Avoid Foreclosure Rescue Scams

Foreclosure rescue scams are real. The people behind these scams prey on struggling homeowners who don't know where to turn for help. Scam artists often target defendants named in a foreclosure proceedings. Don't let them take advantage of you, your situation, your house, or your money.

The best way to avoid becoming a victim is to get informed and ask a lot of questions. If you receive an offer, information, or advice that sounds too good to be true, then it probably is. Here are some tips:

Know the person you do business with. The U.S. Department of Housing and Urban Development (HUD) sponsors many housing counseling agencies that can help you with questions relating to foreclosure and credit issues. Before responding to any person or organization offering to "save" you from foreclosure, check that the organization is HUD-approved at www.hud.gov/counseling.

Beware of anyone who says that you don't need a real estate professional or title company when selling your home. You should always have a real estate professional, attorney, or a title company to help you with any transaction involving your home and protect your interests.

Don't be pressured to sign papers immediately or to transfer the deed of your house. Do not sign over the deed to your property to any organization or individual if you are not working directly with your mortgage lender to forgive your debt.

Additionally, don't sign papers in exchange for a promise that someone else will pay off your mortgage. ALWAYS be sure to read and understand all paperwork before signing to ensure that you are not unknowingly giving someone else ownership of your home.

Beware of anyone who tells you that a buyer will purchase your home for the balance owed on your loan, plus an additional cash payment to you. Never make mortgage payments to anyone other than your lender, unless you have spoken personally to your lender about this. Scammers might ask you to make your payments to them; however, they pocket your payments instead of sending them to the lender.

For more information on Forclosure Scams visit Richmond Homes for Rent Real estate and Property Listings for the latest news and resources

The Real Estate Sales Contract

The Real Estate Sales Contract

A sales contract is a written, bilateral, executory, assignable contract that is binding on all assigns and heirs. Parties to a residential sales contract are usually referred to simply as buyer and seller.

When a properly prepared offer is accepted and signed by the offeree then it becomes a contract of sale, or sales contract. A sales contract is an agreement where one party agrees to sell and another party agrees to buy certain real property at the price, terms, and conditions stated in the contract. In a strict legal sense the contract is the agreement between the parties, not the piece of paper. The piece of paper is merely the evidence of the agreement.

In addition to being the agreement that binds a buyer and seller concerning a particular piece of property, the sales contract also serves to direct the terms, conditions, and mechanics of the closing itself. It is important that the parties involved agree in the contract on all of the pertinent terms and closing details, including proration date and date of occupancy.

An executory contract is one in which one or both parties has not yet performed, it is not yet completed. Because it is a document that contains details that have not been performed, the sales contract is referred as an executory contract.

A contract that has been executed, on the other hand, is one that is completely finished - there is nothing left to be done. All terms and conditions have been met and there has been an exchange of a deed (thereby passing legal title from one to another). An executed document is no longer a contract. It is merely evidence of an executed agreement.

Brokers frequently use standard contract forms for sales contracts. They may assist their clients or customers in filling out these forms, and may give advice, as long as they do not charge an extra fee for this service. If a broker charges a separate fee, it would constitute the unauthorized practice of law. A valid legal contract requires legal consideration. Legal consideration for a real estate sales contract must be something of value. The requirement for legal consideration is what distinguishes a contractual obligation from a gift. It is usually the purchase price of the property expressed in a dollar account.

For more useful information, articles, tips and real estate help visit Richmond Homes for Rent - Resource Center.