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Is Payday Loan Consolidation a Good Way Out

June 08, 2011 EST | Debt Consolidation

When traditional lending institutions are running stringent credit check before loaning money, payday loan companies are offering cash advance without any credit check. Within 24 hours of payday loan application one can obtain cash advance in a speedy and hassle free manner. Therefore, it is a great temptation for many of us to tend towards payday loans at any slightest provocation. But given the high rate of interest, most of us have propensity to default on payday loan account. In this circumstance, payday loan consolidation may be a suitable solution to get out of the vicious cycle of payday loan debt.

If you have taken multiple payday loans and you are unable to pay them off, you can consolidate them all and pay through a singular payday account. This method can help you pay off your debt in a better way and you would be in a comfortable position to bear the debt pressure as long as you carry payday loan term. Thus, your total monthly payment amount will be chipped away. However, if you contact any consolidation company they can help you to reduce the interest rate of your entire payday loan debts. They will negotiate your payday lenders to restructure an affordable payment scheme for you. [More...]

Real estate investing strategy: Make money with wholesaling

April 23, 2006 EST | Investment , Real Estate

Your exit strategy is an extremely important part of your real estate investing business. In fact, it is one of the most important parts.

Sometimes investors get excited because they learn how to buy properties, they find them and they get the money lined up to purchase them.

But after the purchase, the excitement dies, as they have no idea what to do with their newly owned properties.

You must know your exit strategy when you buy.
What do you plan to do with the property? Knowing this allows you to make all types of decisions, from how much to offer, to what kind of financing to use, and more. One strategy is to incorporate wholesaling into your real estate business plans. [More...]

What is an adjustable rate mortgage or ARM?

April 23, 2006 EST | Mortgage

An adjustable rate mortgage is a mortgage loan that is fixed for a set period of time and then adjusts based on the rates during the adjustment period. Some common adjustable rate mortgage loans terms are 1/1, 3/1, 5/1, 7/1, and 10/1. The first number in what appears to be a fraction is the amount of time the rate stays fixed. The second number is the amount of time between adjustments. For example a 5/1 Adjustable rate mortgage would stay fixed for 5 years and then adjust annually.

An adjustable rate mortgage generally offers a lower rate than a fixed rate loan initially; however, it could adjust to a higher rate than the initial fixed rate mortgage would have been. An Adjustable rate mortgage, also called an ARM, is very good for a person that knows specifically how long they will be living at a specific residence. In other words, a person who knows for a fact that they will be moving in four years would benefit from a 5/1 ARM because they would be moving out of that home and mortgage prior to the first adjustment period. [More...]

Oprah's "Debt Diet"

April 14, 2006 EST | Debt Consolidation

Friday, February 17, 2006 marked the first of a multi-part series for The Oprah Winfrey Show, where Oprah challenged Americans to get out of debt. Oprah teamed up with three of the nations top financial experts to create a step-by-step action plan to show her viewers how to get out of debt. Oprah featured Jean Chatzky, Glinda Bridgforth, David Bach as her top financial experts.

Oprah compared Americas over-spending habits to our similar over-eating habits. She showed how compulsive spending is much like compulsive eating and how America doesn’t just have a high rate of obesity in our body, but obesity in our debt. [More...]

How much is my house worth?

April 14, 2006 EST | Real Estate

Are you wondering "how much is my house worth?" I have two answers for you. First, if you don't really need to move, it is worth whatever you say it is. If you think, "I wouldn't sell this house for less than $300,000," then it is worth that much to you. If you need to sell it, though, what it is worth to you is irrelevant.

Market value is the only relevant value once you are ready to sell. This is the value according to all the home buyers out there. They don't care what you spent renovating the house, or what you originally paid. Spend $50,000 adding a pool, and they may only pay $20,000 more for the home. Real estate is worth what the market says it is worth. [More...]

Forex Trading

March 29, 2006 EST | Investment

The forex has been the domain of government central banks, as well as commercial and investment banks. It has also been used for hedge funds by large international corporations. The rules were revised during the 1980s to allow smaller investors to participate using margin accounts. This has opened up an excellent opportunity small investors to reap high returns.

