Foreclosures have been triggered throughout the country as the sub prime crisis continues and has hit most states affecting the liquidity and real estate. However many do not know that government can record a tax lien to their property for non payment of taxes and if those taxes in addition to interest and penalties are not paid in a said period of time, then the government like any lien holder, can foreclose on the homes and recover the tax amount.
The best foreclosure websites will offer not only pictures of listings, they will also give you maps, addresses, and detailed descriptions of layouts and lots sizes, contact info and neighborhood descriptions- everything you need to line up appointments with real estate agents for listings that truly meet your needs-less hassles and wasted time for both parties.
Having an abundance of foreclosures brings the entire market down and it makes it harder for home owners, who would like to move, to get the appropriate price for their home as a similar home down the same street was sold for substantially less and the appraiser is using the foreclosure as a comparable sale.
After receiving a NOD from the lender, the borrower enters a grace period known as pre-foreclosure During this time â€” anywhere from 30 to 120 days, depending on local regulations â€” the borrower can work out an arrangement with the lender via a short sale or pay the outstanding amount owed.
Direct purchasing – Platforms such as foreclosure auctions as well as short sales of properties in pre-foreclosures allows you to deal directly with the concerned parties without an agent which gives you the freedom to negotiate and offer your own prices as well.