Woman Buys (And Renovates) ‘Wrong’ Mississippi Foreclosure Home

Just kidding!

First-time real estate investor Terry Jordan in Tate County, Mississippi, thought she scored a steal in Senatobia. Her husband recently lost his job, so the couple turned to the opportunity-rich distressed real estate market “to help them while they go through a tough time,” according to WREG.com.

They settled on a nearby fixer-upper that they hoped would generate quick cashflow. And by all accounts, did everything that most buyers are supposed to do, hiring a local agent, touring the property three times and then making an offer that was ultimately accepted.

There was just one problem: After sinking “thousands” of dollars into their newly-purchased investment property — new roof, electrical upgrades, etc. — the Jordan’s learned that they were sold “the wrong house.” Indeed, a post-sale property survey revealed that a nearby ‘pitiful’ home that is half the size and filled with mold, was actually the one that was legally purchased.

The agency that showed and sold her the “wrong” home has since explained that the mortgage company “gave them misinformation.” Nonetheless, at this moment in time, the Jordan’s are still without a resolution to the fiasco, owning a home they don’t want and having sunk thousands into another that isn’t legally theirs because of a very odd (and large) mistake.

And, in the process, giving new definitions to old familiar foreclosure expressions such as “buyer beware” and “as-is.”

Check out a video from the local news broadcast that details the sticky situation:

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Real Estate Investing Tips For Spring 2012

Believe it or not, but we’re already more than one-quarter complete with 2012. It’s high time we ask: How are those New Year’s resolutions panning out?

It wouldn’t be shocking if they are dead in the water. Life kind of — and often does — get in the way of making good on dreams and goals, especially when they’re not something that comes natural like cracking into real estate investing.

However, we’re here to pass along a friendly reminder that resolutions will only stick if you keep at them. And money investing in real estate investing can only be made, well, if you make the initial investment.

The good news is there (still) has never been a better time than right now to get in the game.

Short sales and foreclosures offer opportunities every which way you turn: For buyers, it can mean mega-profits, while for homeowners, it may be a way out of dire financial situations that have been holding them back.

The April 2012 edition of Foreclosure.com’s free educational newsletter, “Investment Exchange,” is now available, which is loaded with all kinds of resources to get you, your credit and your distressed real estate investment career back on track.

Articles include:

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Foreclosures Push Home Prices To Lowest Levels In A Decade

It’s official (if it wasn’t already): Homebuyers and real estate investors today are in the driver’s seat. And it’s probably not a stretch to say that they will be riding shotgun, too, for the foreseeable future.

S&P/Case-Shiller released its latest home price index of 20 major cities located throughout the United States, indicating that collective home prices have not been this low since Nov. 2002. Recent statistics from the National Association of REALTORS (NAR) bolster the report, suggesting that the national median existing-home price for all housing types is currently hovering at a very affordable $154,700.

“Affordable” when you consider that in 2007, at the height of the real estate boom, the national median existing-home price for all housing types was sitting at $219,000. In other words, homebuyers today are shaving an average of about $64,000 right off the top of their real estate investments when compared to just five years ago.

That’s not chump change. And we’re not even drilling down to the distressed market, which is where most of the larger savings — anywhere from 25 to 75 percent off retail — exist. In fact, foreclosure and short sale properties for sale are a major reason for the recent record-setting low prices.

Business Week has the details:

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Bank Of America Offers Select Underwater Homeowners Mortgage To Lease Program

Bank of America (BofA), which is among the top five largest mortgage lenders in the United States, today announced an innovative test pilot program that will attempt to help about 1,000 distressed homeowners not only avoid foreclosure, but remain in their homes indefinitely.

But, of course, there is a catch.

The Mortgage to Lease Program will offer select underwater borrowers — those who can no longer afford to pay the mortgages on homes that have lost significant market value — in Arizona, Nevada and New York the option to transfer their property title back to the bank and have their debt/mortgage obligations wiped clean. In exchange, the borrowers will agree to remain in their homes as renters, paying BofA a monthly fee that is less than the mortgage payment.

It’s a forward-thinking initiative that BofA executives, according to a Reuters report, hope “evolves from a pilot into a more broadly based program, we also see potential benefits from helping to stabilize housing prices in the surrounding community.”

So who is, and who isn’t, eligible for the BofA Mortgage to Lease Program? MSN Money breaks it down to borrowers who:

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14-Year-Old-Girl Buys Foreclosed Home For Sale In Florida

Buying foreclosed homes: It’s so easy, a 14-year-old girl can do it.

Well, it’s not really that easy, however, a young entrepreneurial Florida teenager, Willow Tufano, did indeed invest in a distressed property along with her mother. The two-bedroom home, originally valued at $100,000 several years ago, was available for a bargain-basement price of $12,000.

It was a deal that even a middle school student couldn’t ignore, according to a recent NPR.org article.

Willow offered to put up half the purchase price with money that she had earned selling items from foreclosed homes on CraigsList.com, which makes her about $500 per month. Her mother, a distressed real estate agent, covered the difference. The pair then fixed up the place and rented it for $700 month, meaning that in just two years the small investment will begin to turn a tidy profit.

And by the time Willow turns 18 years old, at which time she intends to buy her mother out, the property will likely have quite a bit of built-up equity.

It goes to show that even just a little bit of initiative, combined with a professional/motherly assistance, can go a very long away in this market. No high school diplomas required.

To check out foreclosed homes for sale in Florida or anywhere else in the United States click here.