The foreign-exchange ("forex" or "FX") market is the place where currencies are traded. The forex market is the largest, most liquid market in the world with an average traded value that exceeds $1.8 trillion per day.

The forex market is open 24 hours a day, five days a week, with currencies being traded worldwide among the major financial centers of London, New York, Tokyo, Zurich, Frankfurt, Hong Kong, Singapore, Paris and Sydney - spanning most time zones. There is no central marketplace for currency exchange. Trade is conducted over-the-counter. [More...]

Who should have life insurance and what policy to choose?

March 29, 2006 EST | Insurance

Life insurance doesn't benefit the person that dies; it benefits those who are the beneficiaries. There are many types and many reasons to buy life insurance but you need to consider the needs of your family and how long they will need protection.

Life Insurance For The Living
The best life insurance policy is one that pays the biggest benefit. If there are young children you should have a term life insurance policy and if both parents work, there should be disability insurance as well. And anyone with dependents or liabilities, should move to protect themselves at the lowest possible cost. [More...]

Australian debt consolidation

March 18, 2006 EST | Debt Consolidation

Australian debt consolidation systems work very well both for businesses and individuals, but the right plan is often a bit difficult to find. A debt consolidation loan basically replaces a high interest loan and often gives you the option of combining all your different monthly payments into a single payment that is much easier to manage.

A debt consolidation loan is not a permanent solution to your debt problems and should never be seen as such. Debt consolidation loans are meant to enable you to replace high interest with lower interest payment so that you can set your financial life on track again and be able to pay off your debts. As the credit card interest debts are often in the 15% area in Australia, you will notice the benefits of paying off credit card debt with a consolidation loan that may go as low as 5% yearly interest. Many credit card owners that have two or three different cards find it difficult to manage payments as well, and the unified monthly debt consolidation loan takes care of much of these issues. The company which issues the debt consolidation loan will be willing to negotiate with you a monthly or weekly payment for the loan, which will allow for more payment flexibility. One of the most important merits of such a loan is that it diminishes the stress that appears when creditors are constantly calling about your debt and allows you to focus on improving your finances and paying off your debts. [More...]

Car loan checklist

March 18, 2006 EST | Auto Loans

There are several key factors to consider when looking for the best car loan out there. For example, you will want to have a choice of car loans with competitive interest rates and features like loans for individuals that also include private sales.

Of course, a good car loan will also make it as easy as possible for you to get the loan. This means that the paperwork is reduced to the absolute minimum and you can apply quickly by phone or online. Of course, a very flexible car loan will also have mobile representatives that can come directly to your work place or even your home, if you do not have the time to apply at their headquarters. Also try to find car loans that have the pre-approved function – this is a great feature as it enables you to shop around for your desired vehicle as you are assured that the loan is ready to go at any time. Extended warranty and insurance should also be sought for privately bought cars, as this offers you more peace of mind. [More...]

Ten real estate investing tips

March 08, 2006 EST | Real Estate

Real estate investing tips tend to be a bit vague, like "invest in the right location," or "make sure the numbers work." Actually, tips like these are important principles to remember. However, since they have been well represented in other articles, I want to share a few more specific tips with you.

1. Listen to the market. The cabinet guy looked to me for a decision. I realized that I knew nothing at all about which cabinets people like, so I asked him which ones others were choosing, and he pointed to one that three quarters of his last forty customers had chosen. That's the one I want, I told him. Why argue with the market you are trying to sell to? [More...]

Types of annuity payments

March 08, 2006 EST | Retirement

When an employee retires after several years of work, the employer offers monetary retirement benefits such as a cash balance plan or pension.

Let us consider Nancy, who has retired from work. She likes to invest her retirement package in something that can yield regular income. She invests her money in an insurance company by signing a mutual agreement between her and the company. According to the agreement, the insurance company makes periodic payments to her. That is, the insurance company ‘sells’ an annuity to Nancy. Webster’s Dictionary defines an annuity as `a sum of money payable yearly or at other regular intervals.’ [More...]

Is debt consolidation loan the best choice?

February 19, 2006 EST | Debt Consolidation

For people the lure of easy credit has taken them into the credit card debt. Between debt on regular credit cards, shopping store credit cards, home equity lines of credit, mortgages and car payments it's no wonder consumers are finding themselves financially and emotionally drained as they float in a sea of debt.

