What’s the catch to buying a Foreclosure?

If you’re a first time buyer, buying a home already seems a bit more complicated than just renting since there’s new steps, so unless you understand how simple it is to buy a Foreclosure, you’d probably feel it’s a bit over your head.

The basic definition of a Foreclosure is a property that has been repossessed by a bank because the homeowner defaulted or stopped making the house payments. The banks don’t make any money off of those properties once they are repossessed, so they need to sell them to a new homeowner as soon as possible.  That means a lower than market price home for a prospective buyer.

Due to the increased number of Foreclosures, most of them are listed through a Real Estate agent and you don’t have to go through a live auction.  A good way to get started is to get a list from your Real Estate Agent that specializes in these types of homes.

Click here for a Free List of Foreclosures In Your Area.

So what are some of the drawbacks? One is that if the property has been on the market for a long time, it usually sits empty without any utilities or maintenance at all during that time.  A bank doesn’t really care too much about the condition of the home since that’s not their business in the first place. This may require a bit of cosmetic repairs or small projects from the new homeowners.

A common concern is any past title defects or liens on the property from the previous owners, etc. since the home obviously had some issues for it to end up being Foreclosed on.  Well that’s what Title Insurance is for.  Your real estate agent should make sure you get an Owners policy which protects the new you against defects in the title, undisclosed liens, forged signatures, or defects in the documentation.

If you’re interested in buying a home that’s below market price where you will most likely make a bit of money by selling it in a couple of years, then a Foreclosure is a good idea for you.  You’ll limit a lot of your options, but you’ll get a great deal!

Let me know if you have any questions.

Tony Elias  


It’s Okay to Feel Scared

So you’re at work, trying to hurry up and get done so you can go “take it easy” for the day and relax. But sometimes you end up not quite relaxed or not as happy doing those things you were looking forward to do all day while you were at work. That can be frustrating. So then maybe you think buying something online or watching a good TV show or grabbing some Ice Cream will make things better. There are many things that we can try, the options are quite extensive. Before you know it, the day is over and we wake up the next day on a similar routine.

Why does this happen?

Well I’m sure we all have very different reasons for this phenomena and it would be impossible to generalize, but I do have an interesting concept that I’ve recently experienced that has helped me feel much better and happier overall.

Did you know that the average person usually spends more time making a list of what they need from the grocery store than making a list of goals they want to accomplish with their lives? That being said, it’s actually one of the reasons many people are unhappy with their lives. The problem is that it’s such a normal thing in our Society that you would never think it’s something that needs to be changed. After all, that’s normal.

Alright, so this is what I recommend. Start off by writing a list of very aggressive goals that you want to accomplish with your life. It doesn’t matter how unrealistic they are, if you come up short shooting for the stars, you’ll end up pretty high, or at least higher than if you come up short shooting for a small goal.

Once you have your list of goals, then you can start breaking down each action you are taking on a daily basis and see if they align to those goals. You’ll be able to make decisions a lot quicker since you can tell if they align with your goals or not. It’s a good reason to go over your list of goals every morning and every night so they start becoming more realistic to you and before you know it, you’ll believe they are very attainable.

What you will probably experience is a bit of fear. What I mean by that is you’ll find yourself having to push yourself in situations that are outside of your normal routine in order to accomplish these goals. THAT’S OKAY! Just know that it’s normal and it will pass when you make those new en-devours part of your new routine. Think about it, were you nervous on your first day at work? A first date? Your first day at school? Yeah, we all get nervous when we do new things, but can you imagine if you had never done things that made you feel a bit uncomfortable or uneasy? Well, that’s the same concept. If you know what YOU want from YOUR goals, then you will be able to see with more clarity some of those activities that you need to do that you’re NOT doing right now.

TRUST ME!!! When you push yourself through the nervousness and uneasiness and actually attempt to do some of these new activities you have been putting off because it’s more comfortable to stay at home or “take it easy” you will experience a lot of happiness!! Even if you don’t succeed at first, you will still feel better than not trying at all. The worse case scenario is you end up experiencing a bit more out of life. But should you succeed in getting through some of those problems or obstacles that are bringing you close to accomplishing your goals, you will be VERY happy!!

Tony Elias