UNDERSTANDING THE MARKET
The Best Value for Money
With foreclosed properties, you'll find yourself the best value to your home purchase. Foreclosed properties are everywhere, and some may even be steps away from you. Equip yourself with the knowledge about the market revolving around foreclosures by consulting with us at homes.net.
Foreclosed properties are legally repossessed homes by the bank or a lender. Repossession of a home occurs when the mortgagor or owner fails to upkeep their payments within an acceptable time frame. As such, you will find that the bank or lender would want to resell as quickly as possible to minimize losses. This means that the foreclosure is acquirable at a satisfying price point.
This is the first phase of foreclosure where the process of repossession by the bank or lender begins. It is a crucial moment as you can potentially snag a great deal off the market.
Pre-foreclosures are usually homes for sale by the owner as they seek for a fast monetary recovery. This is potentially a monetary gain for you as a buyer or it can be a great home at a discounted value.
Bank Owned (REOs)
REOs or real estate owned properties are simply bank owned properties. These are properties that have been legally repossessed after the owner failed repeatedly to make good on their payments.
Like any auctions, there are real estate specific auctions. These auctioned properties are held by banks or lenders in order to recuperate losses or to clear the balance.
Bid with confidence by equipping yourself with invaluable data made readily available.