Why It Is Difficult Closing Your Foreclosure Auction Dream Home

Why It Is Difficult Closing Your Foreclosure Auction Dream Home

Have you ever wondered what it might feel like to find out or told that a foreclosure auction sales dream home you paid full price listed on MLS or at the public auction price list is not accepted or declined; can’t closing on the property after you’ve paid listing price to the trustee’s sales at the auction site? Even a nice home that you know very well in the neighborhood where you’ve lived for several years past, the trustee’s sale rejected your offer?

 

Buying a home is an every family dream in our society, but buying foreclosure auctions sale can be frustrated for the average first-time buyer even the veteran investors find it difficult sometimes closing on foreclosure auction property. The price posted on the foreclosure auction sale is not the total price value for that particular property on auction sale; it’s a just teaser price to draw a huge competitive bidden war among the interested party. Many hidden clauses are not revealing to the public; bidder or buyer agent must do due diligent to extract all or most problems the property carries with it.

 

Here are a few important things foreclosure auction sales that buyer didn’t know or published with the auction price list by trustee’s sale:

  • A buyer didn’t have a chance to conduct a before-buy property checkup. “What you see is what you get”
  • At the foreclosed auction sale, all sales are final and without remedy. There’s no warranty; where is, as –is agreements without any disclosures by the lender.
  • The auction sale price purposely by an aggressive bidding process. The sale price of a property sole at a foreclosure auction sale is determined by an aggressive bidding development.
  • There may be a possibility that the property’s title cannot be protected. Due to the unusual risk associated with the property bought at foreclosure sale; many insurers declined to issue a title insurance commitment.
  • There is no convenience to use bargaining chip; most if not all auction sale is on a cash and carry basis; meaning a lot of cash which most new buyer may not have against a veteran investor.
  • Proof of funds required prior to a bid action takes place; the trustee’s foreclosure sale required all the interested party to show the funds capability ahead of the auction sale.

Below are other findings on foreclosure auction sale by Denita:

[“Denita

Auctions are difficult in many cases.

They are listed in the MLS with a listing agent and office. It isn’t unusual to have auctions when the property is an REO type property. It is much more common when they are REO’s as opposed to “pre-foreclosures”. I only know my area of S Florida so it may be different in your area.

The listing does contain the auction information, but generally not all of the added fees IME. For example, it is increasingly common to have a mandatory ‘technology fee’ added to the purchase price paid by the buyer as well as the customary buyer’s premium (generally in the neighborhood of 5%). There are other fees too.

I have seen auction properties go under contract and then fail to close due to a seller’s issue, like not being able to deliver clear title because the seller didn’t own the property at the time of sale or closing! I explain to my buyers about the differences so they can be aware that it is a totally different process than any normal closing so they can prepare themselves mentally and financially. With an auction, you never know if it is going to close until it is actually closed. The seller can pull out at any time. The buyer? No, not without penal”]

[“If you believe in yourself and have dedication and pride – and never quit, you’ll be a winner. The price of victory is high but so are the rewards. Bear Bryant”]

A foreclosure auction sale is not for the average first time home buyer in term of the hidden clauses, condition of the property; the location, and the interior injected into to the auction sale as stipulated by the lender in the kit. The trustee’s sale price on an MLS or at the courthouse bulletin board is not an actual final price to rely on; the price will go up as more and more interested bidders increase prices that may make it impossible for the new home buyer out of reach. Even though the bidder won a price war at the trustee’s auction sale at the courthouse steps, it’s likely a buyer to face other hurdles that might hinder buyer chances closing on the foreclosure auction property. And also, it will cost four times more than the original price to get it insured if possible.

What do you think? Have you bought a trustee’s foreclosure auction sale in the past and how do you get so lucky getting the auction property of your dream home finalized? Please leave your comment below:

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Are the Working Baby Boomers Contributing To the Economy?

Are the Working Baby Boomers Contributing To the Economy?

By all measures standard, let us clarify who are the baby boomers, what years describe baby boomers; why are they to the economy and why they title it baby boomer?

The survey, the Pew research; and many statistics showed the baby boomers can be named of the people who are born between the years of 1946 to 1964 that also, refer to the enormous an increase in the births after the world war two came to an end. At the termination of the ww2, the birth of the boomer’s incitement the end of a long 16 years of economic slump and war. As tranquility and success emerged, many boomers in America were eager for a new beginning in their lives. After the end of the war, Americans are in the mode of raising a family and having many babies, more babies, their confidences are upright in the new life and economy.

Businesses started to grow bigger that yielded profit in trade, at the time, an organization formed a union that pledges huge wages, incentives, and job security to all their working members. Because of the job security and growth in the economy, the family members of the new age were able cherished life and willing to give their children a better life and an advantageous chance the moment they didn’t have while growing up.

What years clarify baby boomers?

Anyone born between the year of 1946 and 1964 can be defined as a baby boomer generation. The increase in population growth produced another surge in the economy. The entrepreneurs created a huge good, products consumer demand, the prompt rise in manufacturing and construction. During that time, the average people incomes rose to an all-time high for decades, and demand for durable goods surge boost the financial state. The improve twist shaped a long prospect economic expansion that hiked the standard of living for the boomers and chances of development around the world.

Baby Boomer economy factor to the society at large:

Despite the economic downturn ten years ago, the older adult is still a major spender who boosts growth and consumer spending. By the estimate, there are over 90 million boomers age 55 and older in 2017 that made up to about 28% of the populace according to the US Census Bureau. The boomers are certainly playing a huge role in buyer spending and they may become substantial as boomer spending strengthens. The 64 to 74 years old income rise to $48,000 in 2015 from $32,000 which is more than the earning of other age units, Moody’s and government economic data indicated. At the WW2, the boomers entered the labor force in mass while strong economic increases of the 1970s and 1980s give them an opportunity to secure good jobs and good paid that enable boomers advanced in any career chosen. They profited from the long run of the financial market regardless of the great recession of the 1980s and 1990s while the market has shown since 2009 till the present. The boomers have disposable income enables them spending on something like durable goods, fancy luxury cars, taking a month or so vacationing around the world on the cruise ship; play golf several hours a day, and form a club that’s mainly talking about the stock market and its direction.

The baby boomers might be aging but they still have a power to direct economy trajectory in now and the years to come. No matter what the direction of the stock market heading, the boomers will control the economy.

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