Owned Property Search, Foreclosure Homes
When buying a house, try checking out the foreclosure listing of your local bank. The foreclosure process begins when a homeowner fails to keep up with their mortgage payments, forcing the bank which issued the loan to take possession of the home, and sell it to recuperate the outstanding balance of the mortgage. Generally properties are sold with a clear title but a sheriff’s sale auction may have liens on the property that are still attached after the sale.
After the 2008 financial crisis, when banks were inundated with foreclosures, it could take well over a year. REO properties are homes and pieces of real estate that have already gone through the foreclosure process and are now owned by the banks. This may allow you to avoid all kinds of nightmare scenarios—sometimes the bank will clear the liens, but it isn’t required to do so. For instance, let’s say the …