Buying an REO Home

Posted on September 14, 2011 by Susan Barton

Inspecting an REO home.

The state of the current economy has left many banks with no choice but to foreclose on many home loans.

Despite what people may think, banks aren’t in business to repossess homes.

The longer a bank-owned, or REO (Real Estate Owned) home,  sits empty, the longer it remains a loss for the lender. It’s in a bank’s best interest to sell foreclosed homes in order to recover the unpaid loan amount. This makes REO homes a financial bargain for real estate investors and home buyers. Potential buyers need to some research, but the effort can pay off.

Purchasing an REO at auction

When a bank or other financial institution forecloses on a home they’ll often attempt to sell the home at auction.  Auctions usually attract home “flippers” and seasoned real estate investors. There are many online websites listing upcoming property auctions where potential home buyers can search for local auctions. However, many of these sites charge a fee. Buyers can contact their local county tax department for free information on dates, times and properties in their area.

Auctions are often considered a risky method of purchasing an REO home. Some risks include:

  • A home inspection cannot be conducted on the home. Bidders have no way of knowing if it needs any costly repairs.
  • Winning bidders must pay cash on the spot. Financing is not an option.
  • Buyers cannot purchase title insurance. Winning bidders are responsible for any liens, second mortgages and back taxes on the property.
  • It becomes the winning bidders responsibility to evict any tenants or residents.
  • Over bidding and purchasing a home for more than it’s worth.
  • All sales are final.

Approaching a bank directly

Sometimes an auction is unsuccessful because either there were no bidders or bids were too low to cover any outstanding loans. The bank then takes possession of the home and the title is cleared. The bank makes any necessary repairs on the home and property. Banks realize this generates greater interest in the home. This, of course, is a great financial benefit to potential buyers and poses practically no risk to the home buyer. Potential buyers can:

  • Have the home inspected before making an offer.
  • Obtain financing directly through the bank
  • Be assured there are no liens against the home. (This saves time and money on having to do a title search)
  • Avoid having to evict any current residents.

Prospective home buyers should consider approaching local banks directly to ask about their REO home programs and listings. Banks are usually more than happy to give information about foreclosed homes and can provide a lot of helpful information to consumers.

Besides approaching banks directly you can do an internet search. There are many online databases where consumers can search for REO homes. Purchasing an REO home from the lender is convenient because the can assist you with financing.


Compare home prices

When you’ve located a foreclosed home and wish to make an offer you should do some preliminary work first. Compare the asking price of the home with other homes in the area to be sure asking price is reasonable. Check with the local county  tax office to get an idea of the average area home values. You can also go online to check average home listing prices.

Getting the REO inspected

A home inspection should always be conducted on a home before making an offer. The condition of a home can greatly influence a home’s value. Be sure to choose a licensed home inspector if your state requires it. At the very least, you should hire an inspector who is accredited through a professional organization, such as NACHI, ASHI, or NIBI. A qualified home inspector will evaluate the home’s condition and identify items that require replacement or repair. He will also estimate the life of the heating and cooling system, plumbing and electrical wiring.

Home inspectors do not appraise houses. Before making an offer it’s wise to have the home appraised. The cost to hire a professional appraiser depends on the size of the home, the location and the type of structure. Generally, a home appraisal should cost between $200 and $250 for an average-sized home, but can vary by location. This is money well spent, since you want to avoid overpaying for a foreclosed home.

Consulting a Realtor

Purchasing an REO home can be a complex, involved process that usually requires more paperwork than is necessary when purchasing through a traditional sale. Working with a real estate agent, experienced in REO home sales, can save the average home buyer a great deal of time, effort and money.

 

Posted in Real Estate Investment | Tagged , , , , , , , , , | Leave a comment

Bright Hub Fired Me. Seriously?

Posted on August 31, 2011 by Susan Barton

I like to keep my writing options open. There’s certainly no shortage of article content sites online. When I decided to apply to Bright Hub I knew I’d only be making a measly $15 per 750 word article, but I went for it anyway.

The powers that be at Bright Hub approved me to write for two “channels”. This is just Bright Hub speak for “subjects”. I wrote two articles, was complimented nicely by the copy editors who received my articles for editing. No edits were required and all was going well. In fact, I commented to my husband how refreshing it was to write for a site who didn’t expect a thesis-quality document in exchange for $15.

I completed my last, and seemingly final, article, “Retaining a Multigenerational Workforce”. It was thoroughly researched, written and included impressive resources. The completed article contained just over 1000 words. I was happy with the result and submitted it.

