Feverpitched/Dreamstime
What is a Foreclosure?
A Foreclosure occurs when a homeowner has defaulted on their mortgage. The bank, mortgage company, or other lien holder then seeks to take an owner?s property to satisfy the debt. The bank or lender may actually take ownership of the property or have the property sold to pay off the debt. As a result of the foreclosure, the owner loses whatever rights he or she had in the property.
Benefits of Buying a Foreclosure
The bank or lender will have interest in recouping their losses, but don?t want foreclosed homes to sit on the market nor in their accounting ledgers. Therefore, interested buyers can sometimes purchase foreclosure homes for less than fair market value. Doing so gives the homebuyer instant equity and helps realize a greater profit if he/she choose to sell the home in the future.
Before Making an Offer on a Foreclosure
Please keep the following in mind:
- The lender most likely will not agree to make any repairs to the home.
- When faced with foreclosure, displeased homeowners may decide to take everything with them. This could include everything from the flooring to doors and fixtures. These homes are also at risk of break-in and theft when they?re left sitting empty for long periods. If you?re interested in purchasing a foreclosed home, hire a qualified home inspector to thoroughly inspect the property and inform you of any hidden problems.
- The lender may require you to finance with them.
- While most REO (Real Estate Owned) properties are already vacant, there is a possibility the lender is still in the process of having the former owners evicted. This could result in a delay in closing, and may also increase the price.
- If you are not using the REO bank as your lender it is possible that certain repairs will be required to be made to the property before your lender will agree to close. This could mean you would be required to spend money on repairs on a home that?s not yet officially in your name.
The Foreclosure Report
At Cortiers Real Estate, we are the only company in town that goes to the courthouse and compiles a comprehensive list of every home posted for foreclosure each month. ?It takes hours of work and some specialized knowledge, but we give it to you for free. ?Just?Contact us today and ask for it.
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Source: http://www.cortiersrealestate.com/blog/2013/02/foreclosures/
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