Oct. 29, 2009 (Business Wire) -- FrontDoor.com gets into the Halloween spirit this week to help consumers save time and money navigating the foreclosure market. Foreclosure treats – like Halloween candy – are readily available, but homeowners and buyers should also be wary of hazardous foreclosure tricks. HGTV’s FrontDoor.com offers a guide for avoiding the tricks and taking advantage of the treats in today’s burgeoning market.
(http://www.frontdoor.com/buy/HGTV-FrontDoors-Foreclosure-Tricks-and-Treats/55310)
Foreclosure Tricks to Avoid
1. Every foreclosure is a bargain – Just because a house has a cheap price tag, doesn’t mean that it will be a good investment. The true cost of the home should include any needed improvements and repairs.
2. Buying a foreclosure property is like buying any other property – Foreclosure deals usually involve multiple parties and specific laws. Don’t trust just any real estate agent; seek out a foreclosure expert.
3. Going into foreclosure is better than paying a mortgage you can’t afford – Foreclosure has major legal, tax and credit consequences and should be a last resort. Act quickly to contact the mortgage lender and attempt to work out an action plan if financial constraints are on the horizon.
Foreclosure Treats to Enjoy
1. Homeownership is affordable – There really are well maintained foreclosure properties out there, some for as little as 50% below their market value. The flood of foreclosures is making homeownership an increasingly viable option.
2. Banks are motivated to get rid of their inventory – Banks want to get non-income-producing properties off their books as quickly as possible which translates to competitive pricing for consumers. Building relationships with a lender’s REO (real estate owned) department can help when the time comes to make a deal.
3. The right foreclosure can be a good investment – Whether a foreclosure purchase is destined for renting or flipping, the right property can be profitable. It’s important, however, to do all the necessary research just as if it were a traditional property.
About FrontDoor.com
FrontDoor.com (http://www.frontdoor.com) is an online real estate information service powered by HGTV, the No.1 source for home-related media content. The site currently offers more than 4 million listings of homes for sale. In addition to providing users with the latest real estate listings, FrontDoor.com houses expert HGTV advice and videos along with original Web series and a comprehensive library of features, tools, guides and information. Users can also interact with FrontDoor through Facebook and Twitter.
FrontDoor.com is run by Scripps Networks Digital, a diversified multi-platform programmer that delights millions daily with award-winning content in the home, food and living categories. Scripps Networks Digital’s Web sites -- HGTV.com, FoodNetwork.com, DIYnetwork.com, FineLiving.com, GACTV.com, Recipezaar.com, HGTVPro.com, FrontDoor.com; and the newest Food2.com -- are powered by engaging content, interactive tools and social spaces that take fans of Scripps Networks cable brands further into the story and offer online users information and inspiration to fuel their passions. SN Digital also distributes content to mobile and online partners, providing lifestyle solutions virtually anywhere, anytime.
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