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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.
Homes In Bank Foreclosure News
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, ... |
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. |
Sales of previously owned homes rise 3.4% in April - Philadelphia Inquirer
Sales of previously owned homes rise 3.4% in April Philadelphia Inquirer Economist Lawrence Yun agreed that “ a diminishing share of foreclosed-property sales is helping home values.” CHRIS O'MEARA / Associated Press Sales of previously owned homes rose 3.4 percent in April from March levels and were 10 percent higher than ... Local pending home sales up 12.3% |
Home Sales Jump as Number of Foreclosures Drops - TIME
 Bloomberg | Home Sales Jump as Number of Foreclosures Drops TIME That rise is probably driven by two factors: one is the aforementioned cheap financing, which allows buyers to afford to spend more on homes. The other is that there were fewer distressed sales in the market. Foreclosures and short sales — which ... Sales of US Existing Homes Rise for First Time in 3 Months Home Resales Advance US housing recovery spells hope for economy |
Many eligible borrowers passing up foreclosure reviews - USA TODAY
 USA TODAY | Many eligible borrowers passing up foreclosure reviews USA TODAY By Jae C. Hong, AP file A bank-owned home in Las Vegas in 2008. By April 30, fewer than 165000 people had applied to have their foreclosures checked for mistakes — about 4% of the 4.1 million who received letters about the free reviews late last year, ... Borrowers passing up foreclosure reviews |
Allocation of Mortgage Settlement Funds - LoanSafe
 ProPublica | Allocation of Mortgage Settlement Funds LoanSafe ... families who are still suffering from the problems created by illegal bank mortgage servicing practices. The funding announced today will go toward programs that will help those struggling families avoid foreclosure and stay in their homes. Billion Dollar Bait & Switch: States Divert Foreclosure Deal Funds Mortgage settlement could go in state's budget hole Connecticut's Share of Settlement to Aid Troubled Homeowners |
Monique Acosta, California Foreclosure Victim, Found Guilty Of Vandalizing Home - Huffington Post
 Press-Enterprise | Monique Acosta, California Foreclosure Victim, Found Guilty Of Vandalizing Home Huffington Post A jury in Riverside, California found Monique Acosta of French Valley guilty of removing fixtures from a mortgaged property after she and her husband allegedly vandalized their foreclosed home by staining floors with dye, defacing cabinets, ... Ex-SDPD Officer Convicted Of Damaging Foreclosed Home |