Here are some steps to follow to help you achieve your goal.
The market is being bombarded weekly with new Foreclosures in every area in the USA. How can you find them? Simple, call a few real estate agents in your area and ask them to send you daily listings that meet your criteria, don't be vague, be as detailed as possible and within a realistic price range. In other words if you qualify for a $100,000 loan don't focus on $ 1,000,000 homes, odds are you will never get an offer accepted and if you did we are talking about hundreds of offers. That takes time and energy and you will probably end up losing your agent.
Once you start receiving the list contact the different agents and see who gives you the best serves. I recommend that you stick to one agent, why? Because you will need a lot of hand holding and you are looking for an advocate, someone that will go the extra mile. Every property you like, you will need Market Reports CMA's, information, etc. In addition you will need to be looking at property weekly with your agent. It is important for both of you to see eye to eye. Remember you are looking for the diamond in the rough and believe me they are out there you just have to look.
The most pressing piece that many folks ignore is that you have to, no way around it make offers every week. The more offers the better; your agent will guide you with the right wording to avoid having to commit to all accepted offers. The bottom line is that if you don't make offer it's impossible to make a deal.
Your broker will help you put together a well packaged offer. Make sure you provide the pre-qualified letter, proof of funds, etc. The better you look on paper the easier it will be. If you can close in 10 days, put it in the contract. Every detail helps the bank decide in your favor.
Good luck!
The uncertainty brought about by the tax dispute over the future of the historic Freeman houses that have become REO property has made Mary Witkowski, head of the Bridgeport Public Library's historical collection, to wonder if the structures can outlast the legal wrangle which has been going on for over two years now.
The Freeman houses are considered Connecticut's oldest remaining homes built by runaway slaves and free blacks before the country's Civil War. The boarded-up houses were foreclosed by the city in May 2007 due to unpaid property taxes.
The Freeman houses are owned by Action for Bridgeport Community Development (ABCD) Inc., a social service organization for the poor. The organization does not have the money to pay the city the total amount it owed for property taxes. However, ABCD continues to fight the city from gaining ownership of the Freeman houses.
Because the ABCD does not have the means to maintain the Freeman houses, the properties are now in a state of deterioration. However, the organization contends that the historic properties will meet an even worse fate if the city of Bridgeport would take ownership and control of them.
ABCD executive director Charles Tisdale said that the organization is concerned that once the city takes control of the Freeman houses, it is going to demolish them. The ABCD gave $10,000 to the city as partial payment for its total property tax debt of about $100,000 which dates back to 1990.
A judge in the Superior Court gave ABCD another 6 months to work with the city to resolve the tax dispute issue to save the historic foreclosed properties. ABCD volunteer Maisa Tisdale said that resolving the tax dispute is important in preserving the historic Freeman properties. She pointed out that potential donors are hesitant to give funds or grants when the property's title is in question.
She added that the tax foreclosure issue has hindered the organization's fund raising effort for the properties.
Meanwhile Bridgeport Mayor Bill Finch said that he is willing to find a way to resolve the issue and preserve the Freeman properties. He added that he is also willing to incorporate the foreclosed properties into the city's expanded redevelopment plan.
ABCD officials explained that when the organization inherited the REO property in 1992, it never paid any property tax believing that it was exempted.
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