FAQs


Buying a foreclosure property can be very complicated, that's why we make it straightforward and simple! There are different types of situations that make up the foreclosure process. In each of these situations the real estate can be purchased:

What is a Pre-Foreclosure?
What are Auction Properties?
What is an REO?
What is a Short Sale?
How do I find Pre-Foreclosure, Auction or REO properties?

What is a Pre-Foreclosure?

Pre-foreclosure is when a homeowner becomes late in payments and the lender begins the official foreclosure process on the property. This can take anywhere from a few months to a year or longer before the house is actually foreclosed on. It really depends on the laws involved and these can vary widely.
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What are Auction Properties?

Auction Properties are posted for public sale and may be bought at what is called the foreclosure auction or the trustee sale. Usually there is an opening bid price that is set to the amount that is currently owed on the first mortgage, although recently in this real estate market this can be adjusted to reflect market value..
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What is an REO?

REO stands for "real estate owned" by the bank. This occurs when the foreclosure auction is concluded and their was no bid on the property. Once the property reverts back to the bank it is put up for sale either directly through the bank, but more typically through a network of realtors that have exclusive deals to work with the bank.
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What is a Short Sale?

A Short Sale often occurs before a property goes to auction. In some cases the lender might permit the property to be sold for less than the amount that is owed on the property (a short sale). This is usually a negotiation that is carried out between a real estate agent and an agent of the bank.
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How do I find Pre-Foreclosure, Auction or REO properties?

We make it simple to find pre-foreclosure , auction and REO properties:

Online Lists: There are many online resources that have done all of the legwork to find you the houses that have begun the foreclosure process such as RealtyTrac.com.

Public Records: We do the research of public notices in your area for houses that are in the process of foreclosure so that you can save time and money.

Realtors: Start at a local level with the frontline realtors that know which properties are in the foreclosure process. We have chosen real estate professionals that can help you decide if the property has the equity you need by doing comparable analysis of properties that have sold in the last 6 months or year.

REO: Once a property reverts back to the bank we find you the local realtors that are experts in bank owned real estate. We also have access to REO property lists that are always updated. Short Sale: Our agents are specialist at finding short sales and getting the approval in the shortest amount of time.

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November 8th, 2010

By Jim Evans   What are the most important factors when it comes to buying a foreclosure? Most investors would agree that the price of the property would be the first criteria that decides on paper if the property should be purchased. Here are several other important factors to consider before you decide which property to bid on.

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October 23th, 2010

By Brian Scott   If a property reverts back to the bank, what is the advantage of buying one of these properties? Doesn't this just mean that nobody wanted to pay the opening bid on the property because the house is over-valued. The short answer to this is yes, but the long answer is where you can make your profit. First off, all banks are in the business of money, not real estate, so when it comes to pricing houses to sell at foreclosure or at short sales they are behind the curve on what the current market value of the opening bid needs to be.

As more and more properties revert back to the banks however they are slowly starting to catch on. After the banks get these properties back they realize that the reason why these properties didn't sell is that they are A) overpriced for the current market, and B) need work done to sell at market price.

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