Welcome to Foreclosure Guide
Foreclosure Article
. For a permanent link to this article, or to bookmark it for further reading, click here.
The Pros and Cons of Using Auction Foreclosure Listings for the Purchase of Your Foreclosure Property
from:Where to find foreclosure listings is a common question asked by many people who are in the business of buying foreclosure property. They enter the business because of the true market advantages and savings from using this approach. Like with any other real estate investment, how to find these golden opportunities, the foreclosure listings, becomes a job in and of itself.
Running to auction after auction is a method to find foreclosure listings, but can be time consuming and you will not necessarily get the best deals that way. Most of the time, the prices of the property represented by these foreclosure listings have been inflated to encourage higher bidding.
You also may require proving that you have the down payment by producing a letter from your bank and be able to cover the 6 per cent commission fee for the special licensed real estate agent that has been contracted for the sale of government property foreclosure listings sales. The extra money and the bother to jump through loops to qualify for government foreclosure property can be too cumbersome and time consuming. You want to get in on the business and get the best deals from foreclosure listings as possible.
If you are an investor that still loves the thrill of bidding at an auction, there are websites that help you to find deals from auction foreclosure listings anywhere in the United States. These are specialty auctions called realty auctions providing foreclosure listings on foreclosed homes, or homes now repossessed by the bank (REO homes).
These auction houses also offer foreclosure listings on property that has been seized by the government due to non payment of taxes or default on mortgage payments and Fanny Mae and Freddie Mac insurance programs. You can even find land at these realty auctions that is being auctioned off at as much as 90 percent of their actual property value.
Many banks and financial lending institutions prefer to sell their foreclosure property at realty auctions because they prefer the quick turn over and they do not want to make public, through the normal channels of doing business, that they have made some rather poor business decisions. Banks are in the market of making money not losing it. Since the banks are not in the business of keeping real estate, but are in the business of lending and making money, real estate agents will approach them to sell their property at auctions in a fast and expedient way.
The property might have liens attached to it but the bidder will be advised of such and can take this in consideration when making a bid. Also the house may be in need of repair and it will also become the bidders responsibility to consider the additional cost when making a serious bid. Most auctions will allow the bidder to see the property. Most important is the fact that some properties are in good shape but just need to be sold quickly.
Related Articles for Foreclosure
Foreclosure Specific links
Foreclosure News
Foreclosures Dominating Home Sales in Solano County - LoanSafe
 Chicago Tribune | Foreclosures Dominating Home Sales in Solano County LoanSafe 3/4 Solano County is still seeking the bottom of the foreclosure trough, with more than half of all housing sales being of distressed properties, an industry data collection firm's most recent figures show. “At 60 percent off all being in some form of ... Tennessee foreclosure activity climbed in December This week in Real Estate Foreclosures keep pushing house prices lower |
Robo-Reality: Final Foreclosures Fall as Pipeline Swells - CNBC.com
Robo-Reality: Final Foreclosures Fall as Pipeline Swells CNBC.com The number of new foreclosures in 2011 dropped nearly 40 percent, according to year-end numbers just released by Lender Processing Services; there is, however, little cause for celebration. The fall is largely due to moratoria and process reviews ... LPS: Foreclosure Levels Down 40% In 2011 LPS' Mortgage Monitor Report Shows 2010, 2011 Originations Among Best Quality ... Mortgage delinquencies fell 40% in 2011 |
Mortgage deal draws detractors from all sides - Fox News
 Legal News Line | Mortgage deal draws detractors from all sides Fox News In it, the country's five largest mortgage lenders offer to pay out as much as $25 billion to cover new terms for homeowners driven out by foreclosure. But people who lost their homes are unlikely to get them back or see much financial benefit from the ... Obama Administration And Banks Near Deal On Mortgage Fraud Legal Liability Fla. AG says she supports foreclosure settlement Foreclosure settlement punishes hard work |
Foreclosure Crisis: The Twisted World Of Mortgage Lender Error - Huffington Post
Foreclosure Crisis: The Twisted World Of Mortgage Lender Error Huffington Post Instead, GMAC twice started a foreclosure action. GMAC claimed it had no record of any payment being received. The Grays have submitted bank statements that appear to show GMAC returning the $768 payment -- several times. GMAC has since assessed more ... Raging against the foreclosure machine |
CEO of Virginia Foreclosure Rescue Fraud Sentenced to Prison - LoanSafe
CEO of Virginia Foreclosure Rescue Fraud Sentenced to Prison LoanSafe by Moe Bedard on January 27, 2012 in Scams (Source: FBI) NORFOLK, VA—Kathleen Harps, 51, of Chesapeake, VA, was sentenced today in Norfolk federal court to 54 months in prison for operating a foreclosure rescue mortgage fraud scheme. Mortgage fraud nets Chesapeake woman 4-1/2 years Chesapeake woman sentenced for allegedly operating mortgage fraud scheme Va woman gets 4.5 years in mortgage-rescue scheme |