Real Estate Insider Blog
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Choose a Foreclosure Stage
An involved process, foreclosed or distressed property is sold in various ways and through a variety of channels. Pre-foreclosure, auction, and bank owned are the three basic stages of foreclosure. Choosing a stage of foreclosure to focus on will allow you to tailor your buying approach.
Pre-foreclosure is the stage directly prior to an owner losing their home. During pre-foreclosure you can buy a home directly from the owner. A short sale, or a house where an owner owes more than the home is worth, is a popular sale method during the pre-foreclosure stage. Similar to a regular real estate purchase, a pre-foreclosure sale requires inspections, title insurance, and adequate financing prior to purchase completion.
A property arrives at an auction when the owner or owners were unable to sell, refinance, or pay in any way. The exact execution for an auction varies, but, generally, properties are sold as-is. Subject to any existing loans and liens, an auctioned property requires full payment, in...
Foreclosures are often a lucrative opportunity, but they can also be a high-risk investment. Before you decide whether or not to invest in them, it's important to look at both the good and the bad they bring to the table. It's also critical to have the right real estate professional, a well-planned budget, and the dedication to the project before getting started.
What Are the Advantages of Buying a Foreclosure?
The biggest advantage to buying a foreclosure is the opportunity to get a good deal. Simply put, foreclosures are homes seized by lenders after the homeowner failed to make payments as promised. Most lenders are willing to sell the home at a reduced price in order to maintain their investment and minimize the loss which can substantial gain to a buyer in the right circumstances. Below are some advantages of buying foreclosed properties you can review.
1) More “Bang for Your Buck”
If the price is right, you may be able to purchase more home for your dollar or live in a better neighborhood and actually buy your dream home instead of dreaming of that home.
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