Investing in forclosures can be profitable....or can they be?

Foreclosed homes provide the best deals in real estate today, but they can also be the biggest money pits on the market. Although foreclosure properties generally sell for 15 to 20% less than the market value, houses at auction are also sold as-is, and buyers don't get a complementary tour of the inside of the home before purchase. The houses are often left trashed and stripped of anything inside that could be sold, even to the copper piping. There might also be liens against the property that carry over to the new owner. So, investing in foreclosures can be a gamble. If you've ever attended a public auction, you'll know also how difficult it is to secure a good deal in a desirable neighborhood beside cash bidders and other aggressive buyers.

Given the abundance of foreclosures created by the housing market crash and underemployment in America, their are currently hundreds of thousands of foreclosure listings, with even more to come in 2010. Becoming involved in foreclosed home purchases, therefore, requires a lot of time, research, discernment, and avid, hard work. If you're willing to do the homework and make educated wagers, however, you can find great properties at an impressive discount. Not everyone has a bad experience buying foreclosed and preforeclosure properties; in fact, they comprise 37% of home sales in the last half of the quarter.

Purchasing pre-foreclosed homes through short sales is a less risky venture that also yields great savings. Short sales are houses that the bank agrees to sell for less than the balance of the existing loan against the property. Because it's a sale through the bank, they usually clear any liens and title issues before offering the property for purchase. Also, short sales are done through a real estate agent who will help you through the short sale process. Short sales still take homework, though. Check out listings on bank websites. Big names in foreclosures include Bank of America and Wells Fargo. When you find a property you like, contact the listing agent on the ad to make a date to see the property. Another plus to buying homes in preforeclosure: potential buyers can make their purchase contingent on a home inspection. Potential buyers could be waiting for a while, however. The downside to short sales is that good listings receive dozens of offers and it will likely be months before you hear from the bank, if you ever do at all. And average buyers still face competition from investors with cash in hand. Freddie Mac and Fannie Mac, the government's mortgage lenders, have programs in place to help secure offers of non-investment buyers, so use their listings to keep from being outbid by cash over and over, if you'll need a bank to take a larger mortgage for you to finance your home.

Happy Chinese New Year!

Hello! Just want to wish everyone who are here always to give your support and lovely comments. May this season brings you lots of joyful and all the best on your continuous baking. I've got nothing to proud about my new year cookies because there are nothing special which I made them before. There are not the best but still edible and presentable. I hope mum will satisfy with all these goodies as well as the guests who are going to visit us very soon. I'll be away for some time, but will definitely drop by at all my lovely supporters to read your new updates. Happy Chinese New Year!

Coffee Soft Cheesecake

Papa's birthday falls on the 7th day of lunar new year. I'm glad to know that he is so blessed by the people around him with so much love and joy. I managed to make a simple cake for him and accompanied him for lunch at his favorite coffee house as well as a wonderful dinner with a few lovely friends who always give lots of support and love to him. Papa loves coffee, so I made this coffee flavour kind of soft cheesecake for him. I hope he enjoys the cake and most important thing is the fellowship that we had together is unforgettable one!

About the cake, I feel that the bottom part of sponge cake was too thick whereas the cheesecake had a cottony soft texture and very flavourful. I shall make a thinner slice of sponge cake for the base next time. This piece of blessing means so much to everyone!

Recipe:
Plain sponge cake for the base:
(I used 3 eggs recipe for a 9 inches cake tin, I think 2 eggs recipe would be better)
3 whole eggs
90g caster sugar

80g plain flour
30g unsalted butter (melted)

Coffee cheese batter:
380g fresh milk

250g cream cheese
2 sachets of 3 in 1 instant coffee

50g cake flour (shifted)

5 egg yolk

5egg white

70g caster sugar

How I made it:

1. Make a plain sponge for the cake base. Preheat the oven to 180C. Grease and line the baking parchment for the bottom of a 9 inches round cake tin. Grease the side of the cake tin then coated with some bread flour.


2. In a clean bowl, whisk the eggs and gradually add in the caster sugar. Whisk until it double the size. The texture should be fluffy and pale in color.


3. Gradually shift the shifted flour into the egg mixture and use the spatula gently fold it in.


4. Add in the melted butter little by little and fold it in gently until well combined.


5. Pour the batter into the baking tin and bake in the oven for 20 minutes.
   
6. For the cheese batter. Grease the side of a 9 inches spring form cake tin then coated with some bread flour. Place the sponge cake at the bottom. Wrap the base and surrounding of the tin with 2 layers of foil.
   
7. Double-boil milk, cream cheese and instant coffee until a smooth batter.
   
8. Add in flour, stir and cook until mixture has thicken. Remove from stove and set aside to cool. Preheat oven to 140C. (I preheated at 120C)
   
9. Whisk in egg yolk into the cream cheese batter until well combined.


10. Whisk the egg whites till frothy. Gradually add in the sugar and whisk till soft peaks form.
    Fold in 1/4 of the meringue into the cream cheese mixture until combined. Then fold in the rest of the meringue in 3 portions until well combined.
    
11. Pour batter into the prepared spring form pan. Steam-bake cheesecake in a preheated oven for 2 hours or 2 1/2 hours. Leave the cheesecake to cool in the oven for half an hour with the door ajar. Remove cake from the tin and chill in the fridge for over night. (You can also chill the whole cheesecake in the cake tin.) Cut and serve the cheesecake.