At a time like this with debt continuing to mount the decision to use a debt consolidation loan may seem like the smart thing to do - or is it? Certainly the top financial priority should be to pay off all outstanding debt. Unfortunately figuring out how to do this and which debt to pay off first can be difficult at best and even lead to more financially related stress. [More...]

Determain auto insurance coverage

February 15, 2006 EST | Insurance

1: Other Party:
Auto Insurance Bodily Injury (BI) Liability and Property Damage (PD) coverage is Legally required in most states today. (BI & PD) Most people understand that they need BI and PD, but they have no idea how to determine how much coverage they need.

Try this simple question: What if your car was involved in an auto accident tonight where heaven forbid, someone else was injured or killed? Remember, everything you own is in the back seat of the car with you and is at risk in a lawsuit! So, what do you think their family would sue you for? $15,000? $25,000? $100,000 or even maybe a Million dollars! Where would you get the money to pay them? [More...]

Negotiate the cheapest auto loan

February 15, 2006 EST | Auto Loans

Rather than luck, getting the best rate on your auto loan is a skill that can be learnt, where knowing how to negotiate is the crucial component to getting the best deal for yourself. The best way to dispel nerves while negotiating is by remembering that you are trying to save yourself money, and without these nerves, you will easily find the courage to drive down the rate they are offering you. The following suggestions will also help you as you go through your uto loan interest rate negotiations. [More...]

The right time for mortgage refinancing

February 07, 2006 EST | Mortgage


Mortgage refinancing can be the easiest way to improve a bad credit situation. Here’s why.


If interest rates have dropped by a percentage point or more since you got your first mortgage, refinancing could save you big bucks. And if you have enough equity so that your new mortgage is for less than 80% of your home’s value, you’ll be able to stop paying Private Mortgage Insurance (PMI), which will save you even more.

Mortgage refinancing could also result in lower monthly payments, depending on factors such as: if any ‘points’ are paid to lower the interest rate on the new mortgage; how much cash is taken out at the time of refinancing; the duration of the new mortgage and whether the new mortgage is a fixed-rate, adjustable-rate or variable-rate loan.“ [More...]

Finding the right payday loan

February 07, 2006 EST | Payday Loans

Look for a payday loan site that is professionally designed and managed, run by a real company that understands the business and markets it works in.

Team Quick Cash - Up to $1000All payday loan companies that provide cash payday loans must have a state license. Certain states don’t allow payday loans, so they will not issue a license to any company in that state for that purpose. When looking at a particular payday loan lender you should feel free to e-mail them at their contact information and ask for information regarding their state lending license. For example, the lending institution for Personal Cash Advance is located in South Dakota. The company is officially licensed by the State of South Dakota. When they issue a payday loan contract with a client, it is deemed to take place in South Dakota, regardless of where the client or his/her bank resides. Therefore the payday loan contract is bound by the laws of South Dakota. [More...]

Preparing your home to sell

February 05, 2006 EST | Real Estate

First of all, let me tell you that by being a Realtor, I have been in thousands of homes. Worked with hundreds of buyers and sellers, and I know what people are looking for when they walk into a home. Real estate agents are a great source of advice! Right now it's a buyer's market. It’s full of stiff competition. You definitely need to be prepared and ready to impress.

You may want to go ahead and have a home inspection prior to putting your home up for sale. This way, you will have documentation and will be able to supply a potential buyer with knowledge and realistic life expectations. It will help them feel more comfortable with the possible flaws and more confident in you and the home. Even if there are things to possibly be fixed or replaced in the future, you may have just gained their trust and okay with doing some projects on their own. [More...]

8 Steps to selling your house privately

February 03, 2006 EST |

Why Sell Privately..?

Well let’s get straight to the point, the main reason for selling your home privately is to save money. And this is a great reason, as by not paying agents commissions you can save up to $15000 on a $500,000 dollar house. This is calculated using an agent’s commission of 3%, however they can often be higher than this.

