Experienced investors seek foreclosures because they know that the court system uses a valuation system for properties that are in foreclosure usually at a far lower amount than market value.
The general idea of "forced sale cash value" - as foreclosures as known in the courts - is to determine what a person would pay for the property if it were to purchased using all cash, not bank financing.
Like ...
Posted by Julie Vesuwalla
on October 8, 2009
Bill and Shirley sold a home they had owned for 2 ½ years, netting $100,000. Unable to fin a home to buy, they decided to temporarily rent. Within months, their realtor found a home that Shirley fell in love with.
Bill insisted on making a cash offer. They had been approved 2½ years ago by their bank for a mortgage on a home purchase for the same price, and saw no reason for not ...
Posted by Eugene Pilato
on September 23, 2009
When a young woman goes shopping, she doesn't mess around; finding the best deal is worth taking the time and doing it right, and that may include using a professional shopper. Apparently, shopping for a house mortgage is not much different for Canadian 20 and 30-something women; they are the demographic most likely to use a professional mortgage broker, according to the 2009 Mortgage Consumer Survey ...
Posted by Don Lawby
on September 17, 2009
The perfect mortgage is, of course, no mortgage at all! But the next best thing is to have one flexible enough to pay off the principal as fast as possible. All mortgages are structured so payments in the early years are primarily interest charges: Very little principal is shaved off unless you make sure payments are high enough and frequent enough that a good chunk -- perhaps 50 per cent rather ...
Posted by Leslie Lee
on August 27, 2009
In a day and age rife with identify theft and Ponzi schemes, the last thing you want to worry about is yet another way to get ripped off. But as a homeowner, you need to be aware of crimes on the rise known as mortgage fraud and real estate title fraud. Red Flags - Mortgage Fraud
Someone offers you money to use your name and credit information to obtain a mortgage
You are encouraged to include ...
Posted by Don Lawby
on August 17, 2009
We've all seen those TV commercials by big automakers saying they'll take back their vehicles if you lose your job. Well, how would you like it if you could stop pay your property taxes now - and not start again until you sell your home? You can do it in British Columbia - the only province offering this kind of option to help homeowners keep a roof over their heads as they weather the recession. ...
Posted by Don Lawby
on July 13, 2009
Do you just walk into the bank, sit down and let them make the application on your behalf?
If you answered 'yes' to this question, then you need help!
Think of it this way...
Would you walk into a job interview empty-handed, with no specific information to leave behind with the potential employer about your strengths as a candidate?
Would you hand over a messy resume with all kinds of missing ...
Posted by Wanda Townsend
on June 18, 2009
There were preliminary indications Friday that residential mortgage rates could be drifting lower after Bank of Montreal announced a "special" offer of 5.25 per cent on its benchmark five-year, fixed-rate home loan. BMO said the new rate takes effect today and would be available to "all new and existing" customers. Its current posted rate on that product is 7.2 per cent. A spokesperson said the new ...
Posted by Jeremie Zibell
on November 17, 2008