I get asked about unbelievably great deals all of the time when people are searching for foreclosures. I thought I would post a little explanation of how the process works and how someone can position themselves to pick up a really great deal.

Be careful as to what “Foreclosure Type” you are using in your search criteria. Most websites are kind of bad on how they display properties in the foreclosure process. Homes listed under “Notice of Default” are not for sale. The current owner is at least three months late on their payments and the bank has started the foreclosure process, which can be stopped at any time by the homeowner getting current on their payments. There is nothing wrong with having your Realtor track down the homeowner and asking them if they want to sell. It’s a great way to get a good deal.

Click HERE for a list of foreclosed homes that are currently for sale.

Regarding homes listed under “Auction” the homeowner is considerably behind in payments and the bank has an auction date scheduled, these homes are not available for showing. The auction is the actual moment of foreclosure. Properties scheduled for “Auction” must be purchased on the court-house steps for cash at the appointed time. Email or call me and I’ll look up the auction date, location and registration criteria for any home that you are interested in buying at “Auction”

For information on homes scheduled for “Auction” click HERE. Be sure to include as much information about the home you are interested in.

Homes listed as “Bank Owned” went through the auction on the court-house steps and no one put in a bid. This is most often the case as banks usually do not sell homes on the courthouse steps for less than what is owed on them. This is where my website shines. If you find a bank owned home that has not come on the market yet you can watch the property and pounce when the time is right. It may take some time for a home to come on the market once the bank takes possession. It is good to have a Realtor set up an alert for the specific address you are interested in so you can take a look at the property the day it comes on the market.

To see Bank Owned Homes that are for sale click HERE.

Foreclosures can be a good deal if you have an agent that knows what they are doing. Tracking a home from notice of default through the auction and bank owned statuses takes the right tools that only a few real estate agents have. If you are interested in a home that is in Notice of default it is a good idea to contact a Realtor (like me) with the right tools and have them contact the home owner before the bank gets its hands on the home.

J.R. Thrasher
(619) 929-0105
RealEstate@JRThrasher.com

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