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FORECLOSURE LIST

 

 

Looking for a “Foreclosure List?”

Read below to learn more about the process then simply search below to obtain FREE foreclosure info…

Everyone seems to want or at least learn more about FORECLOSURE’s. With late night infomercials promising sure fortune’s awaiting who wouldn’t be? However, we have a more realistic appraisal of the current situation. Here are some things to understand when looking at these types of properties…

“Foreclosure” is thrown around by marketers trying to spur interest in what is actually a very complex and time consuming real estate transaction. The term is almost ubiquitously used to describe homes in some type of distress. However, there are three basic steps to the process. Loosely they are:

  1. SHORT SALE: A short sale occurs when the current owner must sell a property that is worth less than the amount of their loan securing that property. That means the current owner must either bring in additional funds to close escrow OR the owner and their agent must convince the bank that selling the property “short” is the best way to proceed with a sale in this market, at this time.

    Thus, when a house is “short”, a negotiation usually takes place between the current owner and their agent and the current lien holder(s) (bank) before an offer can be accepted. During that time, the current owner and agent tries to convince the bank that it will be in their best interest to sell the property at a loss RIGHT NOW, rather than going through the lengthy and costly process of foreclosing. This entire process is tedious and difficult for all parties, from the owner and agent, to the bank, to you waiting to hear back about your offer. Patience is paramount at this point.
     

  2. NOTICE OF DEFAULT (NOD): If a property cannot be sold “short” and an owner falls behind in their payments, then the property is placed on the “Notice of Default” list (Often referred to as “Foreclosure Lists Here!!!”). This means that unless payments are made or some other resolution is reached, then this property will be foreclosed upon by the bank, thus becoming “Real Estate Owned” or an REO property. It is during this step that “late night advertisers” proclaim “DEALS ON THE COURTHOUSE STEPS!!!” Have you been to one? It doesn’t exactly work like that…However; the NOD list CAN alert you to potentially good buys becoming available.
     

  3. REAL ESTATE OWNED (REO): Once a property has officially been foreclosed, then it becomes owned by the bank and is considered an REO. These properties can become good buys. However, the process of buying an REO or foreclosed property is lengthy and can be more complex than a standard transaction. Most buyers find the standard 30 day escrow of a “normal” transaction to be very stressful. An REO transaction requires more even more patience and care.

Working with the proper agent can be the difference between obtaining the property and successfully completing a smooth transaction or becoming frustrated. We have worked hard to come up with a submission package that is specifically tailored to fulfill what the bank is looking for when completing these transactions. If you are looking for a “short”, “REO”, or standard property purchase Kris and Brian Butler have a proven track record in completing complex transactions for our clients.