Shortly after submitting the article, I received a request to rewrite the entire article. It seems the copy editor who received my article felt I had not addressed the “keywords” properly. Bright Hub is VERY big on keywords. They make a great deal about HTML and META tags. She also stated the article was “too general”. An article with over 1000 words, addressing each of the four generations that now make up the current workforce, addressing how employers could and should attract workers of all generational groups, but this editor (who typically writes crafting articles) was saying my article was too general. Not only are writers required to extensively research some fairly involved subjects, but we are expected to be proficient in keyword usage. And, this is all, as I’ve mentioned, for $15 for an article that is at least 750 words.

I begged to differ with the editor’s assessment of the article. I consider myself pretty darn knowledgeable on SEO techniques; having written SEO content for private clients for quite some time now. I respectfully disagreed with the editor and expressed my opinion that I had written the article with as much information as was available. I told the editor that I didn’t intend to completely rewrite the article and wished to return the assignment to the queue.

The next day I received a curt response from the managing editor, Michele McDonough, informing me that she agreed with the editor. In addition, and to my utter surprise, she advised me that she was taking away my “channel options”, basically firing me.

I don’t recall reading this punishment in any of Bright Hub’s guidelines. I sat faithfully through the ridiculous Learning Hubs required of all new writers. I don’t remember seeing the little cartoon character telling writers that if they dared disagree with an editor or returned an article to the queue we would be stripped immediately of all writing privileges. For all I know, Ms. McDonough could be establishing these rules as she goes along.

I contemplated sending a message, but didn’t feel I could do so without injecting a bit of umm, sarcasm (perhaps suggesting Ms. McDonough get acqainted with my friend Jenny Craig). I decided to just let it go. I did enjoy working with the previous editors. They were quite pleasant. I didn’t enjoy writing long, extensively researched articles for pennies, however. I also didn’t enjoy the once-per-month payout either.

Even if I were somehow successful in having my writing privileges returned who’s to say this kind of thing wouldn’t crop up again. Ms. McDonough seems to have quite a few “channels” under her and I honestly have no desire to communicate with her again.

How about other writers? Do you have any experiences writing for Bright Hub? I’d love to hear from you.


Posted in Bright Hub Sucks | Tagged , , , , , , , , , | 1 Comment

What Not to Buy at a Yard Sale

Posted on August 12, 2011 by Susan Barton

Summer is winding down and kids are getting ready to go back to school, but yard sales are still going strong. Die hard yard sale goers know exactly when and where to find the best deals. Armed with maps and newspaper ads they often head out at the butt crack of dawn hoping to get the best deals first. While some really great deals can be found at yard sales, a lot of dangerous items can be found among the piles of castoffs. Knowing what to look out for can mean the difference between finding a good deal and finding a potential hazard.

Baby Items

Most people who sell items at yard sales are doing so because the items are old, outdated and not-so-gently used. This makes some items questionable as far as safety goes. Buying a crib at a yard sale to save money is almost always a bad idea. There are many new standards for crib safety nowadays, making an older model a safety hazard.

The same goes for car seats. Once again, safety standards have changed for car seats over the years and this makes the older seats found at yard sales questionable. Parts and mechanisms can also deteriorate over years. Unless the car seat looks like a recent model, it’s best to pass this by.

Bike Helmets

Plastic bicycle helmets deteriorate over time due to wear and exposure to the elements. The cost of a new bicycle helmet is affordable enough to forgo buying a used one. Many police departments and other community organizations have free bicycle helmet programs available to consumers.

Toys

Many older toys contain toxic levels of lead paint. The same goes for a lot of children’s jewelry. If your child really wants a toy he or she spots at a yard sale and you decide to buy it you can purchase a lead kit for under $10. If the toy contains lead throw it out.

Children’s clothing

You can find some excellent deals on children’s clothing while perusing local yard sales. Just be sure to remove any drawstrings if possible. If it’s not possible to remove the drawstring then don’t buy the article of clothing. Drawstrings on children’s clothing presents a choking hazard. Even older children have been strangled when their clothing drawstrings have gotten caught in school bus doors and on playground equipment.


Posted in yard sales | Tagged , , , , , , , , , | Leave a comment

Summer’s Eve Hail to the ‘V’ Commercials Sexist

Posted on August 4, 2011 by Susan Barton

See the commercial and commentary here.

Posted in Uncategorized | Tagged , , , , , , , , , | Leave a comment

WalMart and Professionalism? Seriously?

Posted on July 23, 2011 by Susan Barton

 

 

 

 

 

 

 

 

 

I just had to share this notice, recently posted for the benefit of Wal-Mart associates. First, I’m just happy when I can actually find an associate to assist me and really don’t give a darn what they’re wearing. I’ve come across more than a few rude, unfriendly, completely “I-don’t-give-a-crap” associates (a term I detest) at Wal-Mart than I can shake a stick at and can honestly say I haven’t noticed what they were wearing. Many, many retail companies allow workers to wear jeans and has no impact on performance, nor does it matter in the least to me as a customer.

