      
 Planning on attending a real estate auction? Visit a credit union for financingPublished: Tuesday, November 25, 2008 Real estate auctions are a great place to purchase homes. Many of these homes are purchased for close to 30-40% below the original asking price. As a rule, attendees who plan on bidding must have their financing in order. Many of the auctions provide financing resources for attendees. However the smart thing to do is shop for your own financing to ensure you get the best rates and terms available. One of the best places to shop for a loan is a credit union. There are two reasons shopping at a credit union are smart; they have plenty of money to lend and they have excellent rates. In contrast to other lenders, credit unions have a responsibility to their members to make smart business decisions because credit unions pass back the profits. This is one of the appeals of becoming a member of a credit union. Federal statutes limit credit unions to lending solely to its members. This network of lending is what makes it possible for members to secure loans. In the earlier part of the decade, when other institutions were granting loans to unqualified borrowers, credit unions practiced responsible lending. One of the keys to securing a loan with a credit union is providing documentation. This was a stark contrast compared to lenders who granted loans to borrowers based on stated incomes. Don't operate out of fear. This is the worst mistake a buyer can make. You still can shop for a loan. Don't bite at the first offer. As a member of a credit union you can actually find competitive terms and rates. Unaffected by sub prime lending, credit unions can actually offer members better terms than other institutes. Buying a property from a home auction is just one way you can save money. Securing the smartest loan, not only saves money on the life of the loan, it can mean the difference of hundreds of dollars a month. Before you settle, take a visit to your local credit union. Becoming a member is as simple as opening a bank account. Real estate auctions are a great way to save money on property and using a credit union is a great way to save money on the financing. Other Recent ArticlesHome Buyer Tax Credit Extended Until April, 2010Category: Recent Articles Published: Thursday, December 10, 2009 The federal tax credit has been extended to April, 2010, including an expanded benefit to existing home owners who sell their homes and then repurchase a new primary residence valued at $800,000 or less. This could be the perfect opportunity for buyers who wanted to cash in on home auction bargains but were fearful of lower resales on their existing homes. 57,000 Foreclosures Remain in California – Lenders Scheduling More Home AuctionsCategory: Recent Articles Published: Thursday, December 03, 2009 The Southern California foreclosures market may be shifting, with fewer homes entering foreclosure than in previous quarters. However there are still 57,000 existing foreclosures statewide that need to be sold, and lenders are looking at foreclosed home auctions as a major tool to sell large numbers of foreclosures in a short amount of time. Southern California Foreclosures Still the Bulk of Home SalesCategory: Recent Articles Published: Friday, November 27, 2009 Southern California foreclosures still account for the bulk of area homes sales and lenders are finding real estate auctions the fastest and most efficient method of clearing their books of REO properties. Buying a home at auction requires a little prep work, however and the experts at homeauctionexpo.com share their insight on how to find the best auction properties.  November 2008
  S
M
T
W
T
F
S
 CategoriesBlog Roll & Resources
|
