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Using ForeclosuresMass.com
Can Ease Mortgage Woes for Investors says one Mortgage Company President
by Gary Yi, Secure Mortgage Corp.
Gary Yi, President of Secure Mortgage Corporation is a very busy man these
days. Lower interest rates have caused a boom in purchases and refinancing.
His company closes 50 loans per month through offices in Framingham, Taunton,
Haverhill and Quincy.
According to Yi, there are some tricks to buying foreclosed
property that could make the process easier if you are looking for financing.
“The key is to try to get to the property before the auction stage,” says
Yi, “which is one of the advantages offered by ForeclosuresMass.com. “At
this point, you are basically doing a standard purchase and sale. The fact
that someone is still living in the property makes our inspections easier,
and the process quicker in general.
Says Yi, “Once a property is at the
auction stage a few difficulties arise. First, you need the cash up front and
need to bring a check to the auction.
The entire transaction must be done within thirty days. Usually the utilities
have been turned off, so they would need to be turned on before inspection.
And since the purchase must be made within a specific time limit, it can
get pretty tight to get this all done plus get your mortgage approved.
* Next 37 17 investors only!
The fact that
all of the lien holders attend the auction doesn't make it any easier. My suggestion
would be to try and deal with them before the auction
process if you are buying the property.”
Yi feels the best way to secure financing in this case would be through private
investors, personal funds, etc. “But if you can get to these properties
before the auction, more bankers would will be willing to make the deal.
You would also have a lot more financing options. Companies like Secure Mortgage,
for example, would also feel more comfortable giving you a better rate.”
“The fact that ForeclosureMass.com allows you to find the properties
before they go to auction through their constant information updates, is 100
times better,” Yi adds.
Gary Yi can be reached at Secure Mortgage Corp.
at 508-405-1950.
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