How to Use our Site:
- Why Real Estate?
People will always need a house to live in and a place to call home. The special financing options of the past made home ownership available to everyone. Because of this, there was a large increase of homeowners who were living far beyond their means. This caused the foreclosure rate to skyrocket. The increase in foreclosures is expected to keep rising over the next 2 years, and some analysts believe it could go on even longer. Real Estate has always been a sound investment if you purchase at the right price and the right time. Well now is that time.
- Where do I start?
You can get started right away by signing up for a 10 day trial membership subscription that gives you all the features and benefits of HomeStarSearch.com's national database of foreclosure, pre-foreclosure and rental properties. For your convenience, there is a "Free Trial" link located at the top of each page of our Web site. Our user-friendly website makes it easy to search for properties in your area that will best fit your needs.If you cancel the 10 day trial, you will not be billed again. If you chose not to cancel, your membership will automatically be extended for just $39.95 per month.
- What type of properties can I expect to find in your database?
Our database contains pre-foreclosure, foreclosure and rentals properties nationwide. You will have unlimited access to these properties. Our database is updated daily to bring you the best available data on the internet. We store these these properties in our user-friendly website, making the search easy for you.
- What are the members benefits on HomeStarSearch.com
HomeStarSearchcom offers the largest national selection of pre-foreclosure, foreclosure, and rental properties available on the internet. Here you can locate bargains in real estate that you may purchase at discount prices. Our data is updated daily, not monthly, giving you the a head start over the competition. In addition, we provide you with valuable information like state specific laws and disclosures, along with the resources and tools to make your home buying or renting experience a positive one!
- What information do you provide for each property?
HomeStarSearch.com provides members like you with all the detailed information available on each property. Descriptions include data from property tax rolls, the lender's files, the listing details, and the contact information for the homeowners. Property information includes the type of property, the street address, property size, number of bedrooms and baths, and usually a photograph. No other single source includes as much valuable information as HomeStarSearch.com. That's why we are the largest, most reliable tool for both investors and home buyers looking for a bargain in real estate!
- Am I required to sign up for any long-term commitments?
No. Unlike other foreclosure listing services, you do not have to sign up for anything long-term. Our membership is month-to-month and you may cancel at any time. Save those kinds of commitments for more important relationships! We start you out with a 10 day trial*!
General Questions:
- What should I be aware of when buying Foreclosures?
You should be aware that foreclosure properties are sold in "as is" condition. Another point is to arrange for your financing in advance of your foreclosure purchase. Then you can bargain with the owners from a position of strength. Contact your lenders or partners to negotiate and settle on the terms and conditions of your financing so that you will be prepared to complete the purchase once you negotiate a good deal with the owners.
- How do I obtain the financing to buy a Foreclosure?
You might be surprised to know that there are several sources of investment capital available for funding foreclosure deals. These sources fall into four main groups; Conventional financing, a business partner, Lines of credit, and hard money lenders. You can obtain conventional financing from any number of commercial banks and mortgage companies. This type of source can be very cost effective, providing you have good credit. Many buyers of foreclosed properties use conventional financing to fund their purchase. Conventional financing sources would be the same sources you would use if you were buying a non-foreclosure property. Try your local bank or mortgage broker because both of these sources should have competitive rates and terms.
- How do I cancel my membership?
There are two ways to cancel your membership. If you are having trouble with the website, please contact our customer support at (888)262-0830 before you consider cancelling your account. To cancel your account online, once you login on the search page, click on the Resources tab and select the Cancel Account link. To cancel your account over the phone please have your Customer ID and your Email handy and contact our customer service department anytime Monday - Friday 9AM - 5PM PST, by phone, and press option 1 to speak to a customer service representative. Provide the Customer Service Representative with your information and they will cancel your membership for you. However, we will be very sad to see you go, so please explain why you are unsatisfied to the representative as there may be something we can help you with.
Preforeclosures:
- What is a Pre-foreclosure?
A House goes in to Pre-Foreclosure when a Notice of Default has been entered. In order to get to this status, the homeowner would have to go without making payment on the mortgage for several months. The property is on the fast track to foreclosure but the bank has not yet taken ownership of the property.
- How do I move forward with a Pre-foreclosure?
First you must utilize a website, such as HomeStarSearch.com, to locate properties that are considered pre-foreclosures. The second step is to contact the homeowner. Depending on what contact information is provided, you can call by phone, write a letter, or schedule a visit in person. However, the easiest and most considerate way of initiating contact is a non-intrusive letter. Please keep in mind that the pre-foreclosure process is a sensitive subject. Respecting the homeowner's privacy by sending a letter generally receives a more positive response, rather than a visit in person or phone call. We have provided a letter for your convenience found in the member's resource section. The last step is to do your research on the property. Find out what the loan amounts are, if there are liens, and the condition of the house.
- Why do Homeowners sell when they are in Pre-foreclosure?
3 words: to get out! Can you imagine not being able to pay your bills or make your mortgage payment? It is an emotionally overwhelming and stressful situation. When a homeowner feels they are on the brink of losing everything they have worked so hard for, a pre-foreclosure sale is a way to move on without further damage to their credit. The pre-foreclosure sale can save the homeowner from completely ruining chances of homeownership in the future by avoiding a foreclosure on their credit.
Foreclosures:
- What is a Foreclosure?
Foreclosure is the legal and professional proceeding in which a mortgagee, or other lien holder, usually a lender, obtains a court ordered termination of a mortgagors equitable right. Other lien holders can also foreclose the owner's right for other debts, such as for overdue taxes, unpaid contractors' bills or overdue homeowner's association dues or assessments.
- How does a home become Foreclosed?
If a homeowner does not make their payments for an extended period of time, usually more than 150 days, the bank will repossess the home. The bank will first contact the homeowner and give them chances to repay the debt or put them on a payment plan. But if this is not possible, a Notice of Default will be entered in the courts. This notice will give the homeowner a certain amount of time usually 90 days to 6 months to come up with the money before they officially foreclose on the home.
- Why do people invest in Foreclosures?
Foreclosures are sold below market value because the bank needs to recoup the money on the house. The longer it sits vacant, the more money the bank is losing. The lender is only looking for a reasonable amount to make up for its losses. When you find a foreclosure, you can purchase it for thousands less than what a homeowner would normally sell it for. A homeowner wants top dollar for their property. The bank just needs the cash recouped as quickly as possible. This is why foreclosures are a smart investment.
- What is an REO?
REO stands for Real Estate Owned. These homes were normally foreclosed on and not sold at the foreclosure auction. The bank owns the property. Since the bank does not want to hold on to the property, they are usually willing to sell it for below market value.
- How do I move forward with an REO?
It is best to submit a request to the lender through a realtor. Before submitting a request for more information, it is smart to do research on the property. Find out as much necessary information as possible before moving forward to determine if you want to submit an offer.