Good Advice about Rent to Own Properties

There is good news for people who are still renting because a credit score or other problem is prohibiting purchase of a real estate bargain. A recent article refers to the opportunity of rent to own homes. Even better, it addresses the things prospective buyers and sellers need to know about the process, such as costs, obligations and guidance.

Both lease option agreements and those for rent to own homes are discussed as an advantage. Additional rental premium is held in a separate account by the owner to apply towards a down payment. If an option fee is part of the agreement, it will be credited to the down payment.

Guidelines suggest steps to take before signing an agreement. Verifying ownership, a clear title and an appraisal are just a few of the hints to avoid problems. Another valuable tip is to speak with a mortgage lender about how to qualify to buy the home when the lease option agreement expires. A current appraisal will provide the lender with documentation to review.

In-depth issues regarding rent to own homes are addressed to serve as a caution to both buyers and owners. These include issues when the home has lost value at the end of the agreement or the prospective buyer does not qualify for a loan. Advantages given the homeowner in this type of situation are also covered. The result is that both parties enter the agreement better informed and likely to successfully complete the transaction.

Bank Foreclosures On The Rise

Bank foreclosures are once more on the rise as lenders begin processing properties with unpaid mortgages again.

After the ‘robo-signing’ scandal broke, all major lenders stopped processing them until there was a resolution. After a $25 billion settlement was reached, along with more safeguards to prevent this problem in the future, banks are now starting proceedings on those properties that have been held up during the hiatus. Additionally, there are more homes that have fallen behind in their mortgage payments in the interim

In May, almost 54,000 homes finished the foreclosure process in the US, an increase of 7 percent over April. Bank foreclosure notices starting the process were at nearly 206,000, an increase of 9 percent over April.

Short sales keep the number of bank foreclosures from looking more dramatic. A short sale is one in which the bank will accept less than what is owed on the mortgage rather than complete the foreclosure, requiring the bank to take possession.

Foreclosure listings will also swell over the coming months, giving small investors a greater chance of finding housing bargains.

Georgia showed the largest statewide increase with a 33 percent jump in foreclosure activity between April and May, and a 30 percent increase over May of last year.

The 10 states with highest foreclosure listings are: Georgia, Arizona, Nevada, California, Illinois, Florida, Ohio, Michigan, and South Carolina.

FSBO Homes get National Attention through RealtyStore

Exposure to over 3 million visitors per month is a very good reason to forget the agents and expensive advertising for FSBO home sellers. For less than $20 a month, a for sale by owner can now enjoy all the unique opportunies that make realtystore.com the most visited online foreclosure website today.

Not only incredible exposure, but also an audience of late stage buyers give you the most interested potential buyers found anywhere. With over 40% of all homes being closed with non-traditional deals, RealtyStore also provides the most up-to-date training on creative avenues of financing.

For Sale by Owner clients are praising RealtyStore for the easy to navigate site for helping with a quick turnaround with their homes. Easy to follow maps, neighborhood positioning and detailed information makes a remarkable presentation to anyone shopping for a home.

By launching this new feature of For Sale by Owner to home sellers nationwide, higher exposure, professional marketing and quicker sales result in the best outcome possible for buyers and sellers. RealtyStore is a leader in providing customers with necessary tools, data and strategies for maximizing profits on undervalued real estate. FSBO clients can expect to be amazed with the technically advanced search and "Smart Store" at realtystore.com., in addition to fast offers.

Housing Chief States That HUD Homes Need More Protection

According to Shaun Donovan, Secretary of the Housing and Urban Development department of the United States of America, even though the real estate market of the country is on the up, the government still has to forward more help to many homeowners. Shaun Donovan, who recently had a round table meeting with D – Miramar’s Alcee Hastings and the leading professionals from Consolidated Credit Counseling Services, went on to add that the number of owners of HUD homes who need help to avoid foreclosures and are not getting it is too high.

It seems that Shaun Donovan is encouraging the government to pass the series of reforms that have been tabled by the President of the country, Barack Obama. While there have been many reforms forwarded by Obama, one that stands out and may help in preventing short sales of HUD homes and foreclosures is the bill of rights. The bill of rights is designed to keep lenders from including hidden fees and default penalties in the borrower’s contracts along with encouraging them to use simpler mortgage applications.

The proposal from Obama is expected to be considered by the Congress this month. It is expected by many sellers and buyers of HUD homes and foreclosures to ease the pressure on them a little.