So if an agent sells your house, and puts in around 60 hours (can often be far less especially during boom markets) of work selling your house for $500,000, by showing people through, answering phone calls, and placing your ads in the newspaper. This means that you are effectively paying your agent $250 per hour, for something that you could easily do yourself. Why Do People Not Sell Privately..? [More...]

Good mortgage broker vs. bad mortgage broker

January 25, 2006 EST | Mortgage

According to the NAMB (National Association of Mortgage Brokers), two out of three Americans work with a mortgage broker to purchase a home because of the broker’s expertise and wide selection of loan products and lenders. However, with so many so called “experts” out there, how does one separate the wheat from the chaff? How do you know if a broker is honest? And how do you know they're an “expert” or not?

The NAMB says that over 70 percent of brokers are legitimate, that is they have safeguards and policies in place to make sure that they stay on the straight and narrow. So what about the other 30 percent? Well, the whole 30 percent isn’t bad, but just as in any classroom, you’re going to have those at the top, some in the middle, a few at the bottom, and others who simply don’t show for class. Obviously, those at the bottom and the no shows would not be your first choice if you were going into surgery and they were holding the scapel, nor should they be handling your loan when you purchase a home or refinance.Because of the surge in numbers of mortgage brokers in the past few years, there are plenty of incompetent and dishonest brokers out there. In order to avoid the 30 percentile, I offer the following tips to help you find a mortgage broker that is not only an expert but honest and reputable as well: [More...]

Interest-only loans can buy more house and more trouble

January 25, 2006 EST | Mortgage , Real Estate

They're spreading like wildfire--interest-only mortgages appear to be the panacea for rising home prices and the incomes that can’t quite catch up. You can buy "more house" and have a low mortgage payment and a big tax deduction. Who wouldn’t want one, right?

Well, a large number of consumers are getting into these loans when they shouldn’t. Interest-only mortgages work well for some individuals and are dangerous for most others, yet the number of interest-only loans is rising rapidly. [More...]

Mortgage lending "A through D"

January 06, 2006 EST | Mortgage

What was once a small segment of residential lending is now becoming one of the fastest growing areas in mortgage banking. Nearly every major institution is entering the non-traditional lending market. These lenders are providing loans to borrowers that do not meet the traditional credit criteria of secondary market investors such as the Federal National Mortgage Association (FNMA) and the Federal Home Loan Mortgage Corporation (FHLMC). Some issues preventing borrowers from meeting these criteria are bankruptcies, defaults, foreclosures and chronic late payments on credit obligations. This article will review the salient points of non- traditional mortgage lending. [More...]

The future of banking - Banking online

January 06, 2006 EST | Banking/Trading

Chances are your bank is a virtual place. Since the invention of the Internet you can see your balances anywhere, at any time. Most banks think globally and have acted this way by creating secure portals to manage their account holder’s information stored in their databases. This information stored usually shows account balances, previous transactions, current balances, interest paid and electronic scans of their checks. Anywhere you can get to a computer, your bank account is right in your hands, usually in real-time. [More...]

Should I cancel my unused credit cards?

January 03, 2006 EST | Credit Card | Comments (0)

Should I cancel my unused credit cards? This is a question many people ask themselves and searching for a right answer. If you are one among them this comprehensive guide will help you how your unused credit cards can affect your credit scoring and some tips to be known before you cancel your unused credit cards.

Though having one or more credit cards with you is an easy way to get some money urgently, remember your unused credit card can affect your credit scoring. Many people are not aware of this fact that their unused credit card will adversely affect their credit score. Closing your unused card will not wipe out your past credit history with the account but it will help you to reduce your open credit. But before you cancel your unused credit cards make sure that you are going to cancel the cards which you think you don’t want anymore. There are several peoples who used to cancel their credit cards just to increase there current credit score. But remember that doing so won’t increase your credit score. That is it is not a good idea to cancel your unused credit cards just as a short term strategy to increase your credit rating. [More...]

Credit card debt after divorce

January 03, 2006 EST | Credit Card , Debt Consolidation | Comments (0)

Every bit of reconciliation fails and divorce seems to be the only way out. If everything – both financial and other aspects - is settled before parting ways, then we can say - all is well that ends well. But if the separation is not so amicable and there is some sourness left somewhere in terms of an unsettled financial debt, things can turn both ugly and complex.

