Foreclosed properties, like bank-owned homes, offer a variety of selections to choose from. A good source of information on these homes is the foreclosure listings, which provide up-to-date data on such homes across the country. From large to small, townhomes to single-family homes, townhomes to rural homes, these assets number in the thousands on foreclosure lists.
However, one thing is common with these homes: they sell well below their current market prices. Industry figures vary, with some putting it at 20 percent and others as much as 70 percent off these houses’ original labels, depending on successful deals for them. However, public sales of these properties run by banks or governments generally attract public attention because of the potential savings they offer.
What you get from foreclosures
Bank-owned homes are homes that have been taken over by lenders after their previous owners defaulted on their loans. However, owning foreclosed property weighs on banks’ balance sheets because it locks up capital that would otherwise have been used for operations or investments. Therefore, banks offer these properties to the highest bidder as soon as possible. They do this through public sales or auctions, which can happen at any time and anywhere in the country.
To get the attention of potential buyers, banks may choose to waive interest charges, pay for repairs, evict squatting tenants, offer easy payment schemes, and even haggle over offers on such homes. Basically, this means that when it comes to disposing of these properties, banks are quite flexible.
This is especially true today at a time when foreclosures have reached all-time highs due to the financial crisis. As lenders seek to liquidate most of these assets to reduce their losses, bank-owned homes present a wonderful opportunity for homebuyers, including first-time homeowners. To find out more about these properties, you can always visit Foreclosure Listings for a full set of available homes and guides.