There is an endless list of foreclosed homes out for sale in the market today. This agent can help you determine when a foreclosed home is offered at a bargain price or when it’s listed at an asking price that’s too high for the risk involved. Pre-foreclosures are real estate properties that are in the last stages before a bank begins to reclaim them.
If the owner can’t manage to hang on to the property, it will probably go up for sale in a foreclosure auction next. There were quite a few starter homes on the market that met these requirements, but not many were foreclosures. The traditional way to buy a foreclosed home is at a real estate auction.
Even as this housing recovery trend continues, the reality is that in 2016, more than 900,000 foreclosures were filed. In addition to searching the usual resources such as newspapers and online real estate listings and websites, you will want to search various bank and government websites for REO properties.
To find out about any liens, pay a real estate attorney to run a title search on each property and issue a commitment to insure the title after purchase. As foreclosure rates continue to skyrocket, more than ever before, there is no better time to purchase your dream home but now.
For what may become available in the future, selectÂ Foreclosedâ€ or Pre-Foreclosureâ€ in the Potential Listingsâ€ section. About the author: Andrew Syrios is a real estate investor and writer living in Kansas City, MO. He is a partner in Stewardship Properties along with his brother and father.