One such difficult situation arises when one of the partners incur a credit card debt, and the credit card debt after divorce assumes the form of a Damocles sword in the form of collection people, constantly nagging either of the ex-spouses to settle the due. The situation is a bit tricky here because whether the person who incurred the debt or the other ex-spouse has the real responsibility of making the payment is still not defined clearly by the law. The situation gets more complex when it comes to joint accounts. But let us see the credit card debt after divorce now. [More...]

Pet insurance - A waste of time?

December 22, 2005 EST | Insurance

According to a survey published by Mintel, one in three pets needs an unexpected visit to the vet each year. This means that you are more likely to claim on your pet insurance than on a home & contents policy or even your car insurance.

The word "unexpected" is important here. If you are looking for pet insurance to provide cover for routine treatments such as vaccinations or worming, forget it - policies that do that are as rare as hens' teeth! And you won't find cover for elective treatments, such as neutering, either. This means that the most common reasons for visiting the vet are uninsurable.

But don't forget it's those unexpected visits that tend to be the expensive ones! Developments in animal care mean that more conditions can be effectively treated and costs of emergency care can be horrendous. A cat that argues with a car could cost £700, even more, to treat. After all, a series of X-rays could cost £400 and a MRI scan will put you back £1,000. If Buster the Bulldog tore a ligament that too can be treated - but the cost? Don't expect change from £1,500! This is serious money! [More...]

Travel insurance - Insurance for the over 65's

December 22, 2005 EST | Insurance

According to a survey published by Mintel, one in three pets needs an unexpected visit to the vet each year. This means that you are more likely to claim on your pet insurance than on a home & contents policy or even your car insurance.

The word "unexpected" is important here. If you are looking for pet insurance to provide cover for routine treatments such as vaccinations or worming, forget it - policies that do that are as rare as hens' teeth! And you won't find cover for elective treatments, such as neutering, either. This means that the most common reasons for visiting the vet are uninsurable.

But don't forget it's those unexpected visits that tend to be the expensive ones! Developments in animal care mean that more conditions can be effectively treated and costs of emergency care can be horrendous. A cat that argues with a car could cost £700, even more, to treat. After all, a series of X-rays could cost £400 and a MRI scan will put you back £1,000. If Buster the Bulldog tore a ligament that too can be treated - but the cost? Don't expect change from £1,500! This is serious money! [More...]

Sound communication strategy eases stress of buying pre-foreclosures

December 18, 2005 EST | Real Estate | Comments (0)

By James J. Saccacio, RealtyTrac Chief Executive Officer

As home prices continue to escalate, more and more potential home buyers find themselves on the outside looking in, unable to find a property in their price range that they’d be comfortable calling “home.” Partly because of this, interest in foreclosure properties — especially pre-foreclosure properties — is at an all-time high. These properties often represent an opportunity to purchase a property at significant savings.

Pre-foreclosure properties can often be purchased for prices well below market value. These properties, which have entered the foreclosure process but have not yet been repossessed by the lender, fall into two general categories: notice of default and notice of sale. Property owners in default are usually in some type of financial distress and the closer it gets to the auction sale, the greater the risk the homeowner runs of being foreclosed on by the lender. (For a more detailed explanation of the Foreclosure Process, visit RealtyTrac’s Foreclosure Overview.) Timelines vary from state to state, but in most cases once a property owner has been put on notice, the house will be sold at an auction within 90 – 120 days unless the past due payments have been cleared up by the homeowner. [More...]

Buyer’s agent smoothes sometimes bumpy road to foreclosure purchase

December 18, 2005 EST | Real Estate

By Rick Sharga, Vice President of Marketing for RealtyTrac

Whether it’s the first time or the tenth, buying a home can be both an exhilarating and overwhelming experience. As with any major purchase, there’s a significant amount of pressure to make the right decisions about such matters as where and what to buy, and ultimately how much to spend. How can you make sure you get the best deal possible on a property that suits your needs, or find exactly the right property to fit your budget and your lifestyle? Increasingly, many homebuyers are doing this by secure the representation of a Buyer’s Agent.

