Forclosure

WHAT TO EXPECT- click  for typical procedures on buying a lender owned property.

  Buying a lender owned property can sometimes feel like this....

I can lead you.  I have had experience listing and selling lender owned properties.

A forclosed property is a property that has been given back the lending bank due to non-payment.

Many lending institution do not try to sell these homes themselves.  There are many, many asset companies in the United States whose sole purpose is to help lending institutions get these homes sold back to the public.

For example:  CountryWide Mortgage is a big lender.  They lend the money for Mr. Smith to buy a home.  Hard times hit and Mr. Smith can no longer make payments.

Now, the bank owns the home.  Obviously, CountryWide does not want to own the home, so they have an assett company that handles all their lender owned properties.  These companies have Real Estate agents throughout the United States that list and market the property.  A CountryWide home will not say CountryWide.  It will be listed with an office like Century 21 and that office is in direct contact with the asset company, not the lender itself.

At this point, the home is cleaned up, winterized, any vital repairs are completed and the home is priced to sell quickly.

Forclosed homes can be a wonderful opportunity to get a great deal, however there are some differences.  Click here to view some of the expectations.