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  • September Property Count:
  • Foreclosures: 82,020
  • Motivated Sellers: 4,209
  • Wholesale Deals: 2,302
  • For Sale By Owners: 32,012
  • Private Lenders: 802
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Bank Foreclosures | Bank Repos | HUD Foreclosures | HUD Homes | HUD Properties | Foreclosure Statistics | Foreclosures | Foreclosure Homes | Foreclosed Real Estate | Bank Foreclosed Houses


Why Foreclosure Houses Sell


Foreclosure houses actually refer to the homes which have gotten notices of default filed within public records. Notices of default signify that the homeowner is at the minimum of 2 months of arrears within mortgage payments. As a borrower doesn’t make the loan current, a lender will file a foreclosure against him, and the home is thought to be a foreclosure.

Why do they sell?

Foreclosure houses could be a lucrative investment given the proper circumstances. There are the ones who like to enter into short sales to prevent messing up their credit with foreclosure records. The short sale means that an owner sells the home and applies the proceeds upon his loan. If you’re a good negotiator, you could take the chance to close a great deal with an owner.

Short sales make a ton of sense particularly if you take into consideration the advantages which accrue to each one of the parties. Within the short sale, a purchaser could have a home for an inexpensive cost, the seller or homeowner can avoid handling a foreclosure and the lender or bank could recover their cash quicker than if they wait for the home to sell in either an auction or an REO property.

However, there will include foreclosure houses which go all of the way to becoming bank owned houses. It occurs as they aren’t sold at public sales because of inadequate bidding and additional factors. The house becomes REO or real estate owned properties, meaning that they’ve reverted to the bank's ownership, as well as the bank now will sell them as a portion of their foreclosed homes inventories.

One main reason why most purchasers additionally like purchasing REO properties is the truth that they’re extremely secure to buy. As a property reverts to the bank's ownership, a bank erases every lien and judgment connected with it, therefore giving a purchaser a good and clean title. Additionally, if you could bargain for a better cost and understand how you can make a winning offer, you might have the ability to purchase a home that’s worth a lot more than what you’ve spent.