AmericanForeclosures.com

July 22, 2009

Underground Oil Tanks Are Important to Look for When Buying Pre-Foreclosures in New Jersey

Filed under: Uncategorized — americanforeclosures @ 12:45 pm
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One of the major things that you need to look out for when purchasing a foreclosure or pre-foreclosed property are hidden or partially hidden underground oil tanks. If you are thinking about investing in a foreclosure, especially for the first time. It’s really important to hire someone who has the right equipment (metal detectors) to look for underground oil tanks. If one is found, then you will want to then proceed to hire an environmental cleanup contractor to test the surrounding soil around the oil tank. If contamination is found, you will want to most likely back away from the home purchase if you still can. An environmental spill can cost upwards of $20 to $60 thousand dollars. You’ll want to look for signs of oil tank yourself such as metal valves sticking up from the yard and pipes leading insides the property. Keep an eye out for any signs of unusual soil color and odors coming from the yard. Removing an oil tank is not the end of the world. It will cost about $500 to $2,500 dollars. With New Jersey homes you’ll need the correct permits for the removal. Also, it isn’t illegal to have the oil drained and the tank left in the ground (albeit you’ll probably want the tank completely removed). New Jersey’s government website offers advice on financial options such as grants and loans. You can visit them to see what you are eligible for with your tank removal and environmental testing.

One of the major things that you need to look out for when purchasing a foreclosure or pre-foreclosed property are hidden or partially hidden underground oil tanks. If you are thinking about investing in a foreclosure, especially for the first time. It’s really important to hire someone who has the right equipment (metal detectors) to look for underground oil tanks. If one is found, then you will want to then proceed to hire an environmental cleanup contractor to test the surrounding soil around the oil tank. If contamination is found, you will want to most likely back away from the home purchase if you still can. An environmental spill can cost upwards of $20 to $60 thousand dollars. You’ll want to look for signs of oil tank yourself such as metal valves sticking up from the yard and pipes leading insides the property. Keep an eye out for any signs of unusual soil color and odors coming from the yard. Removing an oil tank is not the end of the world. It will cost about $500 to $2,500 dollars. With New Jersey homes you’ll need the correct permits for the removal. Also, it isn’t illegal to have the oil drained and the tank left in the ground (albeit you’ll probably want the tank completely removed). New Jersey’s government website offers advice on financial options such as grants and loans. You can visit them to see what you are eligible for with your tank removal and environmental testing.

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July 15, 2009

Uncharted Territory: Why Foreclosure Inspections Matter

Finding a good home inspector is crucial to any home purchase. The difference between an inspector who stays for only 51 minutes and forgets to leave radon tanks and one who takes pictures of the outside in and notices planes flying over head every 10 minutes will save you  a lot of aggravation. Take my word for it. Even if you have to pay more money. If you’re buying a home or pre-foreclosed property in north Jersey check out Expert Home inspection and ask for Dave. He did a great job on my recent home inspection.  You can read more on the importance of home inspectors below.
Ask this question of any prospective new home buyer: Are you buying “new” or “pre-owned”? Indeed, studies show more than one out of five respondents will tell you they are either building or buying a “new” home. Why? That is the question we are going to answer in the next ten minutes.

In theory, a newly constructed home will be in mint condition. Whether you plan to pay a builder to custom-build your home or you are looking at recently-completed construction, new homes and condominiums require just as much attention from a home inspector as older homes. What’s more, new construction inspections can help buyers assess a home’s value and quality before, during, and after construction completion. The benefit of new construction inspections are clear- they allow buyers to resolve safety, quality and home value issues before the home is completely built and before problems arise – which can save buyers time and money over the long term.

But what about a pre-owned foreclosed home? Is it structurally sound? Is there a latent defect? What about house framing & foundation? Is there mold behind the walls? Can the home be insured?

