If you are currently in the market to add to your real estate portfolio foreclosures can often be bought under Market Value.
What is the difference between buying at a trustee sale and buying at auction sites that you see on the net?
A foreclosure allows a lender or beneficiary to recover the amount owed on a defaulted loan through the public auction of a property. Foreclosure can end in one of the following ways:
- The borrower reinstates the loan by paying the defaulted amount during the pre-foreclosure period.
- The borrower sells the property to a third party during the pre-foreclosure period allowing the borrower to pay off the entire loan amount and avoid having a foreclosure on their credit history.
- A third party buys the property at the foreclosure auction.
- A third party buys the property at a public auction.
- The lender or beneficiary takes ownership of the property at the foreclosure auction.
- All properties are required to be purchased with 100% cash. There is no traditional financing on foreclosures. If you don’t have 100% of the cash, we have easy funding available for you.
What is buying at a normal auction site? Very simply stated, the sites are just another way to list a property for sale. They are not distressed properties anymore. They are generally owned by a bank or another institution that is simply trying the auction avenue to sell the property rather than listing on the traditional Multiple Listing Service.
Even though a lot of foreclosed homes are vacant, it is important to handle it professionally, considerately and patiently. This is one of our primary goals in any transaction.
Through ShopProp we can provide you access to one of our partners where you can view the properties that are coming to auction for the upcoming week. If you find something that looks like a possible fit for you, we can help you get funding, bid on the property, and take possession.