Most people hire a real estate agent to sell their home, but overlook the importance of having an agent when buying a property. While in some cases it’s possible to negotiate your purchase through the seller’s representative, make no mistake: these seller’s representatives are charged with making the sale and negotiating the best deal for their clients – the sellers! With that in mind, it’s best to secure your own representation as a buyer, in order to minimize potential conflicts, and make sure your interests are represented. [More...]

Locating lucrative investment property requires finding motivated sellers

December 09, 2005 EST | Real Estate

By Rick Sharga, Vice President of Marketing for RealtyTrac

With real estate outperforming most other investment vehicles, it’s not surprising that an increasing number of buyers are pursuing investment properties.

With the rapid appreciation in many real estate markets, investors can realize a quick profit in the short term by reselling a property. Even if a particular real estate market is not red-hot, investors can profit over the long term by initially using the property as a revenue generator—leasing the property while allowing equity to build.

That doesn’t mean it’s always easy to find investment properties. But with the right strategy for pinpointing investment opportunities, investors can realize sizeable profits even in an overheated real estate market, according to T.J. Marrs, a real estate investment trainer and author based in Vancouver, Wash.

“In general, if you can trade a 20 to 30 percent spread between your costs and your resale price, you can be fairly safe that you’re going to make a profit no matter what, even in a bubble market,” he said, adding that costs include not just the purchase price but other fees and expenses involved in buying a property. [More...]

Shopping for foreclosures? Secure financing early!

December 09, 2005 EST | Real Estate

By Jim Saccacio, RealtyTrac Chief Executive Officer

With interest rates ticking up and ARMs adjusting upward, experts predict an increase in the number of foreclosure properties on the market. Foreclosure properties are some of the best opportunities in real estate today with average savings of 10 to 30 percent of market value. Some properties offer savings of up to 50 percent or more!

There’s never been a better time to educate yourself about the foreclosures market and line up your resources, so that you’re ready to make a move when you find that ideal property.

Learning about available properties has become much easier with Web-based services such as RealtyTrac, which gives consumers access to foreclosure and pre-foreclosure information that was previously available only to professional real estate brokers and investors. Today, homebuyers can use these services to identify and research potential home purchases, as well as to find the tools and professional resources they need to help them close the deal. [More...]

Accurate home values imperative for sellers

December 03, 2005 EST | Real Estate

By Jim Saccacio, RealtyTrac Chief Executive Officer

As the real estate market continues to outperform, accurate and up-to-date home value data is vital for home sellers, ensuring they realize a timely and profitable transaction.

A good Competitive Market Analysis represents the best way to obtain comprehensive and reliable home-value data. The CMA calculates the market value of a home based on extensive information about the home and the neighborhood, including comparable sales, local schools performance and neighborhood demographics.

A local real estate agent should be able to provide a good CMA. If they don’t already have an agent, sellers can contact an agent using the RealtyTrac Agent Network. The CMA should include a summary sheet that identifies an estimated market value, and an agent can help dig deeper and interpret the rest of the information in the analysis. [More...]

Want to be taken seriously in the foreclosures market? Make a realistic offer!

December 03, 2005 EST | Real Estate

By Rick Sharga, Vice President of Marketing for RealtyTrac

It’s no wonder that the foreclosures market is gaining popularity among first-time buyers and real estate bargain hunters alike. Foreclosure properties can often be purchased at 10 to 30 percent less than their market value, making them an attractive investment in a time of soaring real estate prices.

But despite what you may see on late-night cable TV, investing in foreclosure properties isn’t a sure fire “get rich quick” formula. Lenders aren’t likely to give properties away, particularly in a real estate market where prices continue to rise. And homeowners in financial distress still have some leverage to negotiate the purchase price, particularly early in the foreclosure process. [More...]

Negotiating Bank-owned Real Estate Bargains

November 25, 2005 EST | Real Estate

By James J. Saccacio, RealtyTrac Chief Executive Officer

As housing costs continue to soar, more and more people are looking into the option of buying foreclosure properties. Some opt to look for properties in the early stages of default; others frequent auctions or sheriff’s sales. But if you don’t have the nerve to approach homeowners in default or the cash in-hand to bid at foreclosure auctions, buying a bank-owned property may be the best way for you to tap the hidden market of foreclosure real estate.

