| If you are interesting in purchasing a foreclosed | | | | home is being sold. Often, real estate auctions are |
| property, an agent will work to find you the best home! | | | | where foreclosures are sold because the lender is |
| An agent has access to many services that track | | | | generally trying to sell the property as soon as |
| foreclosures in and neighborhood you are to move to, | | | | possible. At auctions, buyers are generally expected to |
| in California. An agent will stay on top of your search. | | | | pay for the house at the end of the auction, which |
| With foreclosures, you have to move quickly because | | | | means the financing must already be in place. Working |
| the lucrative investments get snatched up quickly. | | | | with a preferred lender can help you to make sure |
| You've been hearing a lot lately about foreclosures, | | | | that if you want to purchase your home from an |
| REOs and short sales. There are conflicting reports | | | | auction, your financing will be ready to go. |
| about whether or not they can be good investments. | | | | However, in today's market, auctions are not the only |
| Agents pride themselves on giving you the most | | | | way to purchase foreclosures. Many REO (real estate |
| up-to-date information on making the best real estate | | | | owned) companies purchase these foreclosures and |
| decisions for yourself and your family's future. Buying a | | | | list them for sale, essentially performing the function of |
| foreclosed home may not be for everybody, but keep | | | | a "homeowner" who does not live in the house. When |
| reading and find out if it's right for you. | | | | making an offer on such a home, it is still a great idea |
| Sometimes, foreclosed homes can be good | | | | to have your financing in place, so that your offer |
| investments, because often, they sell for less than | | | | (which will most likely NOT be the only one) will be |
| market value. For a first-time homebuyer, the process | | | | easier to accept. |
| may seem more complex and time-consuming but | | | | Buyers often ask, regarding foreclosures, "Will I be able |
| that's why you need an agent to help. A foreclosure is | | | | to gain equity in an REO?" The answer to this question |
| a property that is being "foreclosed" upon by a bank or | | | | is generally dependent on (1) the current value and (2) |
| some other lending institution. It is a legal process | | | | the sales price of the property. If a buyer purchases a |
| through which the homeowner's rights are terminated, | | | | property for less than it is worth, there is automatic |
| generally as a result of his/her failure to pay the | | | | equity. With foreclosures, and an experienced agent, |
| mortgage. | | | | you can have the peace of mind that you will find the |
| One thing that is important when considering the | | | | right foreclosure to purchase. |
| purchase of a foreclosure, is where and how the | | | | |