Foreclosure Properties Can Be Win-Win Values
There is nothing dishonest or shady about
purchasing a foreclosed property. It's ethical, it's honest, and it's an
opportunity to save thousands of dollars. And, in the process, you may
get the personal satisfaction of helping others. As a real estate broker
I am happy to help you locate and purchase a foreclosure property.
Regardless of market ups and downs and even without cash in hand, you
can buy a foreclosure and make a positive difference in other people's
lives.
What is a Foreclosure Property?
A foreclosure property is a home in
foreclosure -- when a notice of default has been filed in the public
records. It means the owner has stopped making mortgage payments and the
lender has given notice that unless the payments are brought up to date,
it will sell the property to the highest bidder. Lenders can foreclose
for other reasons, but the most common reason lenders file a notice of
default is when a borrower is at least two payments in arrears.
If the home owner does not bring the loan current, the lender will take
the property away from the owner. The final step the lender takes after
a certain period has passed is to try to auction the property at a
public sale. Not all homes that fall into foreclosure go to public sale
because owners have the right to make up back payments up to a point.
Real estate investors and home buyers see profit in buying foreclosures
because they can often buy the property for the amount owed, picking up
the home owner's equity for free.
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Are you having trouble keeping up with your mortgage payments? Have
you received a notice from your lender asking you to contact them?
If you are unable to make your mortgage payment:
1. Don't ignore the problem.
The further behind you become, the harder it will be to reinstate
your loan and the more likely that you will lose your house....
Continued
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| Are there dangers in buying a foreclosure?
When you work with a trained real estate
broker, you can safely purchase a foreclosed home and often save a lot
of money. In most cases, if you are seeking a residence, I think you are
better off to buy a foreclosure from the bank. Trying to buy a
foreclosure at auction requires considerably more knowledge and cash
than purchasing a home that has reverted to the bank. When the bank puts
that foreclosed home on the market, you can have confidence that a lot
of the legal issues have already been handled. You can make an offer
contingent on a home inspection and on your mortgage approval.
If you are interested in
purchasing a foreclosure property, please email me with a brief
description of the type of property you want and the amount of repairs
you would be willing to do for the right property.
Click Here for my Contact Form
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Gary Prichard
