Pros

 There are no liens or judgments to contend with, no homeowners or tenants to evict, no back taxes due, and accessing the home for evaluation or inspections is easy. All liens against the home are removed once it becomes an REO, and taxes are paid. The fact that the home has officially changed hands from the homeowner to the lender means that the lender has done all the work. With all the legal work completed, the complications of buying and the associated risks are removed.

 Most bank owned property are below market value. Lower down payments, better interest rates, reduced closing costs and a discount off the market value of the property, taken all together, make for a better than average home purchase. A properly structured deal will give you a low down payment, low monthly payments, and a low total price. For those looking to save money buying their first home, this is usually the way to go.

 Unlike properties at foreclosure auction, REOs can be inspected prior to contract, and are listed with real estate agents.

 While many foreclosures are often in deplorable condition, REOs are typically restored to at least a readily salable condition by the lending bank. The lender that owns the property will often offer financing with better deals than they would offer on traditional properties and will often provide an allowance for certain repairs.

 You can save money in your title search if you use the same title company that the lender used during foreclosure. REOs will often times include appliances

 Cons

 The biggest disadvantage of a Bank owned property is that you will not know much about the past history of the home. Another big disadvantage is that most Bank owned properties are not in good condition. You may need to call the gas, water & electric companies to get them turned on & also you will have to pay for all repairs.

In this year’s state legislative sessions, lawmakers targeted “foreclosure rescue scams” and “equity stripping schemes” for scrutiny, attempting to protect unwitting distressed homeowners from signing away what little they may have left.

In the past two years, lawmakers in about half of the United States have mandated consumer protections and fines for investors who violate the law. In many instances, these ongoing attempts to restrict real estate investors’ business practices are redefining the distressed property arena.

State Legislatures Tackle Foreclosure Rescues, Equity Stripping

This year, more states have passed laws geared to protect the interests of distressed homeowners and fine real estate investors who fail to comply with the law. These new laws sometimes impose greater regulation on investors than some of the earlier legislation enacted in other states. You will notice that in many states you can still do foreclosure consulting, but as I have always advocated, you must do it the right way!

Summaries of New State Laws

*Florida:
HB 643, now Chapter 79 in Florida law, requires foreclosure
counselors to provide a cancellation provision in written agreement and mandates that a title transfer must be included in a separate contract. This legislation takes effect Oct. 1.

*Hawaii:
HB 2326, now Act 137, also known as the “Mortgage Rescue Fraud
Prevention Act,” requires mortgage foreclosure counselors to provide specific information and disclosures to distressed property owners.
It also regulates “foreclosure rescue” business practices.

*Idaho:
SB 1431, now Chapter 192 in Idaho law, requires that all contracts be in writing when they residential houses in the foreclosure process.
It provides consumers with a five-day right of rescission. It also requires that a warning regarding foreclosure rescue scams is included in foreclosure notification papers and in all written
contracts.

*Iowa:
HF 2653, now law, regulates mortgage foreclosure consultant contracts and mortgage foreclosure reconveyance transactions. This law forbids foreclosure rescue companies from charging up-front fees.

*Maine:
LD 2189, now Chapter 596 in Maine law, has several key-provisions to regulate business practices and transactions aiming to protect
homeowners from equity stripping.

*Maryland:
HB 361, (Chapter 6) and SB 218 (Chapter 5), Provides for the contents of a foreclosure consulting contract; prohibits foreclosure counselors from arranging or participating in a “foreclosure rescue”transaction and specifies acceptable conditions for commissions. 
It also specifies that foreclosure counselors must be licensed real estate brokers who are directed to provide homeowners with research on the value of their homes.

*Nebraska:
Among other things, LB 123, also known as the “Nebraska Foreclosure Protection Act,” regulates foreclosure consulting contracts,generally requiring enhanced disclosure for homeowners and other consumer protections. The law also establishes prohibited actions for foreclosure consultants, contracts and transactions.                                            Meanwhile, LB 851 provides for foreclosure deeds of trust.

