What is a foreclosure?
It’s a legal action taken by the mortgage holder against a homeowner, when the terms of the contract are not fulfilled. The homeowner defaults on payment and cannot live up to the demands of the loan Agreement.
Reasons for Foreclosures?
- Job loss
- Economy
- Divorce
- Health
- Financial mismanagement
- Business loss
- Interest rates etc etc
Why take foreclosure actions?
The goal is to take over the possession of a property from the homeowner and sell it in the market to pay of the balance of the loan.
Some Sources for Foreclosures
- Reports
- Newspapers
- Advertisers
- Magazines
- Your realtor
- Banks
- Newsletters etc etc
Opportunities In a foreclosure Sale?
- Cost savings / Price reductions
- Lower purchase price
- Lower down payments
- Less competition
- Better terms ( mortgage )
- Get more for less
- Motivated sellers & lenders etc etc
