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Tuesday, February 3, 2009
If you are looking for bargain on a house, you might want to look into buying one at foreclosure auctions. In most states the prices of houses is below market value, which is established by order of the court. When foreclosure is requested by a lender, the court will order appraisals performed by disinterested third-party appraisers and from their findings, the court will determine the value of the property. Although if the lender believes the estimate is too low, they can cancel the foreclosure action and appeal the appraisal figures.
For several weeks before the foreclosure auction is held, advertisements will be published. Remember that in the majority of states the house must sell for at least two thirds of the appraised value it was given. You should also keep in mind that there are not usually a lot of people trying to find inexpensive homes at foreclosure auctions.
Foreclosure auctions tend to be very simple events and the only people in attendance are often the lender who started the foreclosure process and one or two people who are thinking about buying the property. A foreclosure auction where lots of people attend and more than two or three separate bids are made would be a rare occurrence.
Getting Ready to Purchase a Foreclosure Home
The person who wins the bid on a foreclosure home is expected to present 10% of the price that was bid when the auction is over with. That payment can be made by cash, money order, or a certified cashier's check.
Most auctions will not accept these payments by credit card or personal check. The house will be resold immediately if the winning bidder is unable to make the 10% payment in an accepted form at the end of the auction.
The winning bidder will need to get a loan to cover the rest of the price of the foreclosure home they purchased at the auction within a predetermined period of time, usually thirty days. If they cannot get a loan to pay for the balance of the home price they will lose the right to purchase the home. They will also lose the 10% payment they made on the day of the auction. In order to prevent such unpleasant occurrences, most people set up the financing they will need before they bid on a home.
If a home is auctioned a second time due to the winner's inability to secure funding, if it sells for less than the first auction, the first auction winner may be responsible for the difference, as well as losing their 10 percent deposit. It is important to remember that sales through foreclosure auctions are final and the winning bid is considered a contract, promising to make the purchase.
For several weeks before the foreclosure auction is held, advertisements will be published. Remember that in the majority of states the house must sell for at least two thirds of the appraised value it was given. You should also keep in mind that there are not usually a lot of people trying to find inexpensive homes at foreclosure auctions.
Foreclosure auctions tend to be very simple events and the only people in attendance are often the lender who started the foreclosure process and one or two people who are thinking about buying the property. A foreclosure auction where lots of people attend and more than two or three separate bids are made would be a rare occurrence.
Getting Ready to Purchase a Foreclosure Home
The person who wins the bid on a foreclosure home is expected to present 10% of the price that was bid when the auction is over with. That payment can be made by cash, money order, or a certified cashier's check.
Most auctions will not accept these payments by credit card or personal check. The house will be resold immediately if the winning bidder is unable to make the 10% payment in an accepted form at the end of the auction.
The winning bidder will need to get a loan to cover the rest of the price of the foreclosure home they purchased at the auction within a predetermined period of time, usually thirty days. If they cannot get a loan to pay for the balance of the home price they will lose the right to purchase the home. They will also lose the 10% payment they made on the day of the auction. In order to prevent such unpleasant occurrences, most people set up the financing they will need before they bid on a home.
If a home is auctioned a second time due to the winner's inability to secure funding, if it sells for less than the first auction, the first auction winner may be responsible for the difference, as well as losing their 10 percent deposit. It is important to remember that sales through foreclosure auctions are final and the winning bid is considered a contract, promising to make the purchase.
About the Author:
Know how credit card reduction services can impact your credit score? There are some things you need to know before you use these debt reduction services. Find out what you need to know on the Debt Smackdown website
posted by Credit Counseling at
6:34 AM
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The fundamentals to an 850 credit score
Many mistakes people make is closing unused accounts. This prevents them from reaching an 800 credit score. You should always leave open older accounts because these are what we call "Golden accounts."
The Golden Revolving Account
The difference between a 700 credit score and an 800 is often the length of time the revolving accounts (i.e. credit cards) have been open. As soon as we have an account that has been open for seven years we should never close it, because this account will help you achieve a 800 credit score. One of the most effective strategies is to acquire 2 to 4 Golden Accounts in our credit report.
Don't Have Too Many...
The only occasion that you should begin closing credit cards is when you simply have too many BUT you also hold 4 or more Golden Accounts and 1 or a couple national or bank credit cards to show substantive credit once the frivolous cards are closed.
Many mistakes people make is closing unused accounts. This prevents them from reaching an 800 credit score. You should always leave open older accounts because these are what we call "Golden accounts."
The Golden Revolving Account
The difference between a 700 credit score and an 800 is often the length of time the revolving accounts (i.e. credit cards) have been open. As soon as we have an account that has been open for seven years we should never close it, because this account will help you achieve a 800 credit score. One of the most effective strategies is to acquire 2 to 4 Golden Accounts in our credit report.
Don't Have Too Many...
