Real estate is one of the most exciting investments you can make and it should be a fun and rewarding experience. Because properties purchased from HUD are sold as is, and because foreclosed homes can have damage ranging from simple poor upkeep to stripped copper, the only reason you do that is for profit,” says Steve Stout, residential field supervisor at the Oklahoma County Assessor’s Office.
Some loans serviced by PNC Bank or PNC Mortgage for private investors require that foreclosed property be transferred to the private investor on or after foreclosure. FORECLOSURE SALE PROCESS: Sales of real property are ‘open type’ auction sales (not sealed bids).
More foreclosure sales also means potentially more pain for homeowners, who could see the value of their homes erode further as neighboring foreclosures sell. VA loans can be used to purchase foreclosed properties as long as the VA guidelines are met. Search for your next property by address, state, city, county or zip code, or use the main menu, above, to guide your way through the explanation of the Foreclosure process.
Web-based foreclosure companies charge a fee for providing you with a list of foreclosure properties. However, an auction sale can offer some of the best bargains, often times as much as 35 to 50 percent below market value. Very often, a foreclosed home can be priced attractively below the other homes in the surrounding area, but when word gets out, numerous offers can come in rapidly and a bidding war ensues.
He’s also a powerful state senator who chairs the Committee on Business and Commerce and who, back in 2001, authored the law that enshrined pro-industry HOA foreclosure practices in statute, ensuring that associations like Brookfield’s could continue to aggressively collect fees and dues from homeowners.