Foreclosure listings and bank foreclosures listings
By: Rick Martin
Do you want to buy a new house or maybe start a real estate business? The best way to do this is to buy a foreclosed house. In this article you can find the most important things that you should know before buying a property using foreclosure listings.
First of all what are foreclosure listings? Foreclosure listings are detailed lists that give you all the information you need about properties that are in the process of foreclosure (the owner did not pay the mortgage and the bank must recover the debt).
How can these foreclosure listings help you? It is very easy. Using foreclosure listings, you can buy a property under the market price and you can save up to 20% in comparison with the market property value.
Who can help you obtain valuable, reliable foreclosure listings? You can use one of these four sources for foreclosure listings:
- You can go to the local bank and attain bank foreclosures listings
- You can search for bank foreclosures listings over the Internet
- You can call your realtor or ask for help from government agencies
The most efficient way of getting hold of bank foreclosures listings is to go to your local bank. In some cases, if the property is owned by a third party (real estate agency or another owner), you cannot purchase that property directly from the bank. Getting bank foreclosures listings from the bank makes the process a lot easier than any other way of obtaining foreclosure listings. In this way, you can save money, precious time and you can also see the property you are interested in. You can even negotiate the price (since the bank wants to sell it as soon as possible).
Another efficient method to find bank foreclosures listings is to look them up on the websites specialized in this area. These websites can offer additional information: not only do they give you the bank foreclosures listings, but they can also guide you through the process of purchasing a property. However, you must know that this service can cost you somewhere between $10 and $30 per month. In most cases, you have the chance to preview the foreclosure listings before joining the service. A significant observation must be made here: websites' information about bank foreclosures listings is constantly updated and they can offer you information from all around the country. From this point of view, they are the best alternative.
An additional method to obtain bank foreclosures listings is to contact a realtor. Nevertheless, you should know that the bank foreclosures listings that you can get hold of from a realtor are always changing because the access to them is public. This constant shift can be a problem since you can be interested in buying a property that is already sold. Still, you can use this method if you want to immediately buy the property.
Although all these actions are efficient and can put you in possession of bank foreclosures listings, you can be satisfied with doing exactly this, but there is another way of buying a property: working directly with the owner (buying a pre-foreclosure). The advantage of this buying method is that the discount can get up to 30%. However, an obstacle could get in your way: it is rather difficult to locate owners that have failed to pay their mortgages on time. You can still purchase a property at a lower price in an auction (up to 45% savings off the market price). The disadvantage, if you choose to buy a property in this way, is that you cannot see the real estate before acquisition. Another inconvenience is that auctions are sometimes postponed which can lead to a great waste of time.
Whether you choose to purchase a property with the help foreclosure listings (from the bank, the Internet, or a realtor) or you simply find owners that could not pay their mortgage, buying a foreclosed property is the best deal you can close. The aspects against this purchasing way are so few, that we can even ignore them. If you are careful enough, you can buy a property from foreclosure listings without any problem and benefit from all the possible advantages.