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HomeRun Homes is a centralized marketplace which helps people Find or Sell a Rent to Own Home, both Nationwide and Globally to the thriving Rent to Own Market. http://www.lease2buy.com
Showing posts with label banks. Show all posts
Showing posts with label banks. Show all posts

December 12, 2011

Occupy Foreclosure Homes Hits Multiple Cities

Hi Folks,
   It's been a short while since we spoke, as I have had some unforeseen personal issues develop in my life over the past few weeks, but things are clearing up and the posts will start getting back on track for you!

   Unless you have been living under a rock for the past few months, I'm sure that when you turn on your TV, you keep hearing the same word over and over; "Occupy". Just slip a location after it, and you have Occupy Wall Street, Occupy Oakland, etc. Up to this point, the Occupy movement has been done in a Public fashion (Public Parks, etc), however, as it was recently discussed in a Newsday article from The Associated Press ("Occupy protests move to foreclosed homes"), Occupy protesters across the country are "reclaiming foreclosed homes and boarded-up properties", which they write, is "signaling a tactical shift for the movement against wealth inequality".

   These are not isolated incidents.

   Apparently, in excess of 25 cities were "occupied" by these groups who were protesting "on behalf of homeowners facing evictions". Jeff Ordower, one of the organizers of Occupy Homes, was quoted as saying that "It's pretty clear that the fight is against the banks, and the Occupy movement is about occupying spaces. So occupying a space that should belong to homeowners but belongs to the banks seems like the logical next step for the Occupy movement".

Some of the areas that the groups were protesting in were:
* Seattle: The article says that Seattle "has become a leader in the anti-foreclosure movement as protesters took over a formerly boarded-up duplex last month. They painted the bare wood sidings with green, black and red paint, and strung up a banner that says "Occupy Everything - No Banks No Landlords."

* Atlanta: At a Foreclosure Auction at a county courthouse, what was called a "boisterous rally", took place, along with "whistles and sirens to disrupt an auction of seized houses", per the story. The Occupy Atlanta spokesman, Tim Franzen, said that "We don't know how many homes we saved for one more month during the holiday season", and added that, "It was kind of a Christmas gift to the people."

* New York: Protesters marched through a residential neighborhood in Brooklyn carrying signs that read "Foreclose on banks, not people", per the Story.

* Southern California: In another familiar protest, the "protesters rallied around a family of six that reclaimed the home they lost six months ago in foreclosure".

* Portland: The home of a woman that was defiant about leaving that home, Deb Austin, was the site of a press conference. Austin, who's is facing foreclosure next March, per the AP Story, vowed to stay in her house until authorities take her out. The reason she fell behind was the result of both her cancer diagnosis, and also job loss.

   It appears that these protests will keep regenerating across the country, and perhaps the upcoming Election year will fan the flames even more. One such "desired result" could potentially be the use of abandoned foreclosed houses "that could be housing people", say the protesters.

   This will all remain to be seen, but it certainly is not a headline that will be dropping off the radar any time soon. What do you think?

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Have a Great Week, and Happy Rent-to-Owning !
Regards,
Rob Eisenstein
HomeRun Homes Blog: http://blogging.lease2buy.com
HomeRun Homes Websites: http://www.lease2buy.com and http://www.homerunhomes.com

TAGS: #OccupyWallStreet #foreclosedhomes #homeownersfacingevictions #ForeclosureAuction #residentialneighborhood #banks #Seattle #Atlanta #NewYork #Portland #Elections #California

August 13, 2010

UPDATED: Buying a Foreclosure? This is a Must Read...

Hello Everyone,

Welcome to Friday !

We have been receiving a lot of questions about foreclosures from people who are asking us specific questions on how the foreclosure market works. In order to paint the best picture for you, we have spoken with some of our peers who are active in the foreclosure property marketplace in one function or another.

Sheriff Sale guru Marc Sherby uses a 10-point checklist to tackle all aspects of purchasing a foreclosure home. His Process is as follows:

1. Do Your Homework (research the liens, mortgages, comps, bid price, etc. before going to the auction). NEVER bid on a property without doing this first. Joanne Cleaver of ForSaleByOwner.com says that it is important to, "Understand the micro-economics of the neighborhood. On some blocks, a foreclosure is an exception. On others, it's the rule. This affects your ability to quickly get good comps when you've fixed up the foreclosure and are trying to resell; this also affects its marketability as a rental." Additionally, Jan Green, an Arizona Realtor, suggests to, "check the health of the Home Owners Association (HOA)" (if applicable), and to, "Check the date of the last reserve study that was done in the HOA, making sure it was within the last year if not 6 months. A lot can change in 6 months in a neighborhood. If it was 1 year, then check the number of foreclosures currently in the neighborhood and ask if more than 10 - 15% are overdue in paying, another hint." She also suggests checking to see if, "there is an Environmental Report available that will disclose information the surrounding area for airports, landfills, soil conditions or other abnormal findings that could pop up."

