Not a day goes by that I am not asked about foreclosed properties. Friends, family, neighbors are just a few of the many who want to know "Is a bank foreclosure a good buy?"
To find the answer it helps to know what a foreclosed property is. A bank foreclosure occurs when a borrower is unable to repay their outstanding debt to the bank.
The property is put up as collateral for securing the loan, and a lien is put upon the property giving the bank legal right to seize that property should there be a default in payment.
Once the homeowner is delinquent, the bank can take back the home and foreclose on the homeowner. The homeowner must leave the premises and the home is now in the possession of the bank.
The banks loose money every month they hold onto these homes. Usually a real estate company is hired to resale the home at a lower than market value price to get the home sold quickly.
The foreclosed home is sold in "as is" condition. Many people fear buying a foreclosed home will come with a lot of problems. What most folks do not realize is that once the bank forecloses on a home, an inspection is ordered for the property, the property is cleaned and cleared of debris, trash and any items that may be left behind are removed. Most properties are in fairly good shape and ready to buy.
If you are a first time home buyer or an investor, there are many loan programs available for you when you buy a foreclosed property. A qualified mortgage professional or Realtor how knows how to close them can help you with your decision to buy a foreclosed home.
Northern Nevada is now seeing multiple offers on foreclosure properties. With today's record low interest rates, first time home buyers tax credits, now has never been a better time to buy a Northern Nevada foreclosed home.
If you would like to learn more about foreclosed properties in the Northern Nevada area, or any homes that are for listed for sale in this area, please consider calling me to help you with this process. I can help you find foreclosure's in this area and help you with the purchase of these properties.
Email me or call me if you are interested in finding out more about Northern Nevada's foreclosrue properties. My email address is TerrieLeighton@hotmail.com and my cell phone number is 775-846-5424. Visit www.servingrenoandsparks.com for a list homes that are currently active in the Northern Nevada regional multiple listing service.
About the author: Terrie Leighton is a real estate agent with Ferrari-Lund Real Estate. Please see Norhtern Nevada homes to learn more about Terrie Leighton.