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Everything you need to know about buying or selling a home can be found here on my Web site! As the preeminent real estate professionals in our community, I am dedicated to providing the finest service available while breaking new ground.Because the real estate industry is becoming more sophisticated and challenging every day, you need a professional that understands the industry and is positioned to stay ahead of the game.I will go the extra day one. I also make sure the public knows your home is for sale by using innovative advertising and marketing techniqmile 

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Foreclosures: What Are They?

Foreclosure occurs when a bank repossesses a property because the owner fails to pay the mortgage. Foreclosure is not a quick process, however. Usually, foreclosure occurs when the homeowner, or borrower, misses several payments. This is called a default and starts the foreclosure process. Banks and homeowners have several options when faced with foreclosure. The home can be sold in a pre-foreclosure sale or short sale, can go to auction, or can be taken over by the financial institution and become a bank owned property (REO).

Short Sale

A short sale occurs when the homeowner receives an offer to buy his or her home for less than the amount owed on the mortgage, and the financial institution holding the loan accepts less than the full payoff. If the payoff on a mortgage is $150,000 and the home is sold for $140,000, the bank may accept the amount as a full payoff even though it is short, hence a short sale.

Auction

Some banks may place a foreclosed property into an auction to try and regain the lost amount on the defaulted property. The price for an auctioned house may begin at the outstanding amount of the mortgage, and any buyer of an auctioned property will often have to take possession of the property in an "as is" state.

REO (Bank Owned Property)

If the auction fails to attract any bids, the property may be assumed by the bank and become an REO property. If this happens, the bank will list the REO property with a brokerage, and attempt to sell the bank owned property as a normal real estate transaction. However, the bank may be willing to simple recoup the loss on the foreclosed loan.

When someone with a Federal Housing Administration (FHA) insured mortgage can't meet the payments, the lender forecloses on the home; FHA pays the lender what is owed; and then the United States Department of Housing and Urban Development (HUD) takes ownership of the home. Then HUD sells it at market value as quickly as possible.

Who can Purchase a HUD Home

Any individual who can qualify for a mortgage or who can pay cash may purchase a HUD home. Purchasers must use a broker or agent who is registered with HUD to place a bid on a property. Purchasers must also have a pre-qualification letter from a lender or proof of cash funds in the amount of or greater than the property they are purchasing.

Ok, you have to check this out:

http://www.chattotext.com/amember/go.php?r=7952&i=l0

It's a 5-minute video about a brand new tool you can add to your social network page (works now with Facebook and Bebo, and soon MySpace). You just add it to your profile page and your friends can send you a private text message to your cell phone, and you can reply with your cell phone and they'll get it while they're still on your profile page!

It's called Chat To Text.

It's all explained in the video:

http://www.chattotext.com/amember/go.php?r=7952&i=l0

Let me know what you think!

RON
734-341-4099