Bank-owned properties are known as REOs, or Real Estate Owned (owned by the bank or lender). These properties have gone all the way through the foreclosure process and become the property of the lender. Once a property becomes an REO, the lender clears the title of any liens, evicts occupants if needed, typically does a limited amount of repair and clean-up work to the property, and prepares documents for the issuance of a title insurance policy for the buyer. [More...]

A foreclosure buyer’s guide to property repairs

November 20, 2005 EST | Real Estate

By Rick Sharga, Vice President of Marketing for RealtyTrac

One of the most overlooked and underestimated expenses involved in the purchase of a home is the cost of repairs. Whether the problem is a defective part in an appliance, a structural problem overlooked by the home inspector or just Murphy’s Law making its presence felt, it’s rarely the case that someone can buy a property and move in without spending at least a few dollars to fix, repair or replace something.

While these types of expenses are generally minimal in new homes and well-kept resale properties, they can be fairly significant when the home in question is a foreclosure property.

As housing prices have escalated over the past few years, more and more people have started to look at foreclosure properties as an affordable alternative to more traditional real estate purchases. It’s not unusual for a buyer to acquire a foreclosure property for 10 – 20% less than full market value, and sometimes at much more dramatic discounts of 40 – 50% or more. And online sources such as RealtyTrac make it easier than ever to find foreclosure properties. But while the savings possible on foreclosure properties are real—and real attractive—there are sometimes hidden costs involved. [More...]

The ins and outs of bidding and paying at a public foreclosure auction

November 20, 2005 EST | Real Estate

By Rick Sharga, Vice President of Marketing for RealtyTrac

In the fast-paced foreclosures market, many sales are made at public auctions. While attending auctions can be a great way to purchase a property well below its market value, the process moves rapidly and can sometimes seem like a dizzying blur to the prospective buyer.

These events are often frequented by more seasoned buyers and investors who understand the ins and outs of the process, so you need to be prepared if you plan to attend an auction. That means understanding the auction process before you arrive, including how to make a bid and actually pay for the property if you bid successfully. [More...]

Before you buy a foreclosure property, do your homework!

November 20, 2005 EST | Real Estate

By Rick Sharga, Vice President of Marketing for RealtyTrac

There are two words that give pause to the most motivated foreclosure buyer: due diligence.

Those words mean researching all the risks involved in a property purchase, which in the past meant extensive legwork and expense. But that’s no longer the case, thanks to exponential advances in information technology and the establishment of Web-based property data aggregators like RealtyTrac.

Don’t be fooled – buying a foreclosure property doesn’t equate to easy money by any means. A savvy player in this market is willing to do a bit of homework. But the tools and resources needed to do that homework are much more accessible now than ever before. [More...]

Five tips for buying a foreclosure property below market value

November 13, 2005 EST | Real Estate | Comments (0)

By Jim Saccacio, RealtyTrac Chief Executive Officer

If you feel like the escalating costs of real estate have priced you out of the market, think again. It may be time to investigate the vast opportunities available in the foreclosures market.

For people willing to do a bit of homework, the foreclosure market offers some of the best opportunities available in real estate today. Experts point toward significant growth in available foreclosure properties, so there’s never been a better time to line up your resources and educate yourself about this previously hidden market. It’s not unusual to save from 10 to 30 percent of the market value on a foreclosure property, and certain properties offer savings of 50 percent or more! There really are bargains out there. You just have to know where to look. [More...]

How to Research An Auction Property - Buyers Beware

November 13, 2005 EST | Real Estate

By Rick Sharga, RealtyTrac Vice President of Marketing

Buying a property at a public foreclosure auction is not for the faint at heart. It usually requires patience, persistence and a fair amount of cash, since most state foreclosure laws stipulate that the winning bidder pay all or part of the winning bid on the spot.

But for those willing to do the work and able to front the cash, auction properties can yield bargains of 20-40 percent below the market value, and sometimes even more. Like any high-yielding investment, foreclosure auctions come with a certain amount of risk. Managing that risk successfully depends on first doing thorough research on the properties you plan to bid on—perhaps the single-most important step in a successful and profitable auction purchase. [More...]