New York Foreclosure Listings - The Best Deals Out There
If there's one location in the country that is always in demand for a wide range of different kinds of real estate, it's New York. And buying the best properties in this great state can be incredibly simple and affordable when you learn to buy them through New York foreclosure listings.
New York state has it all, from picturesque rural areas in the north, to the one and only Big Apple in the south. No matter what kind of home you’re looking for or for what reason, you’ll find it here. New York City is one of the few places in the country where real estate is constantly in extremely high demand. Over the past decade alone, the city and its boroughs have seen incredible development and growth, driving up property values all over. Investing in an apartment, home or business property here would be an extraordinary opportunity, because the chance for appreciation in value and profits on sales in the future is practically guaranteed.
If you’re looking for a place to live for you or your family, you can’t beat the cultural and economic resources New York has to offer. If you’re looking for something a little slower paced, scenic Westchester County is home to beautiful suburban towns within short distances of the city, making it handy for commuters. Further north and west, Buffalo, Binghamton and the capital city of Albany are all great places to raise a family, and truly offer some gems when it comes to great real estate. New York also has more than its share of beautiful rural scenery and vacation spots, from the rugged terrain of the Finger Lakes and Catskill Mountain regions to the resort town of Saratoga Springs. New York foreclosure listings offer the buyer the chance to buy great homes in all of these incredible locations, but for way below their actual market value!
Buying New York real estate foreclosures is the perfect chance to make a great real estate investment even more valuable. Since these unique properties are being sold by mortgage lenders as a means of collecting the debt owed by a defaulted homeowner, it’s often possible to find huge discounts when they are sold through auctions and other public sales. Since a lender only needs to sell a defaulted home for a portion of its actual value in order to collect enough to cover their losses, they will often allow for these properties to be undersold simply to encourage a sale. In fact, most investors and homebuyers using New York foreclosure listings to find homes end up savings anywhere from 10 to 50% off market price when they buy! This means an incredible chance for savings for new homeowners, and an even greater margin for profits if you’re a real estate investor! New York real estate foreclosures allow you to jump into the market in a great position, so that you can get the most out of your purchase.
Foreclosure Investing is one of the smartest ways to buy real estate these days, and best of all anyone can learn how to do it. While some are turned off prematurely by the idea of handling a sale without an agent, as long as you know how to find the kinds of homes you want, buying is a cinch. Try starting with a foreclosure list to get a good idea of everything that’s available locally in the area that interests you. Using listings gives you the opportunity to view homes before visiting them, so you can focus on the right properties from the start. Learn more today and buy your next property through New York foreclosure listings!
Bob Smith is a freelancer but regularly writes for http://www.foreclosuredatabank.com
Article Source: http://EzineArticles.com/?expert=Bob_Smith_II
Saturday, July 7, 2007
What Do You Mean It's Not My House? - Why Title Insurance Is More Than Just Another Good Idea
Tucked in among all your other closing costs when you buy a house you’ll probably find a charge for “title insurance”. If you’re taking out a mortgage to buy a house, your lender will insist that you take out title insurance. This is more than just one more nuisance charge levied by people who are determined to make a few extra bucks on your home purchase. Title insurance offers you some real, tangible security in the event that there’s ever a problem with the title to your home.
But I thought that’s what the title search was for… When you agree to buy a house, you want to be sure that the person selling it to you actually has the legal right sell it. The information about who has rights of ownership to a piece of property may be scattered in all sorts of different places. The way that you find out who can buy and sell the property is to hire an experienced researcher who understands all the things that can affect the transfer of a title from one owner to the next.
Because the information is so scattered, though, there is always the chance that some little bit of information might not be recorded or found.
Really, though, what could go wrong with a title?Let’s just say, you’d be amazed. We’ve heard stories that range from the bigamist’s first wife having a claim on the house to the fast-talking con artist who forged ID papers and sold a family’s home while they were on vacation. Most title disputes have far more boring causes – an old homeowner’s loan that wasn’t paid off, a clerk’s mistake in filing a document or a dispute arising from a mismarked property line.
So what does title insurance cover?When you take out title insurance, the insuring company will do a full search of the title records to be sure that they are free and clear, but there’s always the possibility that they missed something. If they did, they promise to pay any costs arising from the title challenge and to reimburse you for any losses you incur because of it. In other words, if someone does show up with a claim against your deed, the insurance company will pay the legal costs of defending against the claim. If you lose, they will pay off the cost of the house.
