Tag Archives: repossessed

What are Bank Foreclosures and Why are they Important?

May 13, 2019   Personal Loan

One of the easiest ways to save money on real estate is to buy bank owned foreclosures. These are a unique form of repo homes and are for sale in cities across the country. Homes are repossessed due to the previous owner’s inability to keep up with their mortgage payments. These houses are available to the public through auctions and usually sell for much less than they would on the open market. The lending bank that repossessed the home will use the sale processed as a means of recouping their losses. Because of this, buyers can often buy homes for up to 50% off market value.

Save Money Buying Repossessed Homes
Whether you are looking for single family homes, apartments, condos, land or commercial seized properties, you can find what you are looking for at an incredible bargain. There are so many different distressed properties since the bank foreclosure process is not unique to any particular type of property. Best of all, these properties can be purchased at discounted prices in any city in the country.

Just as there are many different property types available at auction, there are many types of lenders and mortgage institutions that sell foreclosed properties. It’s important to know about them and the different routes available to buying bank homes. One popular way is federal homes which include HUD homes and VA foreclosures. These are houses available from government lenders.

Fannie Mae and Freddie Mac are two popular sources for finding houses at a discount. These two institutions are responsible for thousands of mortgages in every state.

There are so many options available when it comes to buying homes repossessed by lenders. To make the best decision for you, research them all to find the best fit for you.

Investing in Foreclosed Properties
There are many websites that provide guidance and assistance in researching bank foreclosures or any other REO property. They teach the ins and outs of buying bank repossessed homes that will allow you to maximize the value of your investment. They can also teach you about tax liens and other hidden costs as well as finding the best deals using a few simple calculations.

Finding Foreclosure Listings

NoblePalmettoWholesale.com com does all of this leg work for you, and we only put properties under contract that would make sense to investors. We know there are many costs involved once a property is purchased before an investor can retail the house or hold it in her portfolio. By negotiating with the sellers so you don’t have to, we can free you to concentrate on the things that are important to you.

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The Number of Repossessed Home Hit Record Highs

February 7, 2018   Home Mortgage

A repossessed home is a residence that a bank has taken ownership of because the homeowner has failed to make his mortgage payments. While foreclosures have always been a part of the lending process, in recent years the number of repossessed home have hit record highs. From Los Angeles to New York City banks are foreclosing on homes at rates not seen since the Great Depression. This has left many of the nations biggest banks with huge inventories of repossessed homes that they are desperately trying to sell.

As a general rule, banks hate being involved in the real estate market. Not only do they have to pay for the fees associated with selling the home, but they also have to pay the costs of maintaining the homes. Foreclosures are also a liability to banks as they represent bad loans and failed policies. For these reasons and more banks are desperate to get rid of these foreclosed homes and are often offering them at well below their market value price.

If you are interested in buying a foreclosed home there are several things you should know.

It is not enough to simply look at a price and take the deal. Because repossessed homes are sold in “as is” condition, if there are repairs to be made and you buy the home you will have to pay for them. Don’t expect the bank to cover the cost of any repairs.

Since you are looking at homes that are currently in foreclosure, there is a good chance that their titles may have outstanding liens or taxes owed on them. While the bank usually clears the title before it puts the home up for sale, it is always better to be safe than sorry and check the title yourself.

Since most banks have large and growing inventories, they are desperate to negotiate and make deals. Even if you don’t have much experience, if you are a qualified homeowner with good credit you may be able to talk them down and get them to not only lower the asking price but to also pay for all closing costs. It is also always a good idea to negotiate a lower down payment and a good financing package.

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