Alfred Miller President, Private Lending Solutions, LLC, adds that it is important to know, "how long it takes to sell a home in your price bracket", to, "study the sale prices of comparable homes in your area.", and to remember that, "the sale is for the home as is."

2. Set up your support team (real estate attorney, accountant, realtor, Title Company, contractors, insurance agent and so on). Find people you are comfortable working with. Miller concurs, and suggests that you, "Find an agent specializing in foreclosures."

3. Learn the rules for your particular area FIRST. Rules and “conditions of sale” are different for each county and for different types of sales. You can obtain a copy of these rules the Sheriff or auctioneer. Green, who works in the Hot Arizona market, states that, "The deed issued in Arizona for REO's is a "Special Warranty Deed" and not a "Warranty Deed" that is the typical deed in a regular sale. Why is this important? There is no title coverage for past problems with the title prior to the bank taking ownership of the home. And always always buy title insurance to cover the transaction against any liens on the property, no matter the type of financing used to purchase the home." Know your market !

4. Get the list of auction properties. In most cases depending on your area, you can obtain the list of properties going to auction for free. If the sheriff or auctioneer has a website many times the lists are also posted on them.

5. Line up your funds BEFOREHAND. In most cases you will not be able to obtain a traditional mortgage beforehand to pay for the property. This is one thing many people do not realize. Cleaver agrees, and suggests to, "Have lots of cash. Banks will negotiate a little, but they will mainly listen if your money talks loudly.", as well as Miller, who suggests that you get, "Get pre-approved for a mortgage."

6. Go look at the property (before you bid), and try and determine if it is occupied or unoccupied. Green suggests that you, "Knock on neighbors' doors to ask for details about the area. Neighbors can be your best source of information about a neighborhood and can provide the names of others serving on the HOA board.", and Cleave similarly says that you should, "Get neighbors on your side. They are well aware that the foreclosure next door has eroded the value of their own property. Position yourself as as hero, not as a bottom feeder."

7. Know how to bid. Bidding is a psychological game as well as numbers game.

8. Have a plan. What type of property are you looking for and where? Is the area up and coming or in decline? Are you buying as your own personal residence, as a rental, or to rehab and flip? If it’s a flip, what type of buyer will you be looking for? How much money and time can you commit to this project? Know these answers ahead of time because as the old saying goes “those who fail to plan, plan to fail.”

9. “Sit on your hands.” Begin by attending several sales and just watch what goes on. Most sales happen very quickly, usually in just a matter of minutes, so you’ll need to pay close attention. See who the players are and take lots of notes.

10. Get Educated. Many of the people you will be bidding against are auction pros and you’ll need to become one yourself. Reading books, attending training seminars, joining local real estate investing groups, or finding a mentor are just some of the ways you can educate yourself. Additionally, you can check out, "Will It Work In My Town" for some good suggestions, as well.

Green has some additional tips that will be of huge help:

1. Always change the locks immediately upon purchase. REO homes are oftentimes on master keys for other homes in your area. If a home will be vacant for some time, get a security system as the home has a history of being vacant. If it has a pool, make sure it's maintained weekly. Check any other systems around the house to make sure they are being maintained. This way you'll maintain your equipment and have activity at the home.

2. Purchase a home warranty from a company that will cover pre-existing conditions ("hidden defects") for foreclosures.

3. Obtain a very thorough home inspection by a licensed contractor (verify the inspector is licensed, bonded and insured - Lots of home inspectors are not renewing their state licenses in this economy).

4. Check under every sink and water source for past water leaks. If there were leaks and you're still interested in purchasing the home, get a MOLD inspection.

Do you have any additional tips that will help our readers? Please feel free to comment here and let us know.

Have a Great Weekend, and Happy Rent-to-Owning !




UPDATED: Top 5 Blog post for 2010 (For more information, CLICK HERE)