The only occasion that you should begin closing credit cards is when you simply have too many BUT you also hold 4 or more Golden Accounts and 1 or a couple national or bank credit cards to show substantive credit once the frivolous cards are closed.
About the Author:
Home Buddies is a houston credit counseling coach for investors. Home Buddies develops and implements a customized strategy to restore credit and creates a business development strategy to help investors or homeowners overcome obstacles to financing properties and building their portfolio.
posted by Credit Counseling at
5:50 AM
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If you want to select the best lender, compare student loan consolidation rates. A lot of students who have just graduated find it advantageous to consolidate student loans at once. The next crucial step would have to be choosing the right lender from which to apply a student loan consolidation from. Nowadays, there are many lenders that offer you different loan consolidation programs, each with various requirements, interest rates, and etc.
Take into consideration some of the points discussed in this article if you want to choose the right lender . Although it is very important for you to compare student loan consolidation rates, you should also take into account some details in choosing a loan consolidation program and a lender.
Comparing School Loan Consolidation Rates
It's true. By consolidating your student loans, you could cut your student loan payments by up to 50% or more. This could mean big savings and thousands of dollars on the life of your loan. You could also be able to lock down a low and fixed interest rate for your monthly payments.
Inquire about the rates. When choosing a lender, you should ask them about the rates that they can give you. Usually, the interest rate on a consolidation loan is calculated by getting the weighted average of the interest rates (as of the date the application is received by the lender) on all the loans you are consolidating, rounded up to the nearest one-eight of a percent.
Other Things to Consider
Of course, there are other things to look into. It will also be wise if you ask your lender to figure out your monthly payments and how long it would take for you to fully pay the total loan balance. Also, you should try asking about incentives, like additional breaks on interest if you make your payments through automatic debits each month or if you consistently make on-time payments for a specific period of time.
Requirements
Lenders may ask for different requirements. There are some lenders that will require you to have a co-signor, some optional, and some do not require this at all. In lending companies that posts this as optional, having a co-signor with a good credit background will let you enjoy some benefits like lower interest rates.
There are some lenders who will ask for collateral, while there are others who don't. Some lenders also set a minimum balance policy, and the amount varies from one lender to another.
Application
You should look for a lender that offers easy application process. Now, there are some lenders that provide online application that can be accomplished in just a matter of minutes. The process is quick and all information released is kept confidential. After 15 minutes of submission, you will be immediately called by a customer service representative on the contact number that you provided.
Service
In the end, it's also about service. If you're comfortable and satisfied with your current lender's service, then you can just check with them to see if they offer loan consolidation. Either that, or you can check your school's financial aid offices for a list of preferred lenders who have provided tried-and-true working experience to former students.
These are the basic key points to consider. So if you are choosing a lender, compare student loan consolidation rates and other details.
Take into consideration some of the points discussed in this article if you want to choose the right lender . Although it is very important for you to compare student loan consolidation rates, you should also take into account some details in choosing a loan consolidation program and a lender.
Comparing School Loan Consolidation Rates
It's true. By consolidating your student loans, you could cut your student loan payments by up to 50% or more. This could mean big savings and thousands of dollars on the life of your loan. You could also be able to lock down a low and fixed interest rate for your monthly payments.
Inquire about the rates. When choosing a lender, you should ask them about the rates that they can give you. Usually, the interest rate on a consolidation loan is calculated by getting the weighted average of the interest rates (as of the date the application is received by the lender) on all the loans you are consolidating, rounded up to the nearest one-eight of a percent.
Other Things to Consider
Of course, there are other things to look into. It will also be wise if you ask your lender to figure out your monthly payments and how long it would take for you to fully pay the total loan balance. Also, you should try asking about incentives, like additional breaks on interest if you make your payments through automatic debits each month or if you consistently make on-time payments for a specific period of time.
Requirements
Lenders may ask for different requirements. There are some lenders that will require you to have a co-signor, some optional, and some do not require this at all. In lending companies that posts this as optional, having a co-signor with a good credit background will let you enjoy some benefits like lower interest rates.
There are some lenders who will ask for collateral, while there are others who don't. Some lenders also set a minimum balance policy, and the amount varies from one lender to another.
Application
You should look for a lender that offers easy application process. Now, there are some lenders that provide online application that can be accomplished in just a matter of minutes. The process is quick and all information released is kept confidential. After 15 minutes of submission, you will be immediately called by a customer service representative on the contact number that you provided.
Service
In the end, it's also about service. If you're comfortable and satisfied with your current lender's service, then you can just check with them to see if they offer loan consolidation. Either that, or you can check your school's financial aid offices for a list of preferred lenders who have provided tried-and-true working experience to former students.
These are the basic key points to consider. So if you are choosing a lender, compare student loan consolidation rates and other details.
About the Author:
Start applying for school loans consolidation through the internet. Compare student loan consolidation rates from the top sources through the internet.
posted by Credit Counseling at
4:36 AM
0 Comments
