All the recent news about real estate foreclosures seems to focus on the negative. It seems no one is talking about the opportunities presented by the many foreclosures occurring today. Certainly no one wants to ignore the bad news, but it is important to focus on the good news too. Foreclosure trends make this a great time for people who want become home owners. There are literally millions of homes across the nation waiting for owners. That is millions of choices for you, whether you are a first time home owner, or someone looking for a vacation home. Let us look at how estate foreclosures become available.
When a current home owner can no longer afford their home, there are several ways it might become available. Some home owners choose to sell their home before the process of foreclosure happens.
These sales can represent fantastic values. Both the owner, and the lender, wants to avoid the cost and uncertainty of the foreclosure process, making them very motivated to sell. Property can also become available after a foreclosure has taken place. Lenders do not want to own an unoccupied property. Each vacant property costs them money. So, lenders will often make these properties available at surprisingly low prices.
Another way real estate foreclosures become available is a sheriff’s sale. You may have seen notices for these sales posted on buildings or in the newspaper. Sheriff’s sales occur after the legal process of foreclosure has taken place. It is a public auction of a borrower’s seized property and it is carried out by a sheriff often in a local court house.
Not just lenders have an interest in keeping vacant properties occupied, so do communities. Selling real estate foreclosures properties at auction helps communities stay vital. These sales often represent the greatest value in foreclosed properties. Many people think of mostly urban property being sold at sheriff’s sales, however these real estate foreclosures sales are not just limited to those properties, many rural homes are also available for purchase too.
So, as you can see, real estate foreclosures properties become available in a variety of ways. Each is a unique opportunity for you to become a home owner or to expand the amount of property you already own. Some soon to be foreclosures are sold by owners who hope to avoid the foreclosure process. Other real estate foreclosures are sold by the lender, working with a current owner before foreclosure process is complete. Lenders, whether they are Fannie Mae, Freddie Mac, or HUD, have many real estate foreclosures homes you can purchase too. Add to that public auctions, conducted daily across the United States of foreclosed property and you will find yourself with literally millions of choices. That choice means savings for you.