Foreclosures in Palm Coast and St. Augustine
Bank foreclosed homes are also call real estate owned (REO) foreclosures. Bad things, such as divorce, death or loss of job, happen to good people and make them unable to make their mortgage payments. After a few months, the bank forecloses on the property and it becomes a bank foreclosure home. Experienced investors know that during the time that the bank foreclosure is being processed, known as the pre-foreclosure period, the owners may sell their homes and avoid foreclosure. The predicament of these owners makes them willing to negotiate so that they can save their credit and the investor gets a good deal. A win-win situation.
After the foreclosure is final, the title of the bank foreclosure home is transferred to the bank. Banks do not like to own foreclosure properties. They are in the business of dealing with money, not real estate, and bank foreclosures are a burden on them for several reasons:
-They are expensive to maintain - The bank must pay taxes, insurance, maintenance and security for their bank foreclosure homes. The longer they hold on to bank foreclosure homes, the more money they lose.
-The bank looks bad - Having a large inventory of bank foreclosure homes on their books just shows off their bad lending decisions.
-The bank needs to recover the money lost on bank foreclosures.
Due to these reasons, banks try to get rid of bank foreclosures as fast as they can. This is exactly the situation that investors can capitalize on. It is possible to negotiate deals where you buy bank foreclosure homes, or government foreclosures at a price that is 10-30% below market value. And you know what they say, buy low-sell high and you will make a nice profit every time you invest in bank foreclosure homes.
I act as a REALTOR for a number of these banks. Right now there is a large selection of these homes on the market with new ones becoming available every week. If you're looking for a good deal on a $100,000 fixer upper, a million dollar water front home or anything in between, please give me a call 904-806-2446 or check out my web site: http://www.troyrowanrealestate.com/
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