foreclosures

stop mortgage foreclosure

 

 

Free Foreclosure List
Foreclosure Law
Free Foreclosure
Government Foreclosures
Stop Mortgage Foreclosure

 

Foreclosures
Stop Foreclosure
Beach Front Foreclosure
Avoid Foreclosure
Free Foreclosure List
Bank Foreclosure
Mortgage Foreclosure
Mortgage Foreclosure Solutions
Stop Bank Foreclosure
Foreclosure Auctions
Foreclosure Sales
Atlanta Foreclosures
Foreclosure Listing
How To Buy Foreclosures
Foreclosure Proceedings
Bank Of America Foreclosure
Free Government Foreclosure Listings
Florida Foreclosure
Florida Foreclosure Law
Blount County Tn Foreclosures

Boxes

Google

Buying Homes That Have Faced Foreclosures
By Carl Carlson
Youíll find there are some people who tout the benefits and advantages of buying homes that have gone through foreclosures. Often, those homes are offered up for auction to the highest bidder and there are some really good deals to be had at that point.
There are some very important pieces of information you should have before you start planning to buy homes that have been foreclose upon.

First, understand that a lender gave money to the person who wanted to buy that house in order for that borrower to make the transaction. The lender had some expectation that heíd recover all that money plus some interest, but most lenders simply arenít in a position to handle property. They donít want to foreclose on the house because then theyíre going to have to do something with it. That means that the foreclosure process could take a long time while they look for some way to recover the loan from the original borrower, but it also means that most lenders are going to foreclose and then quickly offer the property at auction.

Youíve probably heard about auctions that ended with buyers getting really good deals. That happens, but itís not always the case. Why would a lender agree to let a particular piece of property go for less than itís worth?

Remember that the lender isnít in the real estate business and their primary objective will usually be to recover the amount of the original loan plus interest, if possible. If the original loan had been paid down significantly, the lender could agree to sell the property for a fraction of its value.

Another important point is that these auctions will typically be made public. For the person hoping to bid on the property

 

after the foreclosure is complete, this probably means youíre going to have some competition. This is the main reason itís not a good idea to allow the foreclosure process to run its course before you try to buy a particular piece of property Ė or to buy it back if you were the owner before the foreclosure.

Most lenders arenít anxious to see property in foreclosure. Theyíll often work with the owner for a long time, hoping that the loan will eventually be repaid. But when they have to foreclose, they usually donít want to hold the property long while looking for a buyer whoíll offer up a good deal. If youíre planning to visit some foreclosure auctions, you may very well find an incredible deal.

Google

All content published on this web site is provided for informational and educational purposes only. Always seek professional advice before making any decisions.

We use third-party advertising companies to serve ads when you visit our website. These companies may use information (not including your name, address, email address, or telephone number) about your visits to this and other websites in order to provide advertisements about goods and services of interest to you. If you would like more information about this practice and to know your choices about not having this information used by these companies, click here.

This page was updated on Nov 2009 and is Copyright © 2003 by Global Com Consulting Inc.

simple hit counter