Foreclosures are definitely a great way to get the best deals in today’s real estate market. Banks and lenders often price foreclosures lower so they can sell the properties in less time. This is no doubt a horrible situation for the homeowner who got in over their head with a home they could not afford; however, on the flip side these homes sell for 80-50% of their actual market value, presenting an amazing opportunity for you.
Many factors will figure into your offer, including regional real estate appreciation and the potential for increasing value. Some government agencies require that offers be submitted through a real estate agent, while others will accept them directly from consumers.
As a result, the bank is often unable to verify the condition of the property or complete a Seller’s Disclosure. There are several loan programs to look into when considering buying a foreclosure. In many states, the borrower has the right of redemption (he can come up with the outstanding cash and stop the foreclosure process) up to the moment the home will be auctioned off.
Great Investment opportunity – By investing in bank owned foreclosures and foreclosed properties offered by others, right now you can expect to earn good returns from your property once the market stabilizes which it will in some time. Learn how to find bank-owned properties (REOs) and how to purchase an REO.
You’ll get access to the largest selection of foreclosures , foreclosed homes for sale, MLS listings , auctions and bank-owned homes. Due to the cash requirement often associated with auctions, a VA borrower with sights set on a certain foreclosure may want to see if that home fails to sell at auction and is offered by the lender.