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Did you know that it really isn’t all that complicated a process to buy a bank foreclosure home. So don’t be afraid, or discount bank owned homes as a viable deal or way to get into today's real estate market. Bank foreclosures can present a rare opportunity to buyers and investors alike. Before you jump into the bank foreclosures market, be informed and have realtor representation. Also it helps to put your money where your offer is, up front and quickly to expedite the bank foreclosures process with the lender.
A home becomes a bank owned home or bank foreclosure once the owner defaults on their payments and cannot bounce back. The property then gets put up for trustee sale or foreclosure auction. At this time an interested buyer or investor has the opportunity to bid on the home. At this time the bank or lender may also repurchase back the home. If the property does not sell to someone outside of the bank, the property becomes real estate or bank owned property.
Bank owned property, or bank foreclosures then become an opportunity for an interested buyer or investor to contact the lender with their interest in the property. Understand that it can take between 2 to 3 years for the complete foreclosure process to take place and for the bank to be able to see the home to you. So just because a house has been sitting vacant for a while, it still may take longer before you see the house come on the market. You have to keep watching for the house to come on the market.
Can you buy the home at the court house steps? Sure you can, but in most cases you are buying the home sight unseen. You have no idea what it is you are truly buying. So unless you are a super handyman, this could be very risky. Every problem can be fixed… it just depends on what it’s going to cost to fix it. You want to make sure that you can get a return (profit) on your investment. If you have to hire people to do the work, this could be expensive, and eat up any profits. So, tread carefully if you want to buy at the auction on the court house steps.
One other thing to consider is that you normally have to put up a large deposit if you win the auction. That deposit is not refundable. If you can’t make the purchase, you lose the deposit. This is something we can discuss if you hire MDREPros to be your realtor.
Our distressed property listings include, foreclosures, preforeclosures, sheriff sales, short sales, bankruptcies and real estate auctions.
In most areas, the prices have corrected themselves and are getting close to the prices they were before the big crash. If you keep a sharp eye out and work with a Professional Realtor who has their finger on the pulse of the what’s going on in the area you are interested in, they can point you to deals, sometimes before they even hit the MLS (Market)
Interest rates are still near historic lows and foreclosed properties are still around. Low interest rates, and low sale prices on bank owned homes make now the best time to enter the housing market. Buying a foreclosure property will add to your savings.
The problem is most people interested in saving thousands on a home purchase have no idea how to find distressed or foreclosed homes themselves.
Also, you want to keep in mind that foreclosures are not the only deals in town. There are people who have to move, and because of other foreclosures in their area, they may be forced to sell their home for less than they want, but it is what the market will tolerate. So I often advise my clients to not only look at foreclosures, but to look at the whole market, sometimes there are better deals than some of the foreclosures.
Remember, when a bank puts a foreclosure on the market, it doesn’t automatically make it a deal. The banks are wising up and making repairs, replacing carpets and adding fresh paint. Then they are asking more money for the homes than they would have before. So don’t limit yourself to just foreclosures, because you might miss the best deal. Make sure that you work with a Professional Realtor who know the market, and knows a good deal when they see one. Remember, not all realtors are Professional Realtors. There are a lot of Realtors who work part time, they have to work at another job to make ends meet.
You could save thousands of dollars, or even start a career flipping these properties. Your first step is always to find the them. There is no charge. You are now able to search 40 of the top bank and government free foreclosure listing websites for free. You will immediately be able to see hundreds of homes in the areas that you are interested in, and never need to pay another monthly service charge! So don't wait, if you're even considering buying a home, you need this information. Think about it, the banks and government agencies need to unload their housing inventory and for that reason they do not charge to access their listings. All you need to get started is to know where to look. You want to save money buying a home, doesn't it make sense to save money finding one too?
If you’re looking to save a bit of money, and you don’t mind making some hefty repairs, distressed properties may be your answer.
Distressed properties are homes whose owners cannot maintain them. Either these properties suffer from neglect and are in poor condition, or they are at risk of foreclosure due to non-payment of mortgage and/or taxes.
And if you’re willing to do the legwork—and handle the repairs—these homes are often sold at below-market rates, but you’ll have to find them first.
Start Your Search Here With Our FREE list of Distressed Properties:
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Search for foreclosed homes and bank-owned property for sale including: Bank Foreclosed Home Listings, Government Foreclosed Listings, HUD Foreclosed Listings, VA Foreclosed Listings, and REO Listings. Learn more about foreclosures. Find bank-owned homes, pre-foreclosure homes, and government-ownedhomes for sale in your area. Save money on the purchase of a home by searching our FREE bank foreclosed listings.
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If you’re looking for a free list of foreclosed homes, you come to the right place. Just fill out the short form above and we can start sending you emails with foreclosed homes when they come on the market.
Almost all foreclosed homes are listed on the MLS with realtors. That’s something most people don’t know, the banks work with realtors in different areas and those realtors put the homes on the MLS for all to see. The reality is that there are no “secret” lists of foreclosed homes that you have to pay for. At MDREpros, we may be one of the only places where you can get foreclosures lists without having to pay any kind of fee. We provide the list totally for FREE!
We also check the bank websites to make sure that they don’t have any foreclosures that haven’t been listed with realtors yet. Our goal is to make sure we do all the work for you. All you have to do is let us know which homes you like, and would like to look at, and we’ll set up the appointments and arrange the tours of the homes for you.
MDREPros will provide the foreclosure information, that you’re looking for, to you totally for FREE. We want to earn your business, so we will do whatever we need to make that happen. So when we say we provide the foreclosure list to you for free, we mean not only free of cost and free of registration, but also free of obligation. We only ask that if you are happy with our services that you will work with us, when you are ready to start looking at homes, and when you’re ready to negotiate with the seller.
It’s sad, but I check various sources on a regular basis, and there are still people getting foreclosed on, and defaulting on their loans. We are not 100% out of the mortgage crisis yet, but it is getting better. If you position yourself correctly you can benefit from others misfortune. Some people have made a great living by purchasing foreclosure properties and "flipping" those homes for profit.
Perhaps flipping a home is not your thing, Maybe you are simply looking at foreclosure to find a good home with immediate equity. People are getting into homes today for thousands of dollars less than the same homes would have cost them just a few years ago.
Something else to consider… if you have the time to wait on a bank approval, a short sale can produce even better savings for you than a foreclosure. It costs the bank about $60,000 to foreclose on a home. They would prefer to negotiate a short sale in most cases, rather than go through the long drawn out process of the foreclosure.