Foreclosures - The Banks Misfortune can become Your Fortune
Both the home owners and lenders across the United States are suffering because of current real estate crisis. The number of bank foreclosures and pre foreclosures is at an all time high and are accounting for 40% of all homes sold within the last 2 months (currently it is early Oct/08), and the government bail-outs haven't been the holy grail has expected. The American Dream has now turned into a nightmare for home owners.
As strange as it may sound, there is still positivity that results from the foreclosed home crisis. That is that the homes are sold at government auctions after they're foreclosed and depending on the individual situation prices are often much lower then the market value. This ensures that the bank will regain at least some money back, and it's a way for the bank to get rid a home that it doesn't want to continue losing money on. This provides opportunities for real estate investors and for families with good credit to get a great deal on a home that they may not have been able to afford otherwise.
The owners that are facing foreclosure will sometimes be allowed to go ahead and sell their home during the 'pre-foreclosure' period. The pre-foreclosure period can last anywhere from a few weeks to a few months, depending on state laws. The public is notified through government auction sites and other listings of the homes facing foreclosure, and interested buyers are often able to work things out with the current owner and/or banks. Just like foreclosed homes at government auctions, pre-foreclosed homes are sold at low much reduced prices.
Many people are finding that they can earn money by purchasing pre-foreclosed and foreclosed homes and then reselling them. For example, it's possible to buy foreclosed and pre-foreclosed homes for as low as 25% of it's market value, then reselling it for 75% of it's value. For a house worth $200,000 that would be a $100,000 profit. There are many who have never had any previous experience in the real estate business now taking advantage of the opportunities provided by the real estate crisis. Foreclosed homes are most often offered through government auctions. But where can you find out about such opportunities?
There are many government auction websites that offer all the latest information on bank foreclosures. You can find listings on current and upcoming foreclosed homes. The best foreclosure sites do charge a membership fee, however, so do some of the worth sites. So how will you know which sites offer legitimate listings and which ones don't?
The research is actually very easy to do if you read information on government auction 'review' sites. These reviews are very informative and they will keep visitors updated on the top, most trustworthy government auction membership sites. The government auction reviews test through specific criteria, and are scored according to the results. Obviously, the higher the score, the better and up-to-date the site's foreclosure details are.
Whether you're interested in simply getting a good deal on your dream home or investing for a profit, you need to read the reviews about the top government review sites before deciding which ones to enroll in. This way, you'll get all the detailed information on which sites offer the best up-to-date information on home foreclosures and avoid any scams. Here are four steps to follow to help you down the right path:
- Read reviews of the top sites at a free government auction review site
- Visit and join a recommended government auction membership site
- Go to to one of the top govenment sites and browse and select the best values in the foreclosure listings
- When it makes sense drop by the properties of highest interest and then visit the corresponding government auction - 23212
As strange as it may sound, there is still positivity that results from the foreclosed home crisis. That is that the homes are sold at government auctions after they're foreclosed and depending on the individual situation prices are often much lower then the market value. This ensures that the bank will regain at least some money back, and it's a way for the bank to get rid a home that it doesn't want to continue losing money on. This provides opportunities for real estate investors and for families with good credit to get a great deal on a home that they may not have been able to afford otherwise.
The owners that are facing foreclosure will sometimes be allowed to go ahead and sell their home during the 'pre-foreclosure' period. The pre-foreclosure period can last anywhere from a few weeks to a few months, depending on state laws. The public is notified through government auction sites and other listings of the homes facing foreclosure, and interested buyers are often able to work things out with the current owner and/or banks. Just like foreclosed homes at government auctions, pre-foreclosed homes are sold at low much reduced prices.
Many people are finding that they can earn money by purchasing pre-foreclosed and foreclosed homes and then reselling them. For example, it's possible to buy foreclosed and pre-foreclosed homes for as low as 25% of it's market value, then reselling it for 75% of it's value. For a house worth $200,000 that would be a $100,000 profit. There are many who have never had any previous experience in the real estate business now taking advantage of the opportunities provided by the real estate crisis. Foreclosed homes are most often offered through government auctions. But where can you find out about such opportunities?
There are many government auction websites that offer all the latest information on bank foreclosures. You can find listings on current and upcoming foreclosed homes. The best foreclosure sites do charge a membership fee, however, so do some of the worth sites. So how will you know which sites offer legitimate listings and which ones don't?
The research is actually very easy to do if you read information on government auction 'review' sites. These reviews are very informative and they will keep visitors updated on the top, most trustworthy government auction membership sites. The government auction reviews test through specific criteria, and are scored according to the results. Obviously, the higher the score, the better and up-to-date the site's foreclosure details are.
Whether you're interested in simply getting a good deal on your dream home or investing for a profit, you need to read the reviews about the top government review sites before deciding which ones to enroll in. This way, you'll get all the detailed information on which sites offer the best up-to-date information on home foreclosures and avoid any scams. Here are four steps to follow to help you down the right path:
- Read reviews of the top sites at a free government auction review site
- Visit and join a recommended government auction membership site
- Go to to one of the top govenment sites and browse and select the best values in the foreclosure listings
- When it makes sense drop by the properties of highest interest and then visit the corresponding government auction - 23212
About the Author:
For free reviews on the top foreclosure auction sites and which ones to avoid visit government auctions review or go direct to foreclosures and preforeclosures
posted by X - Men @ 3:09 AM
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