Deposit Insurance Corporation (FDIC – the department dealing with foreclosure sales);
5) the Internal Revenue Service (IRS – once again the segment dealing with foreclosures).
However, the market of government foreclosures is led by HUD foreclosures and VA foreclosures.

In any case, the point is that with government foreclosures one of the above mentioned government agencies is holder of the property’s title. As a rule, they will place any foreclosed property at auction. The buyer’s advantages are basically drawn from bidding opportunities generated by auction circumstances: the potential buyer’s chance to set a limit for the house value, the certainty over the time interval spent to acquire a property, the possibility to evade prolonged negotiations with the former homeowner. As with any auction, government foreclosures are purchased if the bidder’s offer is appropriate. Also, your involvement in government foreclosures auctions needs to be mediated by a certified real estate agent who is regularly rewarded a 6% bonus for having successfully sold the property. The real estate agent’s indemnity is an additional figure to the sum you place as a bid.

To what concerns bank foreclosures, there are three major ways of purchasing such properties. One of them is in pre-foreclosures. In this case, you will need to act promptly, because there is actually very little time up until a property in a pre-foreclosed stage is transferred to foreclosure terms. So before properties actually become bank foreclosures, the active, smart homebuyer/investor – who has previously undergone a serious investigation of an area’s real estate market – will know to move in the direction of negotiating directly with the distressed homeowners. If pre-foreclosure attempts fail, the next step is an auction.

With bank foreclosures, the auction is required by the banks whose lends haven’t been acquitted on time. In such circumstances, the homebuyer/investor could try to overpass the bank’s bidding offers. Yes, the bank will also bid in such auctions, interested in stepping further along the process of profitably selling foreclosures. If the auction is won by the bank, the property becomes an REO (real estate owned) foreclosure property. This is the third way in which you could purchase bank foreclosures. When you are interested in REOs, you will negotiate directly with the bank. The main advantage of the potential homebuyer/home investor is that this is the most certain manner (and one of the fastest) of acquiring a foreclosed property. You will need to make an offer, but be careful: the offer should be commonsensical, don’t expect a bank to accept a discount of 50%, even if we are talking about foreclosures. Most often, you will get a 10%-20% lower price for an REO foreclosure.

In the end, the key toward purchasing foreclosures, no matter the entity selling them, is given by two stages:
careful real estate market investigation and promptness in action when the time comes to place your offer.
Remember that the market of foreclosures, no matter how advantageous, is highly competitive, since many homebuyers/investors are interested in it.

About the author: The above Real Estate information on Buying Government Foreclosures or Bank Foreclosures: Basics was provided by William Henderson, a Florida Licensed Real Estate Agent with over 15 years in the Banking, Finance and Real Estate related fields. William can be reached by email at whenderson586@gmail.com or by phone at 786-346-5611. You can also check the website http://www.foreclosuredump.com for up to date properties for sale in your area.

 

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I service the following area of Miami Dade County: Miami Beach, Brickell Area, Downtown Area, North Bay Village, Normandy Isle, Surfside, Sunny Isles.

07.14.10 By Credit.com Staff

In an effort to find more affordable home prices, more Americans turned toward foreclosures during the first quarter of 2010, according to a new report. The study - conducted by foreclosure listing and information website Foreclosure Deals - reveals that 31 percent of home sales during the first three months of the year were for homes whose previous owners defaulted on their mortgage loans.

The total number of foreclosure home sales during the first quarter is 33 percent lower than those sold during the first three months of 2009. A combined total of 232,950 foreclosed homes were sold in January, February and March. Lower sales prices are one of prime reasons consumers turn toward a foreclosure, with the average price being 27 percent lower than a traditional home during the first quarter of 2010.

"Buyers are attracted to foreclosures because they offer tremendous discounts," Foreclosure Deals business analyst James Foxx said. "The numbers show that each year, the total number of foreclosures sold has increased, and that's not just a reflection of supply. They're very popular, and for good reason, there's no better investment value in real estate currently out there."

Statistics reveal that foreclosure home sales have increased by 320 percent overall since 2007.

