Browse foreclosure listings at the Bank of America Real Estate Center® and find a property that may suit your budget and lifestyle. A Weekly Foreclosure Sold List is posted after 1:00 p.m. on the scheduled sale date. Foreclosure sales made up 22 percent of all sales in the last three months of 2011 and one-fourth in the first quarter a year ago. A debtor may also challenge the validity of the debt in a claim against the bank to stop the foreclosure and sue for damages.
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.
Call the agent whose name is on the sign and inquire about other foreclosure listings that may be coming on the market. Plus, it’s better to be honest than optimistic, at least when it comes to homes. This signifies that a home has been through foreclosure and the lender is selling it.
Another reason why this is not the dip to buy is the massive inventory of homes and the massive numbers of homes big homebuilders need to get rid of. The first two steps in buying a foreclosure should happen almost simultaneously: Find a real-estate broker who works directly with banks that own foreclosed homes and get a preapproval from a lender.
That’s the highest percentage of overall sales since the figure hit 28 percent in the third quarter of 2010, before the foreclosure abuse claims against mortgage lenders surfaced. We also post a Continuance List that may be helpful to determine if a sale date has been continued or a foreclosure action has been withdrawn.