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Foreclosure Article
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Purchase a Bank Foreclosure for your Next Investment Opportunity
from:A bank foreclosure is also known as a real estate foreclosure and it occurs when a borrower is unable to repay their outstanding debt to the bank. The real estate property was put up for collateral for securing the loan and a lien was put upon the property giving the bank legal right to seize that property should there be a default in payment.
The bank foreclosure takes a while and a wise investor will be aware that there is a period in between the time the bank will actually taken possession of the property. This period is known as the pre foreclosure period. During this time the property owner can attempt to sell the home in order to preserve his good credit standing. For the investor wishing to buy the property it becomes a very lucrative deal as many homeowners need to sell the property so quickly that they will give great deals on the sale of the home.
If the property was not successfully sold during the pre foreclosure period, the bank will take over the title of the property and repossess the home or other real estate property in question.
When a bank foreclosure has occurred the bank will not wish to keep the property that it now owns for several reasons:
• Banks are moneylenders; they are not real estate owners.
• Having possession of property on their books shows bad decision making on their part resulting from lending money to consumers who are unable repay the loan.
• Banks lose money on the ownership of repossessed homes. They must maintain the buildings, pay taxes and insurance fees. The longer they own the property the more loss they incur.
• The bank will also want to recover the money lost on their bank foreclosure.
Since banks want to rid themselves of the foreclosed property as soon as possible, they too will sell the property thus, opening up a wise investment opportunity for an investor as well. The investor can obtain property at between 20 – 60 percent below the market value from purchase of a bank foreclosure.
A wise investor can search for bank foreclosures and choose the property that is right for his/her current needs and budget. There are several online sites that offer bank foreclosure listings. Not all provide current listings. Bankforclosuresales.com will provide the most update bank foreclosure listings on foreclosure homes, commercial foreclosures, and government foreclosures. They charge a nominal fee but provide an excellent service.
Investing in a bank foreclosure home or other property is risk free, the deals are well below market value, and all liens on the property have been lifted. The investor is only responsible for the cost of the sale price of the property.
Foreclosure News
Foreclosure Deal Gets Closer - Wall Street Journal
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American Foreclosure Bottoms at Atlanta Tower Auction - Bloomberg
 Bloomberg | American Foreclosure Bottoms at Atlanta Tower Auction Bloomberg Enlarge image American Foreclosure Bottoms at Atlanta Tower Auction American Foreclosure Bottoms at Atlanta Tower Auction Louie Favorite/Atlanta Journal-Constitution/AP Bank of America Plaza, Atlanta. The US foreclosure crisis has risen to new heights. American Foreclosure Bottoms at Atlanta Tower Auction: Mortgages |
Foreclosures at the high end increase - San Jose Mercury News
Foreclosures at the high end increase San Jose Mercury News High end foreclosures have increased over the past couple years, as the poor economy finally catches up with formerly affluent folks who have exhausted their resources and can no longer afford their mortgages. (Dan Honda/Staff) The housing crisis, ... |
Refloating the housing market - Los Angeles Times
 Los Angeles Times | Refloating the housing market Los Angeles Times A foreclosure sign sits in front of a home March 27, 2007 in Miami, Florida. The White House¿s latest plan to stem foreclosures prods Fannie Mae, Freddie Mac and banks to refinance millions of creditworthy borrowers who can¿t get new loans because ... A Mortgage Tornado Warning, Unheeded Private Equity Firms Purchase Fannie Mae Foreclosures An unlikely sleuth tried to tell Fannie Mae to shape up |
Facing foreclosure, some Montanans turn to courts - Helena Independent Record
Facing foreclosure, some Montanans turn to courts Helena Independent Record “Plaintiffs' claims are simple—when financial institutions enter into a contract in which it promises to modify a loan and prevent an unnecessary foreclosure, homeowners expect that promise to be kept,” Helena attorney Jonathan Motl wrote in a Jan. |