Foreclosure News

You might be intimidated by the thought of buying a foreclosed home. But the process of buying a home in foreclosure isn’t too different from purchasing a traditional home. Buying a foreclosure does require additional research, and you’ll need to be comfortable taking on a bit more risk.

How to Find Foreclosed Homes

You can find foreclosed properties in multiple-listing service (MLS) periodicals and websites, via online real estate searches, bank offices and websites, and through local newspapers. In local multiple-listing services, properties that are being foreclosed upon may not be highlighted per se; this may only be stated in the property description.

As such, some homeowners are willing to negotiate. Pre-foreclosures are typically listed in county and city courthouse buildings. In addition, many online resources list properties that are in the pre-foreclosure phase.

What makes them such a deal? If the residence is in the pre-foreclosure or short-sale stage, its owners are in a financial bind—and time is not on their side. They have to unload the property and get what they can while they can, lest they lose it entirely. In short, these sellers aren’t exactly negotiating from a position of strength. While it may seem cruel to take advantage of others’ misfortune, buyers can benefit.

They can benefit even more if the property has in fact been seized. The sheriff’s office isn’t interested in hanging onto a house, and banks don’t want to be in the landlord business. Financial institutions typically want to rid themselves of foreclosed properties promptly (for a reasonable price, of course—they have to answer to investors and auditors that they made every attempt to recoup as much of the original loan amount as possible). Again, buyers can take advantage of this situation.

5 OF THE BEST WAYS TO FIND THE IDEAL FORECLOSURE

5 OF THE BEST WAYS TO FIND THE IDEAL FORECLOSURE

In the never ending desire to build wealth in this country through real estate acquisition, learning how to find the right foreclosure properties is perhaps the end all be all in that process. To start Auctions can be the ideal vehicle to find what you are looking...

QUESTIONS TO ASK WHEN BUYING A FORECLOSURE

QUESTIONS TO ASK WHEN BUYING A FORECLOSURE

Buying an investment property that is a foreclosure is a highly impersonal non-emotional decision, or at least it should be. As the case maybe you are buying it from a bank, not directly from someone who has ever lived there, it is an asset nothing more or less so...

IS NOW A GOOD TIME TO BUY A FORECLOSURE PROPERTY

IS NOW A GOOD TIME TO BUY A FORECLOSURE PROPERTY

Yes this current market affords you an ideal time to buy a foreclosed upon investment property. We are coming off a record breaking summer sellers market. Covid as it turns out did not kill our market, just the opposite it boomed thanks in large part to record low...