Foreclosure Homes For Sale

Foreclosure Homes For Sale
Search for foreclosed properties in your area and get property details, photos, location map and contact information.

What are Foreclosure Homes?

Foreclosure homes are properties that have been repossessed by governments, banks or creditors for the non-payment of debt by homeowners. Those properties are then sold, at usually below market prices, to recover the amount of debt owed.

Finding Foreclosure Homes For Sale

Foreclosure properties may be offered for sale in several ways:

Direct Sale

An in-house agent would advertise and promote foreclosure properties through online and/or print advertising, signs, direct mail, online listing services and other means generally used by real estate agents.

Through Realtors

Foreclosure homes are in many cases listed for sale with real estate agents. Usually, an arrangement is made with a national or regional broker to market all the foreclosed properties held by a seller.

By Public Auction

The process begins with a public announcement of an auction of foreclosure homes for sale. Usually the notice includes some details on the available properties, relevant dates, auction location and procedures. In most cases the highest bidder ends up with the auctioned property.

Foreclosure real estate may provide great buying opportunities for homebuyers and investors. Discounts of 20 to 50% off the market value may be achievable, representing a substantial saving by any measure. However, buying foreclosure properties comes with several issues that have to be considered by any prudent buyer. Homes that go into foreclosure are usually poorly maintained and may require substantial expenditures in repairs and/or replacements. Investors have to balance the value of the real estate being considered with the existing market conditions and the potential of renting or reselling. There is also the rigidity of the process in buying a foreclosure home by way of an auction or public tender. In many instances the buyer cannot negotiate terms and may have to forego the due diligence afforded in a conventional sale.

Looking for foreclosure homes for sales in your area?