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Foreclosure Listings begin with mortgages.
When a homeowner enters into a mortgage agreement or deed of trust, they are agreeing to pay off the value of their loan over a certain amount of time. This means making monthly mortgage payments toward paying off that debt. When a homeowner doesn’t make those payments, the lender loses money. If mortgage payments continue to go unpaid, the lender will have no choice but to seek to take back the loan provided by selling the property under mortgage.
This is a common practice that occurs every day, and unfortunately it’s the only way lender can get back the money lost on unpaid loans so that they can keep lending to other home buyers. However, these foreclosure sales offer tremendous opportunity for new buyers. Since the lender only needs to make back the unpaid portion of the mortgage loan, and not its full amount, they can undersell a property and still make good. This means properties selling for 30%, 50%, and 60% are actually common on the foreclosure marketplace, and that’s why smart investors seek them out.
State Laws and the Foreclosure Listings Process
Ultimately, local state laws and customs play a big part in the foreclosure process. Some states may require that all foreclosures be judicial, while other states will require very little oversight of foreclosures. It’s extremely important for any buyer or investor to become familiar with the specific foreclosure laws for their region before they even start looking at foreclosure property listings. You have to become familiar with the entire foreclosure process, including the exact time the law allows for different stages of the foreclosure process, in order to be a truly effective buyer. Time is an important factor when buying a foreclosure, because you’ll often have a limited period to determine whether a foreclosure truly offers a good value, and knowing the laws and process is key in managing that time well.
You’ll want to determine what the laws are concerning strict foreclosures, and whether or not the homeowner is entitled to a period of redemption after the sale, during which they may be allowed up to a year to pay off their debt and retain ownership of their home. You’ll also want to look into whether strict foreclosures are the rule in your area, which allow for repossession of a homeowner’s property before a sale occurs. Knowing the details will make you a better buyer. Finding a coach or mentor in your market area should help in the process also, a good mentor or coach in your own area who knows the loopholes helps.
Foreclosure Listings can make you money if done properly. Good luck and have fun!