The market is still hot right now, leaving fewer properties and lots of buyers. You may be considering buying a foreclosed home. There are fewer traditional buyers all vying for a foreclosed home. However, there is a lot to know about the process. Given most foreclosed homes cost less than market value (which is a benefit on its own), the potential ROI (Return on Investment) can range from significant to massive.
It’s good to have a lot of questions…and we’ll help you answer them! We’ll also make sure we’re asking any important questions you may not have thought of. We’re here to prevent you from going into the process blind. We want this to be a success for you, especially if its your first home buying experience.
Foreclosed Homes Kitsap County
These are just a couple of questions you’ll have right off the top.
- How Do I Find a Bank-Owned Property for Sale? That’s where we come in! Yes, there are other ways to find foreclosed properties, such as through an auction house, looking for foreclosure advertising, or home sale websites-but it’s easiest and safest to do so through a real estate
broker you trust. We can help you avoid common mistakes and clarify any questions.
- Is There More than One Type of Foreclosure? In short, yes. There are REO foreclosures, or involuntary foreclosures, which are real estate owned and have been taken back by the lender. However, there are situations when a house may go into foreclosure to prevent this. This is aptly titled a voluntary foreclosure. Ultimately the outcome of the owner no longer being in possession of the house remains the same. However, the latter can be chosen when the home is worth less than what is owed, and the owner wants to avoid further payment.
Foreclosed Properties Kitsap County
To make an informed decision you need to be provided with all the necessary information. Regarding the reason the home was foreclosed on, this can make a difference, so it’s important to find out. Why did the owner stop making the payments? Was it because it was simply too expensive, or was there a unique reason relating to the condition of the house behind it? If a house has been unoccupied for a long period of time, the likelihood of bigger problems or just more of them is high. It’s perfectly reasonable to ask this, for both occupying the house yourself or flipping it and selling it. After all, you’re investing your time and money.