Foreclosure inspections generally consist of only one visit and condition report. They are simple and economical. Before the home sold or is move-in ready, foreclosure inspectors will arrive to conduct the inspection. When the inspection is complete, (usually within about two hours), the inspector will produce a condition report for the customer. If the inspector is a licensed engineer, the report will be “sealed.” Getting a “sealed” condition report represents the highest level of technical assurance that the inspection findings represent the work or opinion of an experienced and qualified expert.

Here is a look at what inspectors evaluate during each stage of a new home inspection:

Pre-Purchase Foreclosure Inspection. This inspection is conducted before the home is sold, but ready for occupancy. This timing allows the customer to get critical information about their new home, and also allows the seller to make any corrections necessary prior to closing. During a walk-through, inspectors will review whether electrical and mechanical systems are functioning properly, if vents have been correctly installed, whether the heating and cooling systems are ready for use, if adequate insulation is in place or if more is needed, and more.

Buyer Foreclosure Inspection. This inspection takes place typically after the foreclosure is final and the home is put up for auction by the governing authority. This full home inspection addresses all areas of the home and provides a report that the prospective buyer can use to evaluate the value and structural & workmanship status of the home so any needed repairs can be completed before the home is resold or occupied.

Visit our website and schedule an appointment to learn more about how Lineberger & Associates can help you to thousands of dollars in repairs by determining if your foreclosed property is safe and structurally sound. Our expert engineers and inspection professionals will walk you through the foreclosure inspection process step-by-step.

July 6, 2009

Understand the Home Stimulus Plan and Avoid Foreclosure

Filed under: Uncategorized — americanforeclosures @ 12:18 am

Here is an interesting article that I thought you may want to read today to help understand Obama’s stimulus package.

With this disturbed economy and the period of recession, it has become difficult for people to save their homes that are on mortgage loans. This home stimulus plan is going to help these people save their homes and avoid foreclosure in this unparalleled risky time. Today the government is ready to help people who are in real need but there are formalities that need to be met. You have to fill up a form and that too in such a manner that is acceptable to the banks or the lenders. If the documents are as required and the form filled up properly and accurately, your chance of obtaining the loan maximizes.

The home stimulus plan as signed by Obama’s administration has a fund of $75 billion. If you are on the risk of foreclosure of your house, you must get your share from that. The first thing that you need to do is to know what plan suits you best depending upon your requirements. There are professionals and legal helpers that would guide you about the documents to produce and how to fill up the form. But before selecting one you must do the research work properly and make the right choice. When you are looking for a site that would help you get the loan easily and quickly, make sure that you go through the reviews and testimonials so that you get an idea whether it is going to help you truly or not.

There are various fake websites and instead of making any benefit from it you might loose the time and chance too. So it is very important to opt the authentic site. Also you must understand the plan and the ways in which they can be attained. Among the various grants and schemes you have to choose the most suitable one for you. You can also get a personal loan in order to pay your debts and also save your home from foreclosure.

If your loan has been financed by Fannie Mae or Freddie Mac, your refinancing is sure. There is a provision of cash incentive of $1000 granted to the banks for each deed of loan modification. The main focus of the government is to make the refinancing affordable so that people can easily repay the loan even if it takes a long time. If you want to know more about the home stimulus plan and all the details about how to get it or apply for it, you can visit homestimuluspackage.net and collect them.

Click here for more tips on how to get qualified for a home loan modification.

June 22, 2009

Minorities affected the most by Foreclosures in New York

Filed under: Uncategorized — americanforeclosures @ 10:10 pm
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Minorities in New York have been affected the most by foreclosures in New York.  Foreclosures are occurring three times as often in minority census tracks compared to white ones.  Black and Latino home owners are twice as likely to hold high interest sub-prime home loans than white home owners with the same or lower income.

