Foreclosure Info

The news media is constantly referencing the historic volume of foreclosures, but is short on specifics about how to find a deal on a foreclosed home or get information about homes in your area.   A total of 336,173 foreclosure filings were reported nationwide in June.  Foreclosure activity increased nearly 11 percent from the previous quarter and a 20 percent increase from the second quarter of 2008.  There is definitely opportunity out there if you are looking to buy a home or invest in real estate.

One of the best sources of foreclosure information is RealtyTrac.  The even offer a FREE Trial.   RealtyTrac publishes the country’s largest, most comprehensive foreclosure database, with more than 1.5 million default, auction and bank-owned homes from across the country. RealtyTrac collects and aggregates foreclosure data from more than 2,200 counties, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal.          

  • More than 1.5 million current foreclosure and pre-foreclosure properties
  • Daily e-mail alerts and property updates
  • 24/7 Support Center and educational tools
  • A wide range of property valuation, transfer and title reports

 
300x250 RealtyTrac

July 22nd, 2009|Deals|

RealtyTrac 7 Day Free Trial Offer

If you are looking to buy a home or get a deal on a foreclosed home, RealtyTrac is offering a 7 Day Free Trial of their services.  RealtyTrac offers:

* More than 1,000,000 current foreclosure and pre-foreclosure properties
* Daily e-mail alerts and property updates
* 24/7 Support Center and educational tools
* A wide range of property valuation, transfer and title reports

Get a 7-Day FREE trial with RealtyTrac! Find a foreclosed property now!


RealtyTrac

April 30th, 2009|Deals|

First Time Homebuyers

More and more people will be buying homes for the first time.   Home prices and loan rates are both down considerably thereby making affordability better and better.  Combined with the new first time homebuyer tax credit, this is a great time to consider purchasing a home for the first time.  SmartMoney.com has a really good article for first time homebuyers (and other homebuyers) that explores common mistakes when purchasing real estate.

See:
http://realestate.yahoo.com/promo/10-mistakes-first-time-home-buyers-make.html

See also:
http://www.moneycafe.com/personal/featured/homepurchaseloans.htm
http://www.moneycafe.com/personal/featured/homebuy.htm

Chase Getting Rid of WAMU Customers?

Chase has taken an interesting approach with it’s WAMU customers.  They are just getting rid of many of them.  Last fall, they made uncompetitive the previously successful WAMU Online Savings account.  This makes sense if you are Chase and have a low cost of funds, but customers did go elsewhere.  Last summer, many lenders like WAMU and Chase started cutting back Home Equity Lines to reduce their exposure to declining real estate values.  This too was understandable and customers really had no where else to go.

Fast forward to April 2009, the Chase marketing department is spending a lot of resources on bringing WAMU customers into the fold and making it’s long awaited big debut in California.  But the loan department is now unilaterally suspending some of the home equity accounts of WAMU customers. Chase has begun notifying customers of the suspensions, claiming further declines in property value as the reason for the action.  Interestingly,  they have taken this action even where there is plenty of equity in homes and no outstanding balance on the equity lines.  This is really a hatchet approach when a scalpel is much more appropriate.  Interesting message to it’s new California and WAMU customers, welcome to Chase, we are one of the strongest and oldest banks, we don’t have competitive savings rates, we don’t have money to lend regardless of the equity in your house, but we’ll give you $100 to open a checking account

Why do I mention this?  First, it’s important to reiterate that if you have any line of credit at any bank that you are relying upon (home equity (HELOC), personal line, business line) you should be careful.  Banks can decrease, suspend and cancel your account.  They will let you know after the fact.  This has been happening a lot in the past […]

April 3rd, 2009|Banking, Loans|

New Home Buyers Tax Credit

The Wall Street Journal has a good article about the opportunities for first time home buyers.  Good homes in good areas are affordable again for regular working people.  That is definitely a silver lining in the crash of home prices.  There is also a new tax credit to help first time home buyers which is further explained in a CNN article.   CNN explains the current program, the proposed program in the Stimulus Bill and some of the limitations. 

See:
http://online.wsj.com/article/SB123431356988570855.html
http://money.cnn.com/2009/01/29/real_estate/tax_credit_near/