Federal officials today are announcing an 18-metro program aimed at putting foreclosed properties in the hands of local non-profits. This process is generally much faster and cheaper than foreclosure by judicial sale. If it’s a short sale situation, the owner’s lender has to approve the deal and that can take a while, as mentioned earlier. Notice of the sale is advertised in The News & Observer and posted on the bulletin board inside the Salisbury Street entrance of the Wake County Courthouse 20 days prior to the auction date.
Moreover, taking those properties out of the pool of foreclosures will improve the average value of area homes. Before ownership is transferred to a new owner tenants remain subject to the requirements of their lease agreements, including payment of rent to the landlord.
From then, they have three months to make up for the default on the mortgage before the lender schedules a foreclosure sale. Harbour, city lawyers said, has been selling substandard” homes to buyers in Cincinnati who often default on the contracts because they cannot pay for the repairs or keep up with the monthly payments.
A year after buying the foreclosed property on West Wilshire Boulevard, Warren also bought the house next door for $72,000. Demand for rentals is also high because those who lost their homes need a place to stay. As part of the agreement, Wells Fargo agreed to give borrowers who plan to live in a home after the purchase priority in the bidding process over investors eager to snap up cheap houses to rent out or flip.
The homes are typically in worse shape than average, which drives the price down but makes for more fixing up. As KUOW reported a few years ago , some experts see bank-owned property as an underused source of affordable housing in Seattle and elsewhere.