*Oregon:
Here, the legislature convened a special session to consider HB 3630, before it was promptly signed by the governor and became Chapter 19 of Oregon state law. This legislation defines duties and restrictions on foreclosure consultants. It establishes requirements regarding foreclosure counseling transactions, contracts and imposes stiff fines and penalties – including jail time, for violators.

*Virginia:
HB 408, now Chapter 485 in Virginia law, provides that entities who participate in or who service foreclosure rescues for profit with the intent to defraud consumers, are in violation of the Virginia Consumer Protection Act and subject to its prescribed penalties.

*Washington: HB 2791, now Chapter 279 in Washington law, requires
foreclosure rescue companies to provide a written contract that gives the original homeowner five days to get out of the deal. The legislation also provides that if the entity that takes possession of the house sells it, 82 percent of the equity must be returned to the original owner.

Hampton Road’s Premiere house buyers, known as the Community House Investors, seemingly don capes and leap single buildings to local homeowners desperate to sell their houses as quickly as possible. Most home owners do not have the time necessary to list their house for sale with an expensive Realtor or the time or experience necessary to try to sell their house themselves. It’s not easy to sell your house fast in “As IS” condition at a fair price, especially in this market. Thanks to home equity loans and troubled economic times, many homeowners are making double payments and need to get out from under one or more of those payments right away. Many more face foreclosure or are behind on payments, have lost a job or have to transfer from one job to another. Community House Investors have helped a number of these troubled homeowners out of bad situations. Is something like this happening to you? Do you need to sell your house fast and don’t have any equity to pay to a Realtor? Are you tired of being a landlord or are you facing a divorce and need to sell your house fast? Are you stuck in a situation you never thought you would find yourself in and have a need to quickly sell of a house? This can be downright frustrating for homeowners.

Never fear, the Community House Investors represents a network of pre-qualified investors with cash reserves. They can purchase houses in a matter of only days. Community House Investors are trained to evaluate each house that is for sale and make instantaneous recommendations for any house purchase. Because there are so many houses that need to be sold quickly, and because the reasons vary, Community House Investors find the right solution to any set of circumstances.

Community House Investors founder, EJ Harris, stated recently: “It’s one thing to play a superhero on TV or in the movies. We get to be superheroes in real life, at least occasionally. Every now and then a situation comes up where truly super-human efforts have to be mustered up in order to save someone’s home or to create a win-win solution for people wanting to sell their house fast at a fair price, even on the date of their choice.  Community House Investors realized they were some bad apples, that there were unethical investors who were taking advantage of homeowners who found themselves in a desperate financial situation. The goal of Community House Investors is to focus first on people and community rather than to focus solely on profit, so “we make it easy to get an offer fast, at a fair” “Check out http://www.757webuyhouses.com/instantcashoffer.php” says Harris. “When you need to sell your home quickly we will handle all of the paperwork and make all of the arrangements with no commissions taken.”

If you need to a sell house fast in Norfolk, Virginia, sell your home fast in Virginia Beach, Virginia or when you need someone to buy your home immediately due to job loss, a death in the family, or because you’re just tired of being a landlord or are facing a divorce, or for any reason, the Community House Investors will help you sell your house fast and will treat you fairly.  There are many ways for the Community House Investors to “buy” your house, the important thing is, “are you comfortable doing business with them?” If not, then don’t. You have nothing to lose by checking out your options. If interested in getting a fast and fair sale for your house, contact EJ Harris at the Community House Investors … Call: 757-593-1393 … and speak to a real estate professional that you can trust, or contact us online at http://www.757webuyhouses.com.  We buy houses in the Virginia Peninsula cities of Hampton, Newport News, Poquoson, York County- Yorktown, Williamsburg, and James City County as well as the Hampton Roads/Tidewater cities of Suffolk, Norfolk, Virginia Beach, Chesapeake, Portsmouth, Smithfield, Isle of Wight and Richmond, Virginia