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Archive for December 17th, 2008
There are different types of foreclosed homes
Foreclosure Properties for Buyers — Just the Facts
For a FREE List of Foreclosures email Kathy Torline at KTorline@msn.com
Related posts:
Buying a home that has been foreclosed on can be a very good deal, especially if you have money to invest
in fixing it up. Buyers may end up with more in equity than the amount they spend fixing the property, particularly when they do some of the work yourself. Even if you’re a first time homebuyer with no money for cosmetic or other repairs, a foreclosure may be within your reach with creative financing that allows you to finance the repairs based on the repaired value of the home.
As I was writing this article, I went to the local Multiple Listing Service and searched for all of the properties that said they were currently listed and classified as Bank owned. The search came up with 323 Bank owned properties, which is about 5% of the homes currently listed for sale. If you want a list of these properties, call or email Kathy or Nancy.
The following is a brief explanation of the majority of foreclosure properties available for buyers to purchase.
(1) Bank Owned: These type of properties are also called Real Estate owned or REO. The bank has already foreclosed, and the bank now owns the property. They are typically sold “as-is”, which means Read the rest of this entry »
