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Bank Foreclosure: 3 Things You Need To Know
from: Deb St. George - HomelessInKingCounty.comWhat is a bank foreclosure? Unless you have been hiding under a rock you already, know that the housing market in the United States has been falling in value, which is caused partly by the number of homes that are facing foreclosure. In many situations, the borrowers of these loans failed to make their monthly payments as they had agreed to. In turn, the bank, which held the mortgage on the home, was forced to take back the property in the hopes of selling it and getting out of the debt. This is exactly what a bank foreclosure is. It is a home that is owned by a bank that held a mortgage on a home in which the owner failed to keep up with their monthly payments.
These homes are now on the market and being sold. There are many misconceptions about these homes and often people do not realize that they make a great investment. Here are three things you need to know about these foreclosures.
1: Bank's Sell For Less, Often
One of the key benefits of buying foreclosure homes is that the bank is often willing to sell the home fast even at a discounted price. They are not in the business of owning these homes and therefore they need and want to sell. Often, bank foreclosure homes will be sold below their appraised value. What this means to the average lender is that the property is quite profitable to them.
2: Bank Owned Homes Aren't A Mess
Many people feel that bank foreclosure properties are properties that are run down and beaten up. In fact, they are homes just like any other you would walk into in the hopes of buying them. The good news is that these bank owned properties are often in good condition. Many offer a range of opportunity for low cost, without a lot of repair. With that said, you should realize that you still need to invest in appraisals and home inspections to insure you understand the level of need the property presents.
3: Regular Home Loans Work
Another misconception people have about bank foreclosure is that these homes are being bought solely by those that can afford to fork over a great deal of cash. While some investors do this, most do not because it eats their reserves. Additionally, anyone can purchase a foreclosure with a standard home loan.
Bank foreclosure is not a pretty picture for many people, but for real estate investors, it can be an opportunity to get into a more affordable home quickly.
Bank Of America Foreclosure News
Fortress Seeks Servicing Rights From $4 Trillion Sale: Mortgages - BusinessWeek
Fortress Seeks Servicing Rights From $4 Trillion Sale: Mortgages BusinessWeek With US housing prices down 35 percent from their July 2006 peak, the largest US banks have booked more than $72 billion in losses tied to faulty home loans and foreclosures, including more than $40 billion by Bank of America alone. |
Short-Sale Aid Takes Shape - LoanSafe
Short-Sale Aid Takes Shape LoanSafe Bank of America made the program official last week, calling it “relocation assistance” for people with deliquent mortgages who have a qualifying short sale. Richard Eastern, a Washington state real estate broker who specializes in short sales, ... |
Obama, Bank of America may ease foreclosure woes - Pocono Record
Obama, Bank of America may ease foreclosure woes Pocono Record The administration has launched a variety of programs to ease the foreclosure crisis, but none have been particularly effective until perhaps now. Responding to what must have been mounting White House pressure, Bank of America is offering a ... |
Activists Occupy East Hampton Bank of America on Saturday - Patch.com
Activists Occupy East Hampton Bank of America on Saturday Patch.com Larry Darcey of Sag Harbor, one of the organizers, said they were responding to the millions of home foreclosures. "We're motivated by the corruption of Bank of America and the suffering it causes around the country." With several activists standing ... |
2 More Reasons to Sell Bank of America - DailyFinance
2 More Reasons to Sell Bank of America DailyFinance As part of our series "3 Reasons to Buy/Sell," Ilan explains the bear case for Bank of America. Foreclosure liabilities stemming from its mortgage servicing and Countrywide divisions aren't the only thing that could hold back the banking giant. |
Bank of America Meets Shareholders as Protests Swirl Outside - San Francisco Chronicle
 New York Daily News | Bank of America Meets Shareholders as Protests Swirl Outside San Francisco Chronicle Several hundred protesters in three separate marches converged on Bank of America's headquarters, decrying foreclosure practices and what they called corporate greed. Flanked by police, marchers chanted, banged on drums and carried banners as a mock ... Bank of America Investors Complain, but Approve Chief's Pay Protests mark Bank of America's shareholders' meeting inside and outside; 4 ... Bank of America rolls out loan modification offers |
County official sees value in 'land bank' of foreclosed properties - Chicago Sun-Times
County official sees value in 'land bank' of foreclosed properties Chicago Sun-Times BY DAVID ROEDER droeder@suntimes.com May 22, 2012 8:30PM Land banks, agencies set up to acquire vacant and foreclosed homes and make them community assets once again, work in Michigan, Ohio and New York and the idea should get a tryout here, ... |