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Home Foreclosure Listings Article
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Purchase a Bank Foreclosure for your Next Investment Opportunity
from:A bank foreclosure is also known as a real estate foreclosure and it occurs when a borrower is unable to repay their outstanding debt to the bank. The real estate property was put up for collateral for securing the loan and a lien was put upon the property giving the bank legal right to seize that property should there be a default in payment.
The bank foreclosure takes a while and a wise investor will be aware that there is a period in between the time the bank will actually taken possession of the property. This period is known as the pre foreclosure period. During this time the property owner can attempt to sell the home in order to preserve his good credit standing. For the investor wishing to buy the property it becomes a very lucrative deal as many homeowners need to sell the property so quickly that they will give great deals on the sale of the home.
If the property was not successfully sold during the pre foreclosure period, the bank will take over the title of the property and repossess the home or other real estate property in question.
When a bank foreclosure has occurred the bank will not wish to keep the property that it now owns for several reasons:
• Banks are moneylenders; they are not real estate owners.
• Having possession of property on their books shows bad decision making on their part resulting from lending money to consumers who are unable repay the loan.
• Banks lose money on the ownership of repossessed homes. They must maintain the buildings, pay taxes and insurance fees. The longer they own the property the more loss they incur.
• The bank will also want to recover the money lost on their bank foreclosure.
Since banks want to rid themselves of the foreclosed property as soon as possible, they too will sell the property thus, opening up a wise investment opportunity for an investor as well. The investor can obtain property at between 20 – 60 percent below the market value from purchase of a bank foreclosure.
A wise investor can search for bank foreclosures and choose the property that is right for his/her current needs and budget. There are several online sites that offer bank foreclosure listings. Not all provide current listings. Bankforclosuresales.com will provide the most update bank foreclosure listings on foreclosure homes, commercial foreclosures, and government foreclosures. They charge a nominal fee but provide an excellent service.
Investing in a bank foreclosure home or other property is risk free, the deals are well below market value, and all liens on the property have been lifted. The investor is only responsible for the cost of the sale price of the property.
Home Foreclosure Listings News
Foreclosures at the high end increase across the Bay Area - San Jose Mercury News
Foreclosures at the high end increase across the Bay Area San Jose Mercury News Santa Clara County had more than 400 homes valued at $1 million or more scheduled for auction in 2011, the most of six Bay Area counties. Anne Walker of Coldwell Banker in Cupertino has a $1.7 million foreclosure listing in wealthy Monte Sereno. |
Half of county home sales were foreclosures or short sales - HeraldNet
Half of county home sales were foreclosures or short sales HeraldNet For the entire year, 7771 single-family home sales were closed in the county, according to the Northwest Multiple Listing Service, a real estate organization that compiles home listings and sales information for 21 counties in Washington. |
Low home supply isn't helping prices - Seattle Post Intelligencer
Low home supply isn't helping prices Seattle Post Intelligencer House and condo pending sales, which do not all close but reflect the latest activity, were up 15.1 percent in January from a year earlier, the Northwest Multiple Listing Service reported. Closed sales were up 13.5 percent. The compares with increases ... |
Home Sales See 8 Pct. Increase - Memphis Daily News
Home Sales See 8 Pct. Increase Memphis Daily News By Sarah Baker January home sales posted an 8 percent increase compared to the same month a year ago as average pricing remained flat, due in large part to the market's abundance of foreclosures. Shelby County saw 923 home sales last month, ... |
Damaged Credit The Norm For Home Buyers Says Albuquerque NM Real Estate Agent ... - RealEstateRama (press release)
Damaged Credit The Norm For Home Buyers Says Albuquerque NM Real Estate Agent ... RealEstateRama (press release) He says he regularly sees buyers turning their finances around to be able to buy a home again after a short sale, foreclosure, or just a period of unemployment that led to negative credit profiles. Those who are buying homes, he says, are working hard ... |