Black and Latino homeowners frequently enter into a different lending situation.  Banks have targeted minorities including blacks and given them unfavorable sub- prime loans when they qualified for better rates.  This problem along with the fact that people of all colors had skimped loans in the worst Real Estate market ever has contributed to the current foreclosure crisis.  Questionable practices by banks such as giving large gifts to brokers who steered borrowers to high interest rates substantially led to the foreclosure meltdown.  Making matters worse, minorities are often afraid to go to well known banks due to known discrimination and they fall into sub-prime mortgage traps.  These are just a few of the reasons why foreclosures are so high in New York and the rest of the nation.

June 9, 2009

American Foreclosures, Inc Provides foreclosure data to the New York Times

Don’t forget to check our American Foreclosures, Inc’s New York Times article.  In it we provide data about the foreclosure market in the New Jersey tri-state area.

Bergenfield, NJ –  June 9th, 2009 – American Foreclosures, Inc., http://www.americanforeclosures.com  is announcing featured foreclosure information provided to the New York Times in a full length article, http://www.nytimes.com/2009/05/17/nyregion/new-jersey/17mortnj.html?_r=1 .   American Foreclosures, Inc. offers updated foreclosure listings including bank owned homes (REOS), and government owned homes.  American Foreclosures, Inc. is the publisher of http://www.njlispendens.com , a NJ pre-foreclosure listing website also featured in the New York Times article.
Certain New Jersey counties have been harder hit by foreclosure than others and the local population is feeling the pressure of the mortgage crisis.  More than half of New Jersey’s counties have the highest foreclosure rate in the region.  Sub-prime home lending success and failure was shown to be linked to different ethnic groups in the area.

The foreclosure meltdown has been attributed to events ranging from Wall Street woes to the sub-prime crisis. Minority borrowers were caught in the housing bubble as mortgage fraud ran rampant in the sub-prime lending market.  The Obama administration has begun to tackle the crisis with the two month old Making Home Affordable program aimed at rescuing struggling, eligible borrowers.

For additional information about American Foreclosures, Inc. contact Joseph Fanning at jfanning@americanforeclosures.com or you can visit http://www.americanforeclosures.com and http://www.njlispendens.com
About American Foreclosures, Inc. – http://www.americanforeclosures.com  was founded in 1992 as a monthly listing service; a resource for home buyers and real estate investors, providing pre-foreclosure and bank foreclosure listings of distressed properties in New York & New Jersey.
About NJLisPendens.com – is a product of American Foreclosures, Inc.  Created in 1999, http://www.NJLisPendens.com  answers an increasing need for real estate professionals, real estate investors, and home buyers to locate current, dependable, and inexpensive leads with the ease of access that the internet provides.

June 4, 2009

American Foreclosures Inc on Twitter!

American Foreclosures Inc. Is now on Twitter. You can follow along and see the tweeting in action! You’ll get minute by minute foreclosure and reo news, tips, tricks, and tactics to help you find foreclosed properties at the best prices and locations. You’ll also be kept up to date on what is happening with American Foreclosures Inc’s other websites including. NJ Lispendens, (New Jersey pre foreclosures) NY Lispendens (New York pre foreclsoures), and Philly Lispendens. (Philadelphia pre foreclosures). Find mortages in default updated daily by trained foreclosures lis pendens experts. So many people are tweeting that even Opra is on it! Don’t hesitate to follow our Twitter account at http://twitter.com/amforeclosures

