Ilyce Glink Show – Buying a Foreclosed Home – March 17, 2013

WSB Radio’s Ilyce Glink Show: Buying a foreclosed home or condominium, managing your personal finances and using smart spending tips.

On this week’s Ilyce Glink Show on WSB radio, Ilyce talked about her concept “rebuilding America one house at a time,” which is about learning how to make smart decisions about finances.

Rebuilding America starts at a very micro level—with you—and then spreads to your family, block, neighborhood, community and city.

Here are Ilyce’s five rules for rebuilding America:

1. Get yourself back to ground zero and reclaim ownership over your personal finances.

2. Take the pain now. Don’t delay important decisions, waiting for the problem to go away on its own.

3. Make strategic decisions, not emotional ones.

4. Don’t mortgage your future. In any buying decision, you need to put substantial cash down.

5. Don’t sign any document until you have read every word.

Ilyce helped callers on Sunday put her five rules for rebuilding America to practice, and a few listeners called in with questions about how to buy a foreclosed home or condo.

One caller explained that he and his wife, both law students, were paying too much in rent and were interested in buying a foreclosed home. Their goal is to be debt free two years after law school.

Another caller was interested in buying a foreclosed condo close to where he works, where he would live during the week.

For these callers with questions on how to buy a foreclosed home or condo, Ilyce recommended visiting http://www.hudhomestore.com/, where you can shop for FHA foreclosures from the U.S. Department of Housing and Urban Development (HUD).

The website lists properties that are inexpensive, and if you are looking to live in the home, you get a heads-up on everyone else who is thinking about buying property. You may also qualify for low down payment loans depending on your profession—like if you are a lawyer, police officer or firefighter.

Ilyce also advised listeners shopping for a HUD home to find a real estate agent who has successfully bid on other foreclosed properties in their neighborhood. If you go this route, make sure that your real estate agent can also show you other kinds of foreclosures in your area.

Don’t forget to check out Ilyce’s Real Estate Minute videos, posted on her YouTube channel at ExpertRealEstateTips, and watch the video below about how to invest in foreclosures.  Join the conversation by commenting below or tweeting her at @Glink.

She’ll be on air next Sunday with more personal finance and real estate advice for homeowners at 11:00 a.m. EST.

Ilyce Glink Show – March 17, 2013

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Ilyce’s Real Estate Minute on investing in foreclosures

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