There are a lot of differences between a foreclosure and a non-foreclosure home. Many companies charge fees to send you lists of foreclosures that may not be current, or sell expensive foreclosure-buying systems” that promise to teach you how to make millions in real estate. Many foreclosures are sold to buyers who never step foot inside the house until after the sale is finalized.
In some states,, banks are required to publish in a local paper the addresses of houses being foreclosed on (usually the cheapest paper to advertise in) for several consecutive weeks. Real Estate listings held by brokerage firms other than this firm are marked with the RMLS logo, and detailed information about these properties include the name of the listing’s broker.
In strict foreclosure states, once the homeowners have fallen behind, the lender goes into court and obtains an order that states the borrowers are in default of the mortgage contract. Click HERE for more advice on buying foreclosed homes. Seller will be motivated to achieve a fast sale, may create opportunity for below market purchase price.
With a vastly inflated inventory of houses on the market and a 30% sales decline from last year, selling is not as viable an option. REO properties have already gone through the auction process and remain unsold. View listings for foreclosures in Hampton Roads, and get expert assistance from a qualified agent at the Real Estate Group.
Each home foreclosure listing is accompanied with photos of the property and a list of details about the property, including price and location. Yes, there are some competitively priced foreclosures on the market, but the same can be said of traditional listings.