Not every foreclosure is a great bargain, and some can morph into unexpected nightmares. Its is also important to note that should the proceeds realized from the bank foreclosed homes for sale then the foreclosure broadens to assets that can be put up for sale to cover the pending costs. Real estate agents, bankers, lenders and tax accounts are not only great resources for finding foreclosures, but they can provide you with a wealth of information and expertise when it comes to dealing with the foreclosure process.
Lists of foreclosures can be accessed through local real estate agencies, government entities and even magazines that specialize in the area of foreclosure. During one memorable experience, Mr. Macnab went with his client to see a foreclosure property he had recently purchased.
Even today, there are more than 1 million abandoned properties across the country, and Florida counts more zombie closures” than almost every other state. Fair Isaac, the company that created FICO (credit) scores, drops credit scores from 85 points to 160 points after a foreclosure or short sale.
We don’t see nearly the volume of foreclosed homes today as we did a few years back, and the banks no longer are flooding the market with foreclosures. In this phase the ownership rights of the property have been transferred to the successful bidder at the auction sale.
The fact is, there are a ton of homes on the market in our area, and the reality is, a lot of them are foreclosures. Whether looking for bank foreclosed homes or not, people usually prefer a home within a city that is clean, safe and a good environment to raise children.