Foreclosed real estate presents an excellent opportunity for prospective home owners on a budget to buy the home of their dreams. 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.
Many states require this sort of proceeding in some or all cases of foreclosure to protect any equity the debtor may have in the property, in case the value of the debt being foreclosed on is substantially less than the market value of the real property; this also discourages a strategic foreclosure by a lender who wants to obtain the property.
So, after the bank has already lost a lot of money on the sheriff sale of the property in foreclosure, they are going to spend even more money and resources chasing after another judgment against the homeowners who were unable to pay the mortgage or first judgment.
Our site includes foreclosed properties from: Bank of New York; US Bank; Detusche Bank; Wells Fargo; Countrywide; Aurora; Citibank; IndyMac; HSBC; La Salle; Chase; Fifth Third Bank; Washington Mutual; SunTrust; National City; GMAC; Wachovia; BOA; Taylor, Bean & Whitaker; JP Morgan Chase and others.
Zalman Velvel, of Fort Myers, Florida, a Certified Commercial Investment member (CCIM), trainer, auctioneer and author who has been buying and selling foreclosure properties for over 20 years cautions novices to the foreclosure market to be aware of all the “land mines” involved.