Usually a lender obtains a security interest from a borrower who mortgages or pledges an asset like a house to secure the loan. The property then goes through the foreclosure process and is placed for sale by auction. Remember if you are going to be buying a home at a foreclosure property auction you will be bidding against other investors and potential homebuyers. The absolute best route to take is to work with an experienced real estate agent that specializes in foreclosure home sales.
Foreclosure is a situation in which a homeowner is unable to make mortgage payments as required, which allows the lender to seize the property, evict the homeowner and sell the home, as stipulated in the mortgage contract. Nothing satisfies me more than seeing the smiles that come with a successful sale or the purchase of a lifetime.
Very often, a foreclosed home can be priced attractively below the other homes in the surrounding area, but when word gets out, numerous offers can come in rapidly and a bidding war ensues. Judicial foreclosure is practiced in lien theory States, or those that use a mortgage to secure a lien against real property.
A 300% rise in California foreclosures in August 2007 has pushed California State among the Top 5 states list for highest foreclosure rates. If repairs are needed before the home can pass VA appraisal/inspection, often the buyer will pay for them and incur the risk.
Making properties attractive to buyers is important to us, so we make every effort to maintain and prepare homes for sale, making repairs as needed. A Resource Guide for Foreclosure Recovery – Learn ways to gracefully exit home ownership, how foreclosure affects your taxes, how to avoid rental scams, and ways you can rebuild your credit.