Chris Cantell Discusses - Real-Estate Live: Lender-Owned Homes May Be Bargains, But They're Hard To Buy

by Lucia Hrusovska

Have you ever tried to buy a foreclosed house? If yes, you definitely must know, that it is not so easy deal as it could seems on the first sight. It is necessary to be patient and calm, especially when you are about buying house straight from a lender. These days, particularly thanks to decrease in prices of real estates, many agents report, that more and more investors are interested in obtaining real properties this way. However, this process is neither simply nor quick by far. Most of times, lenders, who sell these properties are just delegates or agents, not really owner. They interpose communication between the real owner and potential buyer. Jim Richman, president of Richman & Associates, a real estate restructuring firm in Glendale, said that the lender dos not have to tell you who you are doing business with, and mostly the real owner stay hidden during the all dealing time. As Richman said, when you already make an deal and decided to buy a house, realtors are used to 24 to 48 hours to complete an offer, and when banks are also integrated in this transaction, it can possibly take 24 to 48 days. There are some prediction that federal government may step in for what remains and compel lenders to sell off the properties, what may cause big collapse of pricing in the future though. According to the information which were provided by the Mortgage Bankers Association, foreclosures are still mounting. Celia Chen, director of housing economics at Moody's
Economy mentioned, that they adding to inventories and retrain an ability of home prices to rise.

related story: http://www.investors.com/editorial/IBDArticles.asp?artsec=27&issue=20080410

by Lucia Hrusovska for PocketNews (http://pocketnews.tv)

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Edited by: Maria Zitnanska