Even though some people have found themselves in difficult times because of the financial situation we are dealing with, it has also opened up an opportunity for many individuals to get into a home for much less than current property value. Foreclosed Homes for Sale are the most beneficial investment opportunities available in the real estate market as these are available for sale at rock bottom prices and in some cases the auction price is around 50 % of the prevalent market price of the property.
Especially if the homeowners have not responded to any of the bank’s motions in court or filed an answer to the foreclosure lawsuit or appeared (on their own or through an attorney) at the scheduled foreclosure hearing, the bank may just assume that they have decided to walk away from the house.
A list of properties for sale may also be obtained from Ocwen’s website at If you are interested in buying a VA-acquired property when it is listed for sale by Ocwen Federal Bank FSB, please contact a local real estate broker of your choice to see the property.
And this is where the danger comes in. Foreclosed properties are sold “as is”, meaning that when you buy the house, you have to take it in it’s present condition, the way you see it. You can have a home inspection, but you can’t ask the bank to make any repairs to defects found or credit any money back for such repairs.
Any liens resulting from other loans against the property being foreclosed ( second mortgages , HELOCs ) are “wiped out” by foreclosure, but the borrower is still obligated to pay off those loans if they are not paid out of the foreclosure auction’s proceeds.