Many lenders, such as Fannie Mae, have implemented programs and created help centers to assist borrowers and try to reduce the incidence of foreclosure. But as unemployment rates remain high and the backlog in repossessing foreclosed properties may be skewing the real amount of Americans who have defaulted on their mortgage, it is unlikely that recovery will come as quickly as many individuals hope.

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• Available seven days a week, Foreclosuredump.com’s customer service staff is unquestionably one of the most helpful resources for do it yourself sellers.
  
  

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The total value of Florida foreclosures repossessed by banks in the state increased by nearly 8 percent in the first quarter to $1.77 billion, based on figures from the Federal Deposit Insurance Corporation.

These properties in bank owned listings also contributed to the downfall of a lot of banks in Florida. On May 7, the FDIC closed the tenth Florida bank to tumble this year and as of March 31, a total of 24 Florida banks were struggling from under-capitalization.

The FDIC has already lost almost $1.3 billion to pay claims arising from Florida bank failures this year, in addition to its $7.3-billion loss in 2008 and in 2009 involving 16 failed Florida banks.

This year, 17 more Florida banks are expected to collapse this year if there is no significant intervention to rescue these distressed banks. Their substantial exposure to Florida foreclosures are tying their hands up, leaving them with no funds to finance their operations.

Based on interviews with Florida bankers, the cost they have to bear to put properties into listings of foreclosure homes so they can resell them has shot up to around $100,000 per one foreclosure case, up from only $40,000 in 2007. The time spent to complete foreclosures has also lengthened from only 6 months in the first months of the crisis to around 18 months this year.

What worsens the situation after all the costs and hassles banks undergo is to be forced to list their repossessed properties as cheap houses for sale, as higher-priced foreclosures languish on the market.

Despite the decline in foreclosure activity in the state in April, Florida moved up from fourth-place to third-place on charts of foreclosure listings by state during the month. It was California which improved by two places from second in March to fourth in April.

To help banks survive the effects of Florida foreclosures, the Florida Bankers Association has proposed in the last state legislature session to speed up the foreclosure process.

Authored by William Henderson 786-346-5611

The Miami foreclosure market is offering some interesting deals for the home buyers interested in buying and investing in properties in Miami and South Florida during the onslaught of foreclosures that keep coming. In fact, in lucrative locations like Miami and South Florida, investment in the residential real estate market is bound to be a very profitable deal. Even if you are one of the ones that is apprehensive, regarding investing your income in the Miami Foreclosure Market this is the safest deal for you.

The good news is that the homes and condos that are in foreclosure in Miami are dirt cheap and extremely affordable as per the local property market records. In fact, there is a continual lowering of  the home prices in Miami and South Florida that have undergone foreclosure by the banks. As per the records, the fall in the prices of the homes in Miami consisted for quite some time from the beginning of the current year of 2010. In July, the records featured that number of foreclosures came down by 0.8% resulting to the average price ending at $155,000.

However, if you are looking out for a nice remodeled home / condo that includes being profitable deal then Miami / South Florida is the right place for you to buy. This being the best time for you to invest in the Miami / South Florida Real Estate market as the prices of properties are still falling at a record pace. You will have the ability to sell your properties when the prices are at a high in the real estate cycle, as it is a continuous ongoing process. Now the prices are ripe for purchasing homes / condos, this will be followed by an uptick in market conditions where the prices in the property market will increase.

The skinny on investing in Miami and South Florida is that you can save thousands of dollars on your investments if the house condo is priced at the market price, then in future you can use this saving for renovations that you may want. If you bought a home at than $100,000 then you can spend $50,000 or more for renovations. In the next market cycle, you can sell this house for more than what you purchased it for make a handsome profit. while waiting for the next cycle you can also rent your property in the RED HOTT Rental Market that is going on in Miami and South Florida bringing you top dollar on your investment. A great place to start your search is by contacting William Henderson a licensed realtor with Howard Chase Real Estate at 786-346-5611 or you can also search the property listings on www.Foreclosuredump.com.

Happy House Hunting!!