Okay, so what’s with the “lenders insurance” and “buyers insurance”?There are two kinds of title insurance. Mortgage lenders require only that you buy “lenders insurance” because they’re looking out for THEIR interests, not yours. In the event that a successful claim is made against your ownership of your house, lenders insurance will pay them any money outstanding on your mortgage. You, however, are out any money that you’ve already paid on the house, including your down payments.
Owners insurance covers the entire purchase price of the house. If there is a claim against the property, the insurance company will reimburse you any money that you’ve already paid toward your mortgage and pay off the remainder of the mortgage so that you’re not liable for continuing to make the payments on a house that you don’t own.
How do I pay for title insurance?You’ll pay for title insurance as part of the closing costs of your house. It’s a one time premium that will cover you for as long as you own your home, as long as the claim arises from something that happened before the title search was done. There are no monthly payments – pay once, and you don’t have to worry about it again.
It’s worth it, wouldn’t you say?
Calum and Kathy MacKenzie are experienced and professional Tampa, Florida real estate agents who specialize in helping families relocate to the Tampa area. They've lived and worked in New Tampa for eleven years, and their extensive knowledge of New Tampa real estate can help make relocation a breeze.
Article Source: http://EzineArticles.com/?expert=Calum_MacKenzie
Tucked in among all your other closing costs when you buy a house you’ll probably find a charge for “title insurance”. If you’re taking out a mortgage to buy a house, your lender will insist that you take out title insurance. This is more than just one more nuisance charge levied by people who are determined to make a few extra bucks on your home purchase. Title insurance offers you some real, tangible security in the event that there’s ever a problem with the title to your home.
But I thought that’s what the title search was for… When you agree to buy a house, you want to be sure that the person selling it to you actually has the legal right sell it. The information about who has rights of ownership to a piece of property may be scattered in all sorts of different places. The way that you find out who can buy and sell the property is to hire an experienced researcher who understands all the things that can affect the transfer of a title from one owner to the next.
Because the information is so scattered, though, there is always the chance that some little bit of information might not be recorded or found.
Really, though, what could go wrong with a title?Let’s just say, you’d be amazed. We’ve heard stories that range from the bigamist’s first wife having a claim on the house to the fast-talking con artist who forged ID papers and sold a family’s home while they were on vacation. Most title disputes have far more boring causes – an old homeowner’s loan that wasn’t paid off, a clerk’s mistake in filing a document or a dispute arising from a mismarked property line.
So what does title insurance cover?When you take out title insurance, the insuring company will do a full search of the title records to be sure that they are free and clear, but there’s always the possibility that they missed something. If they did, they promise to pay any costs arising from the title challenge and to reimburse you for any losses you incur because of it. In other words, if someone does show up with a claim against your deed, the insurance company will pay the legal costs of defending against the claim. If you lose, they will pay off the cost of the house.
Okay, so what’s with the “lenders insurance” and “buyers insurance”?There are two kinds of title insurance. Mortgage lenders require only that you buy “lenders insurance” because they’re looking out for THEIR interests, not yours. In the event that a successful claim is made against your ownership of your house, lenders insurance will pay them any money outstanding on your mortgage. You, however, are out any money that you’ve already paid on the house, including your down payments.
Owners insurance covers the entire purchase price of the house. If there is a claim against the property, the insurance company will reimburse you any money that you’ve already paid toward your mortgage and pay off the remainder of the mortgage so that you’re not liable for continuing to make the payments on a house that you don’t own.
How do I pay for title insurance?You’ll pay for title insurance as part of the closing costs of your house. It’s a one time premium that will cover you for as long as you own your home, as long as the claim arises from something that happened before the title search was done. There are no monthly payments – pay once, and you don’t have to worry about it again.
It’s worth it, wouldn’t you say?
Calum and Kathy MacKenzie are experienced and professional Tampa, Florida real estate agents who specialize in helping families relocate to the Tampa area. They've lived and worked in New Tampa for eleven years, and their extensive knowledge of New Tampa real estate can help make relocation a breeze.
Article Source: http://EzineArticles.com/?expert=Calum_MacKenzie
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