three ways to prevent future instances of foreclosure

Jun 12th, 2015
Business Finance
Price: $30 USD

Question description

your paper must include at least three ways to prevent future instances of foreclosure. Your final paper should be 3-5 pages and in APA format. Your References should consist of at least 3 peer reviewed sources and 2 non-peer reviewed sources of your choice.

When an individual is determined to own a real property, they have to factor in a lot of risks involved due to the number of fraudsters involved in the business. One has to ensure that the real property is genuine through doing a number of researches to validate that in deed they are making a purchase to the genuine owner and not conmen who are out to benefit from peoples’ ignorance. Obtaining a real property is a risk taking business, Therefore one is required to make sure that the risks are minimized by doing a thorough survey on the real property.

The first step that prospective owners must undergo is the valuation of the real property. The buyer is expected to find out the worth of the property in terms of sale price, discounted prices or any promotional services that may be attached to the buying of the property. Then, the buyer has to evaluate the market value of a similar property to decide whether the offer is a good bargain or is not worth it.

With the valuation done to a satisfactory, the buyer has to proceeds to finding out how the property license appraisal is acquired and the procedures that have to be followed to obtain the appraisal license. One has to keep an eye on whether the appraiser is qualified through a state license or certified in order to provide appraisals to federally regulated lenders. The appraisal can be prepared for lease negotiations, mortgage lending purposes, tax assessments and appeals of assessments and for the negotiation between buyers and sellers. The property has to be evaluated for legal acquisition by the owner to make sure it is a legit property recognizable by the federal state. Also, one has to insist on seeing the agreement between the owner and the national land act. This is usually the agreement that an owner signs to the federal government to specify the type of ownership of a particular land. The agreement may be a tenancy agreement, lease agreement or an ownership agreement of a particular land.

After completing the process of verification of the real property license appraisal, the prospective buyer is now in a position to make a decision on whether the real property is genuine and worth buying. From this point one can make decisions on when it is most appropriate to start the buying process and what channel to use in making the purchase. For example, a real property broker can negotiate with the buyer in presence of a lawyer or a witness.

To conclude, with the laid out procedure it is certain to say that the risk of obtaining a real property has been mitigated through the number of research processes done in evaluation and validation. A potential buyer who follows the procedure is at little risk of being a victim of fraud by conmen and real property brokers.

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