How bank foreclosure lists provide potential buyers with detailed information on foreclosed properties for sale.
Bank foreclosure lists provide a potential buyer with information on foreclosed properties that are up for sale. When a property is foreclosed, a lis pendens or default notice is filed and becomes a public record. For those seeking to purchase foreclosed properties, getting their hands on this document is the first step.
Lists of foreclosures can be accessed through local real estate agencies, government entities and even magazines that specialize in the area of foreclosure. However, there are foreclosed homes that are for sale that have never been lived in or do not belong to a homeowner. These properties are built by builders who reach the end of their loan period without finding buyers for what they are building. The banks that issued the loans to the builders then take possession of the property and put it up for sale. Properties like these usually do not appear on lists and are commonly handled by real estate agents.
A buyer can also go directly to lenders or banks and ask them for a list of their REOs or Real Estate Owned portfolio. When asking for this list, it is better to concentrate on one or two areas only and to give particular information on what kind of property is being sought. A bank prefers to deal with buyers who know what they are looking for and who provide specific criteria on what property they want to buy.
After identifying the preferred location, a buyer can ask the bank to provide a list of properties in the area or areas he has chosen that have been sold within the last few months. This list can be the buyer's guide in making a price comparison. For a better analysis, the buyer can hire the services of a real estate agent to work on the comparison. There are also Web sites run by real estate associations that provide price lists of properties in various areas.
Buying foreclosed properties owned by banks is a relatively low-risk endeavor and a sound investment. Banks usually take care of eviction, taxes, liens and other obligations before they sell the property. This is because banks are not selling to make a profit but to unload the property and get back the unpaid balance of the mortgage loan that they issued to the homeowner who defaulted. REOs are not liquid assets and are more a burden than an asset to a bank. A buyer who purchases from a bank can also ask the same bank for financing. Since banks are always eager to unload real estate properties, they will likely provide a favorable financing scheme to the buyer.
Acquiring bank foreclosure lists is the first step towards a profitable real estate investment. Getting these lists will give the buyer an idea of what properties are available and how much they are worth. A bit of patience in studying these lists will go a long way towards making a great profit for someone who wants to get into the market of foreclosures.
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