Additionally, if Wal-Mart paid their associates a decent wage perhaps they’d be better able to afford more “professional” clothing. And, is it really necessary to include so many darn exclamation points on this “unprofessional looking” sign? Finally, where’s the Spanish version? If Spanish were my first language I’d continue to wear jeans to work until management included the same crappy sign in my native language.

Posted in Walmart | Tagged , , , , , | Leave a comment

Casey Anthony Sued By Texas Non-Profit

Posted on July 15, 2011 by Susan Barton

  Not only is Casey Anthony being sued by the real Zenaida Gonzalez for defamation of character, now America’s most hated mother is being sued by a Texas-based nonprofit group seeking to recoup the reported $100,000 plus that was spent on a massive search for Caylee Anthony in 2008.

 Texas Equusearch ( TES), under the legal advice of legal counsel, filed a civil suit on 7/12/11 against Anthony in her home state of Florida. According to the complaint, TES is considered “a highly regarded non-profit organization dedicated to the search and recovery of missing persons in cooperation with law enforcement.”

 The suit goes on to allege that Casey Anthony made ongoing misrepresentations to  TES and its founder, Tim Miller, which forced TES staff and volunteers to engage in a costly, time-consuming search for Caylee Anthony.  The organization also alleges that not only did Casey’s false information cause them to spend a great deal of time and money, she diverted TES resources from helping those in true need of their services. The lawsuit gives specific information why they are seeking these damages.

 There are reports that Casey Anthony is planning to move to the Houston, Texas area after getting cosmetic surgery and has plans to write a book. It’s comforting to know that there are people already waiting in line to take the blood money out of her hands before she has the chance to spend it. It will be interesting to see how this latest turn of events will unfold in the coming months.

Not only is Casey Anthony being sued by the real Zenaida Gonzalez for defamation of character, now America’s most hated mother is being sued by a Texas-based nonprofit group seeking to recoup the reported $100,000 plus that was spent on a massive search for Caylee Anthony in 2008.

Texas Equusearch ( TES), under the legal advice of legal counsel, filed a civil suit on 7/12/11 against Anthony in her home state of Florida. According to the complaint, TES is considered “a highly regarded non-profit organization dedicated to the search and recovery of missing persons in cooperation with law enforcement.”

The suit goes on to allege that Casey Anthony made ongoing misrepresentations to TES and its founder, Tim Miller, which forced TES staff and volunteers to engage in a costly, time-consuming search for Caylee Anthony. The organization also alleges that not only did Casey’s false information cause them to spend a great deal of time and money, she diverted TES resources from helping those in true need of their services. The lawsuit gives specific information why they are seeking these damages.

There are reports that Casey Anthony is planning to move to the Houston, Texas area after getting cosmetic surgery and has plans to write a book. It’s comforting to know that there are people already waiting in line to take the blood money out of her hands before she has the chance to spend it. It will be interesting to see how this latest turn of events will unfold in the coming months.


Posted in Casey Anthony, Caylee Anthony, Caylee's Law | Tagged , , , , , , , , , , | Leave a comment

Netflix, We’re Not Married to You

Posted on July 14, 2011 by Susan Barton

With many brick and mortar video rental companies deciding that it’s become nearly impossible to compete with Netflix and Redbox and therefore permanently closing their doors, consumers now have less options when wanting to have a spur of the moment movie night.

A night at the movies ain’t cheap

Many families choose not to go to the movie theater to see the latest flicks because, frankly, it’s too darn expensive. The average price of  a movie ticket is $10 for adults and $7.50 for children. Add to that the cost of popcorn, snacks and drinks and you’re talking well over $60 bucks for a couple of hours of entertainment. Entertainment that may or may not actually be, well, entertaining.

Netflix raises their membership fees

So when Netflix came along and offered families the convenience of ordering movies from the comfort of their own homes via the internet, many people jumped on board. And not only was Netflix offering hundreds of movies for a monthly membership fee of under $10, they were also offering members the ability to stream movies instantly to their television or PC. Quite a bargain for the average family. Until Netflix very recently decided to up their membership prices and separate their streaming and DVD rentals in to two different memberships with two separate fees. Not such a great bargain any longer Netflix. Personally I was never impressed with the streaming aspect anyway, as titles were fairly limited with this option.

