Real Estate Foreclosure
Website design By BotEap.comA foreclosure is a legal proceeding in which a bank or
the lender repossesses a parcel of real estate due to the default of the owner
with an agreement between the lender and the borrower, called a mortgage or deed of
confidence. Lenders generally consider a mortgage to be in default when the payments
have not been done for several months. Now despite being feared
word in the real estate world, a foreclosure can actually be extremely
beneficial for investors. Now that you have an idea of what a foreclosure is
actually is, let me explain the different types: the pre-foreclosure,
foreclosure auction and REO or real estate foreclosure. Website design By BotEap.comA prior foreclosure is the period between the mortgage lender’s notification to the
borrower from defaulting on mortgage payments and auction sale event
which finalizes the transfer of title to the property to the lender. East
period of time allows the current defaulting owner to sell their home and
use the proceeds of the net sale to satisfy the mortgage debt even though these
income could be less than the amount owed. Although the owner of the house
you will probably end up losing money on this type of sale, it is much better
alternative to having the property go into foreclosure. now the big
The thing about buying a home during the pre-foreclosure process is that
it allows you to simply take over existing financing. you do not need
have perfect credit or qualify for a loan, unlike most others
opportunities in the industry that often prevent most people from obtaining
involved in real estate investments. Website design By BotEap.comIf the owner cannot sell the property, it will go to the next
stage known as foreclosure auction. This is when the bank/lender
pays any other outstanding debt, such as property taxes or amounts owed to the
IRS to sell the house with a clear title. buy property from
a foreclosure auction is an experience unlike any other in buying real estate
estate. When a property goes up for auction, the competition can sometimes be
intimidating. Plus, you must be ready to make a substantial payment
immediately, and therefore has to arrange its short-term financing.
Don’t let this put you off though, because buying real estate this way
Ultimately, it can be very lucrative. Website design By BotEap.comThe third and final type of foreclosure is real estate (REO)
mortgage’s trial. An REO is different from a foreclosure property in that
that the bank has already tried to sell the property in foreclosure
auction and has been unsuccessful in getting bids. As a result, the
bank has become the owner of the property because the property is not
get a high enough price at the foreclosure auction. As expected, the bank
isn’t too interested in keeping the REO for much longer, so this becomes
the perfect opportunity to invest in real estate and potentially get an incredible
agreement. Website design By BotEap.comThere are many websites that specialize in
provide information on these types of foreclosures. one of those websites
that really caught our attention was the Government
Auctions.org. We were surprised by the number of listings inside
its online
foreclosure database (over 100,000+!) Best of the
site is that you can search properties from all 50 states and narrow
your zip code and county radio search. If you think that’s cool, they
We even have Canadian and US foreclosure listings! For
the most comprehensive foreclosure website in the network GovernmentAuctions.org
It is definitely a place worth visiting.
the lender repossesses a parcel of real estate due to the default of the owner
with an agreement between the lender and the borrower, called a mortgage or deed of
confidence. Lenders generally consider a mortgage to be in default when the payments
have not been done for several months. Now despite being feared
word in the real estate world, a foreclosure can actually be extremely
beneficial for investors. Now that you have an idea of what a foreclosure is
actually is, let me explain the different types: the pre-foreclosure,
foreclosure auction and REO or real estate foreclosure. Website design By BotEap.comA prior foreclosure is the period between the mortgage lender’s notification to the
borrower from defaulting on mortgage payments and auction sale event
which finalizes the transfer of title to the property to the lender. East
period of time allows the current defaulting owner to sell their home and
use the proceeds of the net sale to satisfy the mortgage debt even though these
income could be less than the amount owed. Although the owner of the house
you will probably end up losing money on this type of sale, it is much better
alternative to having the property go into foreclosure. now the big
The thing about buying a home during the pre-foreclosure process is that
it allows you to simply take over existing financing. you do not need
have perfect credit or qualify for a loan, unlike most others
opportunities in the industry that often prevent most people from obtaining
involved in real estate investments. Website design By BotEap.comIf the owner cannot sell the property, it will go to the next
stage known as foreclosure auction. This is when the bank/lender
pays any other outstanding debt, such as property taxes or amounts owed to the
IRS to sell the house with a clear title. buy property from
a foreclosure auction is an experience unlike any other in buying real estate
estate. When a property goes up for auction, the competition can sometimes be
intimidating. Plus, you must be ready to make a substantial payment
immediately, and therefore has to arrange its short-term financing.
Don’t let this put you off though, because buying real estate this way
Ultimately, it can be very lucrative. Website design By BotEap.comThe third and final type of foreclosure is real estate (REO)
mortgage’s trial. An REO is different from a foreclosure property in that
that the bank has already tried to sell the property in foreclosure
auction and has been unsuccessful in getting bids. As a result, the
bank has become the owner of the property because the property is not
get a high enough price at the foreclosure auction. As expected, the bank
isn’t too interested in keeping the REO for much longer, so this becomes
the perfect opportunity to invest in real estate and potentially get an incredible
agreement. Website design By BotEap.comThere are many websites that specialize in
provide information on these types of foreclosures. one of those websites
that really caught our attention was the Government
Auctions.org. We were surprised by the number of listings inside
its online
foreclosure database (over 100,000+!) Best of the
site is that you can search properties from all 50 states and narrow
your zip code and county radio search. If you think that’s cool, they
We even have Canadian and US foreclosure listings! For
the most comprehensive foreclosure website in the network GovernmentAuctions.org
It is definitely a place worth visiting.