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The 9 Important Things You Should Know About Foreclosure Listings
What is foreclosure listings?
When a house owner fails to commit to the loan repayment after months, the bank will tend to force sell the house in order to recover the loan that they have lent out. These houses will be categorized as foreclosure houses. Details of the houses including the loan information, location, owner, lender and etc will be collected as a list by third party. This is to serve as a marketing method in promoting the foreclosure houses so that the properties can be sold out more quickly. This list is named foreclosure listings
Why should I care about foreclosure listings?
If you a home buyer or investor, you should care about foreclosure listings because often time there are great deals inside the list. We must understand that the purpose of selling the property by banks is to recover the loan that the previous owner cannot afford to pay. They in fact do not want to hold long to the properties because cost will incur along the time. Therefore foreclosure is sold based on the remaining loan amount but not the market value. This often time become a bargain for home buyers. By 20-50% below market price one can get a quality foreclosure.
Are foreclosures nice property?
If you think foreclosure are houses which have been vacant for few years with low or no maintenance at all, and the houses might have grown with bushes then you are totally wrong. Foreclosure houses are as new and good quality as all other houses because it is a place where it was occupied by somebody before this. The property has gone foreclosed just because the previous owner needs to sell the house to recover their financial balance and pays off the housing loan. Most of the time the property is well maintained and guarded.
How to use foreclosure listings?
Now that you are interested in foreclosure listings, you will then wonder what is next. To start, you can always begin with signing up a foreclosure listings free trial. It is a trial account where no charges will apply. You gain access to the foreclosure listings for 7 days and you can browse around looking for properties. During the sign up, you will be asked for credit card information which is required for the administration purposes. If you are satisfied with the service, you need not to do anything and continue using the service, the system will start billing you after 7 days trial. But if you choose to opt out, you need to cancel you account to avoid the automatic charges.
Why foreclosure listings are not free?
Why not a free listings? Yes there are some listings for free somewhere else. No charges and no credit cards needed. But it will definitely not recommend. Good listings come with a price. Even if you can browse properties for free and it has comprehensive data, but one question, are the data trustworthy? Or are they up to date? Real estate investment could lead to million dollars of deals and you are counting on these data for your deal. It is a bit risky so to say.
What are the advantages of foreclosure listings?
Foreclosure listings provide you the one stop data center on foreclosed properties. With few clicks you have access to all the foreclosure across the country. No travel, no hassle, no thick documents, no red tape and etc, all you have is a summary with complete data on properties that line up for your research pleasure. Is this advantage make some sense to you?
What are the disadvantages of foreclosure listings?
Disadvantages? May be you do not have a real person to discuss with as compared to the realtor services while doing properties research. But to solve this, you can always get consultancy from the realtors after you have identify a potential deal. This pairing between foreclosure listings and realtors consultantcy works well for quite a number of investors. Also, It is important to be aware that in a Pre-foreclosure negotiation that the homeowner could file for an automatic stay for chapter 13 stop foreclosure and the sale process could be temporarily or permanently put on hold.
How to buy foreclosure?
This is a bit of technical question. Buying foreclosure not only involves searching foreclosure with foreclosure listings but it involves getting finance and contacting agents. It is not a rocket science in buying foreclosure though but it is not as easy as you think either. It needs your effort in researching and some knowledge on the property market. You can read more about how to buy foreclosure here.
Know what you want, search the foreclosure listings, identify the property, get finance, contact owner, make an offer, then you own it and save or earn abundant. Easy? Not really. It involves skills and hardwork. But what things in the world require no effort? There is always a price for it especially it is a good deal. If you are now ready, you can sign up the 7 days free trial here.
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