Friday, October 2, 2009
Foreclosures as well as other distraught property may look like a good deal, but a few buyers are discovering that they don't have the abdomen for the problems that come with it.
Buyers of distraught property often must deal with stern vandalism, unpaid water bills with home-owner-association dues, unseen second mortgages, and mechanics liens.
Lenders are frustrating to make these purchases go more easily. J.P. Morgan Chase & Co. has twice as numerous employees as before handling petite sales, while Bank of America Corp. now allow real estate practitioners to submit short-sale documents online. The U.S. Treasury Department is likely to soon issue streamlined guidelines to lenders on short sales.
A practiced real estate practitioner with guidance in selling foreclosures and short sales can make a huge difference, but in the long run, buyers who don't have much money or aptitude for home maintenance should think hard ahead of trying to buy a distressed property.
Buyers of distraught property often must deal with stern vandalism, unpaid water bills with home-owner-association dues, unseen second mortgages, and mechanics liens.
Lenders are frustrating to make these purchases go more easily. J.P. Morgan Chase & Co. has twice as numerous employees as before handling petite sales, while Bank of America Corp. now allow real estate practitioners to submit short-sale documents online. The U.S. Treasury Department is likely to soon issue streamlined guidelines to lenders on short sales.
A practiced real estate practitioner with guidance in selling foreclosures and short sales can make a huge difference, but in the long run, buyers who don't have much money or aptitude for home maintenance should think hard ahead of trying to buy a distressed property.
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posted by Real Estate Investing @ 4:25 AM
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