Redbox to the rescue

Then Redbox came on the scene, at first with limited movie titles and now with a pretty darn good selection. For an incredible price, just one dollar (plus tax), consumers can visit a Redbox location of their choice and rent a movie using a debit or credit card. And, there’s no membership required. True, some Redbox kiosks are located outdoors and you might have to stand in the blazing sun or pouring rain, but, hey, it’s a dollar. Although every one of the outdoor locations I’ve ever seen is tucked nicely under a building’s overhang. Most Wal-Mart stores now have a Redbox kiosk located inside now (wonder how many dollars Redbox has to toss greedy Wal-Mart for this consideration).  What’s also great about Redbox is you can visit their website to see if a particular movie is available at specific kiosk near you before you even leave the house.

Pay-per-view and porn

If you don’t want to leave the comfort of your own home to watch a movie you also have the option of renting a movie on demand directly from your cable or satellite provider. The average movie rental costs around five bucks. With cable or satellite you also have the ability to watch other pay per views like sporting events and porn. On a side note, and speaking of porn, a recent study expects this pay per view market to be worth a whopping $1.4 billion by 2014. Unless you want to visit your friendly neighborhood adult store, pay per view is currently the only place to discretely rent porn movies. Maybe this will be the next Netflix move?

Take that Netflix!

So, take that Netflix. Customers have other options and aren’t exactly married to you. Many long-time Netflix members are already cancelling their memberships. One has to wonder what Netflix was thinking when deciding to up their membership prices at a time when consumers are frantically looking for ways to cut back on luxury expenses like family entertainment.

 

 


Posted in movie rental, Netflix | Tagged , , , , , , , , , , , , , | Leave a comment

Caylee’s Law, How You Helped

Posted on July 14, 2011 by Susan Barton

 

I wanted to share an email I received from Change.org (below) telling us all how we were able to band together, 1.19 million people strong, and start an important change. We do have the power to make a significant difference in our lives, our society, and in our own world. I invite you to visit the Change.org website to see the other ways you can let your voice be heard. Or, you can start your own petition for change. If you haven’t already signed the petition , you can do so by clicking on the link to the right. Power to the people!

Here’s the email:

Dear Susan ,

One week ago, Casey Anthony’s acquittal frustrated Americans who felt justice had not been served. One woman from Oklahoma turned that frustration into action on Change.org.

She started a petition and shared it with her friends, who shared it with their friends, and so on. Now we see the results: 1.19 million people have signed the petition for Caylee’s Law — which would make it illegal not to report a missing child. CNN, ABC, and hundreds of other news outlets have covered the campaign. And 29 states have now proposed “Caylee’s Law” legislation.

That’s the power of Change.org. Through our online platform, ordinary people like you and me can start petitions that have the power to spark incredible change.

Over the next several days, you’ll start to hear about other campaigns from Change.org that we think will be of interest to you.

And if you have an issue you care about — a policy in your town, a practice by a business, or anything else — you now know that change is possible. Start a petition on Change.org and see what you can change.

What you did for Caylee’s Law is amazing. I can’t wait to see what you’ll do next.

Onward,

Patrick and the Change.org Team

Posted in Casey Anthony, Caylee Anthony, Caylee's Law | Tagged , , , , , , , , , , , | Leave a comment

Stupid Girl Says She Doesn’t Support Our Troops

Posted on July 12, 2011 by Susan Barton

Stupid moron speaks

Click the link above to see the YouTube video: This little idiot gives a rambling “explanation” why she doesn’t support our men and women who are defending her freedom. The best she can do to support her reasons are that these self-less individuals are “dumb” and “ignorant”. Her rant is probably one of the most DUMB, IGNORANT ramblings I’ve heard in a very long time. Maybe we can take up a collection to send her to Afghanistan and leave her there?

Posted in anti-american rants | Tagged , , , | Leave a comment

A Bad Credit Rating Could Be Costing You A Job

Posted on July 11, 2011 by Susan Barton


With the unemployment rate at 9.2 percent and the economy at an all-time low, finding a job is becoming a difficult task. For every job opening there are hundreds of applicants and candidates need all the help they can get. But, many job seekers don’t realize their credit ratings could be sabotaging their chances of getting a job.

Most consumers know their credit reports are scrutinized when applying for loans, credit cards and mortgages, but many people don’t know employers often do the same background checks on job candidates. And this practice is perfectly legal. There are certain laws employers must follow but the likelihood of being turned down for a job because poor credit, bankruptcies and a variety of other damaging information is becoming greater than ever before.

Your consumer report has a lot of personal, sensitive information including in it. If you don’t know what’s in your report, now is the time to order a copy. The government requires all three major credit reporting companies to supply consumers with one free report per year. You also have the legal right to order a free report whenever you’re turned down for credit. Consumers should never have to pay for their consumer report.

For more information, advice and tips visit read this article. It tells where to order a report and what employers can and cannot do with your consumer report.

Posted in consumer report, job search | Tagged , , , , , , , , | Leave a comment