Archive for the 'Home Auctions' Category

Being optimistic has always been a good quality even in the housing industry. Despite the problems with unemployment, which is now believed to be a major factor contributing to the foreclosure crisis, there are signs the market is heading toward a recovery, even a slow one.

Based on the latest reports from the National Association of Realtors, it would seem home sales activity has improved in the past 12 months. Existing home sales increased by 21 percent during the month of July as compared to the same month last year. NAR chief economist Lawrence Yun believes the last time such affordability conditions existed was way back in 1970. Meanwhile, the Pending Home Sales Index also showed a very strong July, with a 14.4 percent increase in July from last year’s 78.4 to 90.9.

How Lenders Can Help

Since most buyers take out mortgage loans when buying a property even a foreclosed home, they can actually improve sales activity. One thing they can do is to relax their underwriting guidelines, so they do not only accommodate borrowers who are highly-qualified, but also those who have already proven themselves to be credit-worthy.

In addition, it would also help if they would offer incentives to investors who will be buying foreclosures and converting them into rental properties. Just like what the federal government is thinking about doing, it could clear their inventory of REOs and allow them to have more capital which they can loan to other borrowers. To do this is actually a smart move considering many are leaning toward homebuying VS renting these days because of the skyrocketing rent fees.

Foreclosure Buyers on the Sideline

Many of those interested in buying foreclosures are actually just waiting for market conditions to improve, so they could at least feel secure in their investment decision. Considering these reports, it can be expected many of these buyers, who have long waited on the sideline, will finally make the decision to buy. Obviously, they will be getting a good deal considering the affordable alternative foreclosed homes offer.

A fast way to find a good foreclosure deal is to head to foreclosure auctions. Just make an effort to come prepared since these auctions can be exciting and scary at the same time. Do some research beforehand and remember to stick to your plan. Otherwise, you might end up with a home you do not want and worse, overpaid for it.

There are plenty of ways you can own a foreclosed property and one of the easiest ways is by attending foreclosure auctions. These auctions are the first stop of any distressed property and in some cases, a way for underwater homeowners and real estate investors to unload their properties.

They can become quite competitive especially if the homes up for auction are considered to be hot deals like those previously-owned by a celebrity. For this reason, you need to come prepared. Otherwise, you might go home empty-handed.

Before the Foreclosure Auction

It is important you come prepared so you will have complete control over the chaos which is most likely to ensue as soon as bidding starts. Usually, properties which will be featured in these auctions are listed along with the announcement of date and venue. Take note of the properties you are interested in and try to check them out so you will have a clear picture of what they really look like, the condition they are in and if they are still occupied.

In addition, you need to prepare your financial resources. Most auctions require cash purchases or at least enough for a down payment, with the rest payable after a certain number of days. Be sure to bring any pertinent documents which will serve as proof of your capability to pay.

During the Foreclosure Auction

With the tense atmosphere, you will need to remind yourself repeatedly to stick to your budget. It would be easy enough to get carried away and make emotional decisions. It would certainly help if you bring all your research with you, everything pertaining to the foreclosed homes you are interested in. This will help you stay focused and prevent you from bidding on something you cannot afford.

After the Foreclosure Auction

There is still a lot a lot to be done even if you have grabbed the foreclosure you have been eyeing. Among the things you need to secure is title insurance just in case there are secondary liens attached to the home. There is also the matter of fixing up the property.

Remember that you can get leads on these foreclosure auction homes from online foreclosure listings provider. Make sure you only deal with reputable ones, who will not waste your time.

The number of foreclosed properties offered at bank foreclosure auctions and at Veterans Affairs house auctions declined in St. Louis, Missouri during the period January-March 2011. Compared with the previous quarter, the decline was nearly 20%. The figure mirrors nationwide trend where foreclosure totals also recorded a double-digit quarter-over-quarter decline.

Properties in Saint Louis foreclosure auctions and homes that received at least a filing during the 2011 first quarter totaled 1,553, representing a decrease of 19.8% compared with the 2010 fourth quarter. According to housing market reports, the number of default notices and repossessed residential properties in the metro region dipped to their lowest levels during the first quarter of this year since the 2007 first quarter. The decline recorded in the metro area was mirrored in nationwide figures.

Statewide, foreclosure auctions in Missouri also recorded a drop. This followed the national trend which showed that, for the whole U.S., foreclosure numbers have declined by 15% between the first quarter of this year and the fourth quarter of 2010. However, housing market analysts stated that the nationwide and statewide decline in foreclosure figures does not mean that the housing market is recovering. They asserted that the drop in foreclosure numbers is all but temporary.

They predict that foreclosures offered at bank auctions and at Veterans Affairs house auctions will increase again in the latter part of 2011 as lenders pick up pace and work through their backlogs. Analysts have explained that the lull in foreclosure increases was mainly due to the documentation controversies centered on robo-signing that engulfed the lending industry last year. They stated that the issue resulted in regulators giving closer attention to foreclosure processing in the country.

In turn, lenders were forced to re-file or review their processes, leading to delays in processing and fewer properties getting pushed into foreclosure home auctions. They further argued that claims of a temporary lull are highly supported by statistics from judicial states where foreclosures are required to go through courts. Huge decreases in foreclosures among judicial regions were recorded during the current year's first quarter, demonstrating that the decline has more to do with slower processing rather than a recovering market.

Analysts also predict that once these backlogs have been cleared up, states and metro regions should expect foreclosed properties in bank auctions and Veterans Affairs house auctions to rise again. They further revealed that this will likely happen in the second half of the current year.

The number of unoccupied foreclosed houses and bank homes for sale that are getting vandalized in Albuquerque, New Mexico, has increased. According to local officials, foreclosed houses that are empty and have yet to be sold are the primary targets of vandals in the city.

Sales of residential properties declined in some areas of Kentucky last year, including those offered at tax lien auctions. However, prices did record increases in some markets, leading realtors to declare a stronger outlook for the state's housing market in the coming months.

Home auctions may seem daunting at first, but in many ways they actually make buying a property more straightforward. If you're considering buying property at a home auction, it's important to know that you will have to some work beforehand.

Only a small number of upstate homes are getting included in New York foreclosure auctions because certain factors that drove defaults and foreclosures in other areas did not occur at significant rates in the Capital Region, according to a study released by the Federal Reserve Bank of New York.

Atlanta foreclosure auctions have been sustaining the city as a strong buyer’s market for homes, based on sales data from SmartNumbers and other research firms.

Online Miami foreclosure auctions are getting wildly popular both within Florida and outside of the state.

More homes have been listed for the foreclosed house auction in Denton County, Texas in April.