What is a Foreclosure Home?
A foreclosure home is any house, condo or manufactured home whose original owner defaulted on his mortgage; resulting in his lender repossessing the home. The lender then reserves the right to sell the foreclosed home to another buyer. Savvy homebuyers can sometimes purchase foreclosed homes from the bank at a discount
Flagstaff Real Estate: Foreclosure Marketing
Not all foreclosure homes make it onto the open market. Before a bank markets foreclosure properties through a real estate agency, it attempts to sell foreclosed homes at auction. A bank may ask any price for a home, but often banks will price a foreclosed property at the amount the former homeowner owed on her defaulted mortgage. If no one at the auction bids an acceptable amount for the home, the bank will retain ownership of the property and place it on the open market.
Types of Foreclosures
If the original homeowner obtained a conventional mortgage on the property, the bank is responsible for repossessing and marketing the foreclosure home. If, however, the original homeowners loan was government-insured, such as an FHA or VA loan, the government department that insured the loan is responsible for marketing the property. Government foreclosures sometimes carry special incentives for buyers. For example, the Veteran’s Today Foreign Affairs Journal states that you dont have to be a veteran to qualify for vendee financing on VA foreclosures from the Department of Veterans Affairs.
Have you defaulted on your mortgage payments?
Benefits of Buying Foreclosures
Lenders have an interest in recouping their losses, but don't want foreclosed homes to sit on the market or in their accounting ledgers. Because of this, interested buyers can sometimes purchase foreclosure homes for less than fair market value. Doing so gives the homebuyer instant equity and helps him realize a greater profit should he choose to sell the home in the future.
Flagstaff Real Estate News: FHA has reduced waiting time after short sales and foreclosure! Are you qualified? Click on this link to view the new FHA guidelines.
Buying a foreclosure home? Make sure you qualify! Here's : How to Improve your Credit Score & Fix Your Credit Issues
Boulder Point Beauty! 1/2 acre lot, 2757 square feet, 5 bedroom, 4 baths master on the main floor, plus an office, bonus room and a 2 car garage with lots of additiona...
- Beds 5
- Baths 4.0
- MLS 158957
Property is occupied and occupants are not to be disturbed or contacted under any circumstances. Interior inspections are not available and property is being sold AS IS. ...
- Beds 4
- Baths 2.5
- MLS 158113
Great Views! This home is 5 bedroom, 3 bath, 4 car garage, fully fenced, on 1.1 acres.
- Beds 5
- Baths 3.0
- MLS 158586
This freshly painted spacious single level home in Elk Run features a open attractive floor plan in just 1581 square Feet. Quick acess to many recreational amenities in E...
- Beds 3
- Baths 2.0
- MLS 158355
This home is like a ''Cat Video'' on youtube, you'll go back a look and look again. You won't be able to stop yourself. This 3 Bedroom 2 Bath home sits so nicely on it's ...
- Beds 3
- Baths 2.0
- MLS 159215
Free Daily Email Updates
- Automated home searches
- Favorite properties
- Email updates
- And much more…