Posts Tagged ‘mortgage’

Foreclosed Homes: A Good Deal For Buyers?

Wednesday, June 23rd, 2010

The number of foreclosures on private homes continues to increase, and it shows no indication of stopping in 2010.

  • Between 3 and 3.5 million houses in the U.S. are expected to go into foreclosure in 2010 (up from 2.8 million in 2009).
  • Foreclosed homes are sold “as is,” so there are many potential complications and hidden costs.
  • It’s typical for bank-owned homes to have electricity, gas, and water completely turned off, emphasizing the importance of buyer inspections.

Facts and Figures

  • There have been more than 300,000 homes per month for 15 consecutive months that received foreclosure notices.
  • An estimated 45% of adults may consider purchasing a foreclosure.
  • Some banks are offering financial incentives to those buying foreclosures.

Best Quote

“We’ve plateaued at an unprecedented level of foreclosure activity.” – Rick Sharga, Senior Vice President of RealtyTrac

A Mortgage is…

Sunday, July 5th, 2009

A mortgage is a long-term loan for real estate that is secured by the value of the property. Basically, the mortgage secures your promise that you will repay the money you have borrowed to buy your home, and if you do not, then the property will belong to the lender.