What is a foreclosure?
Foreclosure is the legal proceedings initiated by a creditor to repossess the collateral for loan that is in default. There is no single law or procedure covering all foreclosures in the United States. Each federal and local government agency applies different rules.
Sources of foreclosure homes
Most foreclosure homes are owned by:
- Lenders (banks, credit unions, saving banks, etc.) that financed the purchase of the real estate property
- Government agencies that guaranteed or insured the mortgage loans for the property
Lending institutions don’t like to acknowledge publicly that they had many foreclosed properties. Advertising these properties publicly would acknowledge their failures. You need to find such foreclosures.
Why foreclosure homes?
- Below-market value, higher appreciation potential
- Opportunity to add value, sometimes through cosmetic fix up
- Availability of financing to upgrade
- Continual income when you lease, or quick profit when you sell
Over one million homes are in foreclosure status any moment.
Government Foreclosure Homes
Why government foreclosures?
Non-payment of taxes owed is a result of most government foreclosures.
Government agencies are not interested in making profit in selling foreclosure homes. They want to get rid of them as soon as possible. They need to cover their losses. You need to know where these government foreclosure homes are located. And, you will find these sources on this web site.
Government agencies such as HUD (Housing and Urban Development), VA (Veterans Affairs) and others may also help you in finding financing and give you allowance for repairs, if any.
Government foreclosure homes in your area
- Find HUD foreclosures in your area to buy for your primary residence or to sell for profit.
- Get a listing of VA foreclosures in your area and compare their prices to see your potential profit margin.
Bank Foreclosure Homes
Why bank foreclosures?
Banks lend money and take back mortgages as collateral for their loans. If the borrower cannot pay the monthly installments three months in a row, the property may become a bank foreclosure home.
Banks are hesitant to initiate foreclosure process. Banks are not interested in owning or selling properties for profit. Maintaining empty houses is risky and costly for them.
Save your money and time in finding and buying bank foreclosure homes by using the sources on this site.
Bank foreclosure homes in your area
Find “free” bank foreclosures listings and services: Bank foreclosures “free” listings by zip code
Real estate has more stability and higher returns for your investment. Bank and government foreclosures offer lowest cost for owning real estate property.
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