What To Expect When You Purchase A Foreclosed Property
Unity Home Group® has created this list of foreclosure properties that are currently on the market. Non-judicial foreclosure process can take between two to four months to complete depending on state foreclosure laws. When you’re shopping for a home, it’s important to understand how homes are priced so you can make a sound investment and reach a fair agreement with the seller.
Therefore, you should work your way out of the foreclosure before the sale take place. A foreclosure can add to your financial problems if your state allows a deficiency judgment, which means the borrower owes the difference between what is owed on the foreclosed property and the amount it eventually sells for at an auction.
The main reasons for this steep increase in foreclosure rate are the declining prices, slow property sales, and a credit crunch. They are expensive to maintain – The bank must pay taxes, insurance, maintenance and security for their bank foreclosure homes. Bidding procedures vary from State to State so make sure you become familiar with the bidding procedures in your area before you start bidding at a foreclosure auction.
The neighbors have also started to feel the heat and there is a feeling of fear, depression and haunting as they see empty homes and deserted streets. In 2012, there were 68 thousand homes that went into foreclosure in just the month of June. The proceeds realized fro the sale go to indemnify the overall costs the previous owner of the property was unable to cover.
The VA program is one of the few remaining no-down payment programs in the market. However, an auction sale can offer some of the best bargains, often times as much as 35 to 50 percent below market value. All of the top homes for sale in Houston are situated in areas that have access to these schools, and many of the state’s finest private schools are near by.