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Buying a Home in a Distressed Market

Adam Letman Bailey is the author of “Finding the Uncommon Deal.” It is his belief that this is the best time to buy a home. Adam believes that the key to finding a good deal regarding the purchase of a home is to have the right information. In his book, “Finding the Uncommon Deal”, he talks about becoming an expert regarding the circumstances involved in your local real estate market.

He makes three specific recommendations: 1) Limit the geographic area in which you’re looking to buy a home; 2) For a short period of time, look intensely at that local market place; and 3) Look at as many properties as humanly possible.

Developing Your Own Expertise

Adam, in his book, suggests you develop your own expertise as to what is a good value in your local market place. For you to spot a bargain, you need to know what constitutes a bargain. He strongly suggests you limit your foray into the real estate market in to one or two local areas.

Distressed Properties

Adam suggests that if you’re considering buying a distressed property, contact the bank directly. See if they will talk to you and provide you with financing to buy a home they took back in foreclosure.

Credit Scores

Before even looking for a home, Adam suggests that you research your credit score. If you’re credit score is not up to par, it is important that you rehabilitate your credit score before applying for a mortgage.

Adam’s book suggests that the real estate market of foreclosed homes represents a unique buying opportunity for prospective homeowners. He believes you can buy homes for speculation and make huge profits or simply buy the home of your dreams at an extremely reasonable price.

Adam makes it clear that he does not believe the real estate market will come back for a long time. He advises in his book that if you buy a home, plan on living there for a minimum of seven years. He believes that real estate prices may continue to drop for several more years before they recover.

Foreclosure Defense

We are foreclosure defense lawyers. We help homeowners stay in their homes, even when they’re in foreclosure. We assist homeowners with mortgage modifications and mortgage modification programs that fail to meet their needs.

We litigate predatory lending issues, defective foreclosure lawsuits, defective mortgages and issues involving federal laws and foreclosure. We attend foreclosure court conferences on behalf of our clients. We discuss foreclosure related bankruptcy issues.

In the appropriate circumstances, we file Chapter 7 and Chapter 13 bankruptcies on behalf of our clients. We discuss with our clients why bankruptcy filings will be helpful to them and the types of bankruptcies available to them. Filing bankruptcy can stop foreclosures from moving forward and stop debt collection from collection agencies and collection lawyers. At the end of the bankruptcies, we can help our client in re-establishing credit. We appreciate your spending time on our foreclosure blog.

What Factors Can Positively Impact The Value of Your Home?

Impact The Value Of Your HomeFamilies with children look for good school districts. Most families want their children to be educated in the district that has the best reputation. Issues concerning the safety of the school district, college attendance of the school district, the quality of the internal structure of the schools, the reputation of the teachers in the schools and the overall feeling the family gets from speaking to real estate professionals and other individuals in the community concerning the schools plays a significant part in what families with children look for in a new home.

Commuting Distance

Men and women in Metropolitan areas, moving out of the inter-city, want to live in a suburban environment, but they do not want to travel too far to work. The time and distance involved in driving to and from a home to the prospective purchaser’s place of business has a major impact on where they will look to buy a home.

Price

The most important factor perspective purchasers will look at when buying a home is obviously its price! If the home is reasonably priced for the area, it is more likely to sell. Purchasers are looking for bargains. They’re aware of the glut of homes in the real estate market and if they buy in today’s market, they want to get what they want at bargain prices.

Local Relatives

In many families today, both the father and the mother work outside of the household. It therefore is important that they have a support system in their community. Having relatives or close friends in their local community gives them a support system, which makes it easier for the man and woman to work during the day.

Parks

Parks create green havens in a community. These green havens provide public space for families to utilize for recreation and social purposes. New home purchasers often drive around their community and are affirmatively impacted by attractive parks.

Bodies of Water

Many prospective homeowners would like to live on or near bodies of water. The body of water can be a river, lake or pond. Blue water in the distance creates a scenic look and recreational activities related to swimming, boating and water sports.

Americans want value when they purchase a new home. What is considered value in their local community is in the eye of the beholder.

Stop Foreclosure Now

The attorneys at the Law Offices of Schlissel DeCorpo handle foreclosure defense and other real estate related legal matters. They litigate defective foreclosure lawsuits and predatory lending issues, as well as defective mortgages. They are knowledgeable concerning the federal laws that deal with foreclosure. They attend foreclosure court conferences on behalf of their clients. The also assist their clients with mortgage modification applications.

Bankruptcy and Foreclosure

Filing either a Chapter 7 or a Chapter 13 bankruptcy stops foreclosure in its tracks. These bankruptcies award the homeowners with an automatic stay that not only stops foreclosure litigation, but also stops all other types of debt collection activity. At the end of the foreclosure proceeding, credit can be re-established and, in some situations, second mortgages can be eliminated by filing bankruptcy.

Call for a free consultation. At our initial meeting, with you we will discuss all foreclosure options. This is the Elliot Schlissel, Esq. foreclosure defense blog.

Foreclosure Defense in Valley Stream, Lynbrook, Baldwin, Malverne, Freeport, Oceanside, Long Beach, Elmont, Lakeview, West Hempstead, Hempstead, Merrick and Bellmore, New York

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We represent individuals throughout the New York Metropolitan area with divorce and child custody, personal injury, car accident, wrongful death, estate administration, nursing home and medicaid issues

The information you obtain at this website is not, nor is it intended to be, legal advice. You should consult an attorney for individual advice regarding your particular legal issue. This is attorney advertising.

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