Foreclosed homes are everywhere these days. In most cases, a foreclosed property will first be offered through auction by the county sheriff to the highest bidder. Auctions are another way you can access and purchase an REO property. But the first goal for homeowners is to stop the foreclosure process from running them over before they are out of options and out of time.
While we make every effort to help customers remain in their homes, sometimes foreclosure becomes the only option. We are realizing significantly higher closing success with foreclosed listings vs. short sale listings. We also keep you up-to-date on real estate market trends so you can determine the best time to buy or sell.
When you combine this fact with the high number of foreclosed homes on the market today, you can see why foreclosure-buying fever has swept the country. They are expensive to maintain – The bank must pay taxes, insurance, maintenance and security for their bank foreclosure homes.
Efficiency between price and quality should be factored in when you buy cheap foreclosed homes. Former homeowners or renters leaving a foreclosed property typically leave almost everything behind: clothing, furniture and other household items – often along with a lot trash.
Banks will often bid at the sale to make sure someone doesn’t pay less than the house is worth (translation: not giving the bank enough money to satisfy the mortgage). It is often possible to negotiate deals where you can buy bank foreclosure homes or government foreclosures at a price that is anywhere up to 60% below market value.