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Seen as a boon by most, the “Mortgage Relief Bill” has finally been signed by President Bush. Around 400,000 homeowners can now breathe easy with $3.9 billion dollars in grants for local communities to help properties in various stages of foreclosure. First time home owners are to get $7500 as tax credit for homes purchased between April 9th, 2008 and July 1st 2009.
Data collected by E-Foreclosuresearch shows that 104 new foreclosure listings have come up in Glendale in May 2008. Throughout California there have been 63,988 new foreclosure listings in April 2008. On an average, throughout California, there have been savings of 29% in respect to average sale prices. Not surprisingly then, investors and first time home owners see this as a good time to buy property in the Glendale Foreclosures market.
Options are aplenty. Homes facing foreclosure, Bank owned properties (foreclosed properties) and HUD foreclosures should all be looked at before a final decision is made. Listings for the first two can be found with banks, newspapers, on-line (on the internet) and real estate agents. Details of HUD foreclosures exist with government appointed estate agents and can also be viewed at http://www.e-foreclosuresearch.com/.
If you do decide to go in for a HUD property do make sure you examine the house in every possible way because it is known that the government doesn’t really do to much in terms of maintenance and up-keep of the foreclosed property.
If you decide to buy a property facing a foreclosure, do take time to go through all relevant paperwork, check on liens that might have been taken out on the property and also look to see if there are any unpaid taxes. Once this is taken care of, remember, it is not unheard of where houses facing foreclosures have sold for as little as half their market price.
If dealing with a bank on an already foreclosed property, you do not have to worry about pending taxes or existing liens on the property. Also keep in mind that the first offer made to you is by no means the final offer. There is always room for negotiation.
All in all, do take time to make your decision and go through all possible avenues before making that much important decision.
