Can be a valuable resource for potential buyers and people who invest in foreclosure properties. Foreclosed properties are often sold with a Schedule A” attached to the contract. The major difference is that in Canada, lenders are required to sell homes in foreclosure at fair market value,” which means the dirt-cheap U.S. prices just don’t happen here.
Consumers all over the country have been snapping up foreclosed homes at events at astounding low prices, buying properties for 50 percent to 60 percent off the previous high value. In some states, this information may be available 6 to 8 months or more before the sale.
The biggest advantage to buying properties at the Sheriff’s sale is the high profit potential. Purchasing a short sale property is in most regards the same as a traditional purchase, but the language in the contracts will differ, specifying that the terms are subject to the lender’s approval.
Alternatively, the court may order the property sold subject to the mortgage, with the proceeds from the sale going to the payments owed the mortgage holder. Plus, it’s better to be honest than optimistic, at least when it comes to homes. Villarreal says there are a lot of issues people have with buying foreclosed homes, but they are practical, not emotional.
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. Click on the Current Sale tab to view the list of properties scheduled for the next tax sale.