A few years ago, foreclosures were plentiful, and many sold at bargain prices. Then their number decreased as the market got healthier.
Also, at that time, many homeowners were underwater, meaning that their mortgages payoffs were larger than the value of their home, or for what they could probably sell it.
And so some banks would not foreclose, as they might not make any money on the sale if the value of the home was less than the mortgage.
The median price of homes sold in most neighborhoods is on the rise, and you might be surprised at what your home is worth in today’s market if you haven’t checked lately.
If you are a homeowner still struggling to make house payments, perhaps it is time for you to sell, pay off the high interest rate mortgage, get any equity out of the home and move to a more affordable home, or rent for a while. Get a fresh start.
Some banks are ordering appraisals and broker’s price opinions to check the value of properties which have been languishing for a while, and foreclosures could start again if there is value in the property, making foreclosing payoff for the lender. If so, it would be wise to make your move now, either to rent, or to downsize, rather than wait for foreclosure....if you are constantly late on house payments.
John and Sarah Rummage, BENCHMARK REALTY, LLC, are REO/Foreclosures listing agents, but also like to work with families to get into a more affordable home, and out of debt. Call us or email to get started on a process to see what your home’s value is in today’s market, and to get a net sheet to see what net funds you are likely to have after subtracting selling expenses. Our Email and Phone Numbers are below!