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Out of touch with foreclosures
Most homeowners who are about to lose their residences at foreclosure sales aren't friendly to prospective foreclosure sale bidders. Some of the information in what should have been an outstanding book is downright wrong. To illustrate, on foreclosure sale buyers, McLean says, "The bidder must then hold the certificate for one year before he will be issued the deed to the property." That's not correct for the majority of states. Most defaulting borrower redemption periods after a mortgage foreclosure sale are much shorter, often around six months. There is usually no redemption period after a trustee's sale on a foreclosed deed of trust. The book should have included a state-by-state chart of redemption periods. Only approximately half of the book is about acquiring properties at the three stages of foreclosure sales. The balance of the book is about other topics, such as mortgage finance and how to manage real estate investments. I'm sure I've read much of this irrelevant material in McLean's other real estate books. To put it diplomatically, much of the information is out of touch with today's realities. For example, in the chapter about financing, McLean says, "Rule of thumb: Refinance your existing mortgage loan when the market rate for new mortgage loans is at least 2 points below the rate on your existing loan." What does that have to do with acquiring foreclosures? Where has McLean been for the last 10 years, when it paid to refinance to reduce payments even when interest rates dropped as little as one-half of 1 percent? But it gets worse. In a chapter about renting foreclosure properties to tenants, the author says, "For example, your sign might say 'Vacancy, 1-bedroom, Kids OK' or 'Vacancy, 2-Bedroom, Adults Only.' " That is a flagrant violation of the federal Fair Housing Act, and most state fair-housing laws, which prohibit discrimination based on family status. If you want to learn the basics of foreclosure sales procedures, this book is a very basic starting point. But don't take everything you read in it to be the gospel truth. To illustrate, the author says you can buy at a foreclosure auction with a 10 percent cash deposit and 30 days to pay the balance of the sales price if you are the high bidder. However, if you are bidding in California and many other states, you will be shocked to learn you must pay the full bid price at the auction. Other states give you only a few hours or a few days to raise the full bid amount. For more information on this and other real estate matters, your first source for Palm Beach real estate should be licensed agent and long-time resident Caesar Parisi. click here for article |
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