RealtyTrac, the leading online nationwide marketplace for analyzing and listing foreclosure properties, released their 2007 year end data based on its ‘U.S. Foreclosure Market Report’. The report shows a total of 2,203,295 listings of foreclosure filings throughout the United States. These totals include: auction sales, default notices and lender/bank repossessions.
Realty Trac has also reported that a total of 215,749 foreclosures were filed during December, 2007, which is up a whopping 97 percent from December, 2006. The total escalates the fourth quarter foreclosures filing up to 642,150.
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RealtyTrac Invites You To Invest In Foreclosure Properties
If you are looking for alternative forms of investment, property foreclosures, if they are approached properly, can be an excellent source of income. But, before you jump in thinking this is another ‘Easy… Get Rich Quick’ method of making money, well, think again! You need to research and know the process of foreclosures to get the most out of the ‘buy low and sell high’ process or if you are just interested in buying a property way below market value.
“If you are willing to do your homework, investing in the foreclosure market can offer one of the best opportunities in real estate today”, this according to RealtyTrac, the leading foreclosure listing marketplace available online.
RealtyTrac’s online services can assist investors as well as potential home buyers to look into this hidden market by providing instant ‘real-time’ access to current foreclosure listings, as well as pre-foreclosure listings. This information in the past was available only to real estate brokers or professional investors. Using Realty Trac’s sources, new homebuyers or investors can use their online services to research and identify potential home purchases. You will also find professional tools and resources that you need to find and close the deal on the property.
It is vitally important to educate yourself about the different types and stages of property foreclosures and the process involved. The seasoned real estate investors in foreclosure will advise that even they have something new to learn when it comes to this market.
The Types of Foreclosure Properties Available And The Stages Of The Foreclosure Process
Serious investors and buyers need to understand the different types and stages of foreclosure properties.
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The Following Are The Steps In The Foreclosure Process
1.) Pre-foreclosure Properties
A default property enters into the pre-foreclosure stage after a notice is filed by the lender against the homeowner or borrower of the property. The different types of notices filed during the pre-foreclosure process include:
– Notice of Default (NOD)
– Lis Pendens (LIS)
– Notice of Trustee Sale (NTS) and
– Notice of Foreclosure Sale (NFS).
For most investors or home buyers, buying a pre-foreclosure home directly from a private homeowner offers the best option. This is a best-case scenario for all parties involved because:
– The home seller is able to get out of the mortgage without further ruining their credit rating
– The mortgage lender is spared the time as well as expense of foreclosing the property
– You as the potential buyer or investor often gets a below market price for the home
There are however some disadvantages purchasing a property during the pre-foreclosure stage. As this is a major purchase…
– Negotiating with the seller can often be a difficult process, this is because the seller does not want to get rid of or lose the property and selling is their last recourse
– There is a limited ‘window of time’ to negotiate and submit the documents, as the sale has to be closed before the property goes into the auction phase
2.) Auction Sales
When a property goes into foreclosure auction, this is typically when the professional investor are most active. This is when the properties are formally in the ‘default’ stage, and sold at the auction to the highest bidder. The buyers or investor is required to be present at the auction while bidding and are required to pay 100 percent of the sale price in cash, when the auction ends.
Buying from foreclosure auctions can often offer significant savings and provide immediate property ownership. This process is however not for the faint of heart or if you are unprepared. You as the buyer should be familiar with the property you are bidding on and most often, there is a limited ‘time frame’ to examine it. Also, you as the bidder, will be competing against other professional investors as well as possibly the lender of the home.
3.) Real-Estate-Owned Properties (REO)
If the lender happens to reclaim a home, it is known as ‘Real Estate Owned by the lender’ or (REO). REO properties will offer you more time to view and evaluate the property, but, most often their prices are close to the full appraised retail market value.
It is possible to find great deals investing in the foreclosures market. You are however required know where to look and know exactly what you are looking for.
Visit the nations #1 site for foreclosures and find homes for half the price.