May 28, 2009

Buying a home in Northern New Jersey Bergen County

Westwood NJ homes

Picture courtesy of Robert Hammerstein

I’ve been looking for a home for a few weeks now in Northern New Jersey and it is a daunting process especially in my target county, Bergen NJ. As soon as I find a home that my wife and I like, we try to put a bid in on it but there is too much red tape when getting approved for every bid based on home property taxes, down payment amount, and the homes listing price. Some of the homes that we have looked at in our price range are down right dilapidated.  By dilapidated I mean that no one took any effort to clean and the houses smelled (least we forget mold).  With interest rates on homes at about 4.5 to 5 percent with pretty good credit (700 or above and based on your middle credit score if you’re married) first time home buyers are ferociously putting in offers on any home that is not run down. Some are even paying the original asking price or over because of the low rates. Let’s also not forget the eight thousand dollars promised at the end of the year for first time home buyers.
Real estate owned (REO properties) seem like a good bet especially since banks are so eager to get rid of the properties they own. They aren’t in the Real Estate buying and selling business.  I know I’ll need to be prepared to pay any inspection fees (500 o 600 dollars) to make sure that the house works, and if it doesn’t, the bid may have to be retracted or then I’d have to back out of the deal if I still could. I saw an amazing to good to be true REO property in Hillsdale NJ that I was going to bid on but when I asked my Realtor to look it up, it was sold already. Go figure considering that it was listed at only $298,000 and had 6 rooms, 3 baths, and an extra kitchen in the basement (making it rentable to tenants easily which could pay the taxes – they were only 6,500-*note see nj.com for average tax tables in New Jersey).  Pre-foreclosures and foreclosures are a good option for investors, but for a first time home buyer with an August deadline, they aren’t the best choice. This is given that you usually can’t look inside a foreclosure until you own it. This is certainly an adventure if you don’t have the budget to fix up the property. Luckily there are experts on the matter who know what to look for in buying pre foreclosures and foreclosures.  As my home buying process continues, I fall deeper into the endless abyss of buyers and sellers duking it out bid by bid in a buyer’s market (if you have the money and or credit).

May 20, 2009

Essex county New Jersey Foreclosure rate is the Highest : New York Times-(Americanforeclosures data) Article

Filed under: Uncategorized — americanforeclosures @ 1:21 pm

New Jersey and the rest of the tri state area has been hit extremely hard by the foreclosure crisis. The problem has hit heaviest in the state’s urban areas — cities including Newark, Paterson, Elizabeth and Willingboro — where most residents are black or Hispanic, according to an analysis by The Times of data from American Foreclosures Inc., publishers of NJLisPendens.com.   Blacks Hispanics have at least tripled the foreclosure rate for whites in the same New Jersey area.  Subprime lending given to blacks and Hispanics melted down faster than white subprime loans. “It’s like people just walked away,” said Frank Perry, 65, who has lived on Grove Street for 25 years, moving here when the area was filled with working-class families.   See the full New Jersey area New York Times article here. article here
Many Newark owners “acquired properties in a nefarious manner,” the mayor said. Others, like his landlord, “saw in our city a place to invest, and got caught in the greatest modern scam and housing bubble.”

May 12, 2009

How do I save money to avoid a home foreclosure?

Filed under: Uncategorized — americanforeclosures @ 4:49 pm
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When faced with a foreclosure, sometimes having just a few thousand dollars in the bank can mean the difference between foreclosing and keeping your property. It is important to put your costs in order.  Doing this will let you know what is needed and also what your costs are that you can do without. Putting your costs in order can help you cut down on unnecessary costs.  Paying for home repairs in cash is a great way to get in a discount offer.  Avoid paying the full amount up front  and pay the full amount when finished (paying half before and half when finished is a good way to go about this).  Buying used items can help you save on the costs of buying them new.  Make sure that you choose your contractors wisely. Contractors that do their work based on a fixed price will avoid any unnecessary surprises in your repair bills. Saving as much money as you can will greatly help you to avoid a foreclosure.

May 6, 2009

Home owners facing foreclosure are leaving pets behind

sad-dog

Foreclosures and pre foreclosures are a hard fact of life in a market economy. This means that family pets are going to be left behind in the foreclosure process when forced to move into a space that does not allow them. About fifty percent of pets are left behind at shelters. Even more disturbing, not all of them are even dropped off at a shelter! Families facing foreclosure are often so distressed that they forget, and this is bad news for the pet. A pet left in a foreclosed house can only survive a few days without water. If you see a foreclosed home nearby in your neighborhood, stop by and look in the windows and backyard for pets. If you see one don’t hesitate to call your local humane society. If you feel uncomfortable going in, call your local foreclosure Real Estate agent to look for you or look through the windows that you have access to.

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