Bank Home Foreclosures
Bank Home Foreclosures are initiated by the bank when a homeowner is more than two or three months delinquent on mortgage payments. When banks have to take back property through foreclosure, even a valuable one; it goes on the wrong side of their balance sheets and means someone at the bank made a bad loan. So, banks turn to foreclosure really as a last resort. They’d much rather receive mortgage payments then take possession of the property and be responsible for its resale in order to recoup the loss from the defaulted loan.
The slow economy has left many builders of new mid-scale and upscale homes without consumers to purchase them. When builders reach the end of their construction-loan periods without finding buyers, the banks that issued the construction loans take possession of these newly built homes and use real estate agents to sell them. This kind of bank home foreclosure is somewhat “hidden” because no one involved in their sale refers to them as foreclosed homes.
Investing in Home Foreclosures
Whether you’re a novice or a professional “rehabber,” who fixes up foreclosed properties, you’ll need to stay on top to come out ahead. We’ve gathered resources and culled information from varied sources to bring you timely information on Home Foreclosure Prices, and Financing Foreclosure Purchases. Why Buy Foreclosed Homes, you might ask. There are plenty of solid, smart reasons and we’ll share them with you, along with buying foreclosed homes tips, and resources on Home Foreclosure Listings.