Buying Foreclosures News Today : Breaking News, Live Updates & Top Stories | Vimarsana

When a lender agrees to accept a mortgage payoff for less than the outstanding balance, it’s called a short sale.

Because this market is going to slowly move up, slowly. >> definitely at least five. >> slowly. this is going to be slow. >> do you have 10% to put down too? that's very clear. and in some places you need more than 10%. in some places where you're getting a bigger loan. this is going to be one of the reasons why the house as an asset is not like gold or a stock. >> not at all. and housing over time, if you buy it, the average period appreciates about 3% a year. a little bit more than inflation, maybe one point more. and that's good. that gives you a nice nest egg return coupled with the saving...

On a story we told you about yesterday, the first-time home buyer tax credit was set to expire on june 30th. but congress passed an extension late last night. allison is at the new york stock exchange. we have a new deadline, huh? >> exactly the new deadline is extended three mots to september 30th. the hope is that it will give the economy a boost. because 200,000 people were going to miss yesterday's deadline. now they can take advantage of it. and they were in danger of missing it because a lot of people were buying foreclosures, they take much longer to close with all the paperwork. and wh...

How is flipping foreclosed homes different than a regular house sat. >> reporter: in a couple of ditch wa different ways, when people bought houses that height of the boom people were take outing mortgages and financing so they could go ahead and make the improvements, when you are buying a foreclosure it is different. there are no mortgages, no loans and you have to pay cash in full, so, if you believe it or not, that is not even the biggest sticking point. what is one of the first things you do when looking at buying a house, having it inspected. right? that is a no-go with buying foreclosur...