My husband and I made an offer on a foreclosure that Bank of America owns. We offered 5,000 below the asking price and asked them to pay closing costs. What are the odds that they would agree to the terms of the contract? Has anyone had experience buying a foreclosure from Bank of America? Thanks in advance!

Who do you make the checks out to, yourself incase you don’t get the property? or the trustee service company?
What do you once you purchase a property at the court house steps and the people have not vacated the property?

I want to purchase a foreclosure property in California to live in. What should I do first, how do I begin the process? Do I contact banks, real estate agents or what? What are the common mistakes people make in dealing with foreclosure properties and what do I avoid? I am obviously a beginner at this and don’t even know how to start the process, any help would be wonderful!

My family is looking for a new house. We just moved in here in new jersey.

I understand short sales, and I know I don’t want any part of it. But what about foreclosures? What is the difference between foreclosures and non-foreclosures? If I see two houses for sale, and one
says foreclosure and the other one says not a foreclosure how does it affect me from a buyer’s point of view?

2. How much money do i have to have for a down payment for home?

3. where are the best areas to buy a homes right now?

4. Some peoples told me is hot to buy foreclosure homes because it take long time for the bank to relief it? It that true?

I’d like to buy a home, and am trying to find out details on buying foreclosures. How do I go about finding and inspecting homes going to auction? What do I need to do to prepare? Have any real people (ie, you or someone you actually know) had any good/bad experiences buying foreclosures you can share?

There is little doubt about the fact that a real estate market crash can be frightening for everyone; especially investors. When the market is good, itís great; however, when it starts to slide it can be more than a little stressful. Many new investors often look to veteran investors and wonder how they are able to make it through the ups and downs of the real estate market year after year and come out relatively unscathed.

The truth of the matter, of course, is that many investors do not come out unscathed. Many become frightened at the first sign that the market may be about to slide and quickly exit before they become burned. The real secret to being a successful real estate investor lies in sticking it out through the bad times as well as the good times.

So, what do you do when the market does experience a downturn? How do you make it through it in order to take advantage of all the benefits when the market finally goes back up again?

First, try to avoid selling in a down market. Suppose the property that you have purchased for investment does go down in value. The best approach is to try to hold onto it until the market returns and your property goes back up in value. This can certainly be frightening and stressful at the time; however, if you examine the cyclical nature of the real estate market you will discover that it always comes back. The amount of time it takes for it to return can vary; however, real estate always bounces back.

One of the most common reasons that many investors sell when the market is in a downturn is that they are afraid the market will worsen. Of course, there is always that possibility. It has to hit the bottom before it can begin the climb back to the top.

Selling during this particular phase of the market is often an emotional decision and one that is frequently not well thought out. There are even some cases in which investors who sell during a down market find they must scramble to come up with the costs necessary to close the deal. Stop and consider for a moment the anatomy of such a decision.

The market has turned down and you are concerned it will get worse before it gets better. So, you sell the property at a price that is far below what you paid for it and perhaps even what you have it mortgaged for. The person who buys the property waits it out and once the market returns, which it will, they are able to take advantage of the great deal they made and ultimately turn a great profit.

Instead of selling, an alternative option would be to hold onto the property and rent it out. Historically, there are always more renters during a down market than buyers. Why? Simply put, when the market is down many first-time homebuyers find they are frozen out of the market because lenders are more conservative and write fewer loans due to more restrictive underwriting guidelines. Since everyone still needs a place to live, many of these people wait out the market by renting. If you do sell during a down market, make sure that it is because you have given it plenty of thought and not because you are reacting to emotion.

Beyond waiting out the market downturn it is also a good idea to make sure that you put aside some cash when possible. When you are already in the middle of a slump that can be difficult to do; however, when the market turns around again make sure that you put aside a little extra money in the event you experience a turn in the market. The extra money can provide you with a cushion until the market settles as well as ensure that when the market does turn around you have options available to you.