How To Purchase Bank Owned Real Estate
The option to purchase homes from a bank may appear to be a fantastic deal at first glance. In certain cases, these homes are not in good shape, and you may not always be able to purchase them for a significant discount from the current market price. Before you begin the process of purchasing this type of property, you should educate yourself with the procedures involved. The case of real estate ownership vs. foreclosure If a mortgage company does not sell the property at a foreclosure auction, the property is considered to be returned to the lender. Many foreclosure auctions fail to attract any offers at all. In most cases, auctions begin with a minimum bid that includes the balance of the mortgage loan, accrued interest, foreclosure expenses, and attorney's fees, among other things. In order to bid on these auctions, you must have a bank check in the amount of the bid in your possession at the time of the auction. If your offer is accepted, you will be given the property in its c...