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Tax Foreclosure for Sale, REO and Short Sales in Wichita

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By : John Cutts    99 or more times read
Although foreclosure-related residential sales in Wichita, Kansas have been slowing down recently, there are still a lot of homes in foreclosure for sale, short sales and tax foreclosure sales across the city, based on data used by real estate brokers and investors in the area.

According to area brokers, the biggest bargains now in Wichita may be found in tax foreclosure sales. For the next scheduled tax foreclosure auction at the Sedgwick County Extension Center, there will be around 250 residential properties to be auctioned, according to Ron Estes, the county treasurer of Sedgwick.

Estes said that in Sedgwick, buyers of tax foreclosures are not required to pay the delinquent taxes. They only have to pay the taxes due for the year 2009. He added that all foreclosure sales are final and that buyers are required to pay immediately. He said though that the county does not give any kind of guarantee.

He also advised prospective buyers to make research on the properties to prevent any surprises. Many of the foreclosures may also have been reclaimed by property owners before the scheduled auction.

In Wichita, real estate owned properties are oftentimes given by banks to select real estate brokers or investors. They want to spend the least time and effort on managing their REOs so they prefer selling in bulk to investors or to brokers with proven records of selling REOs at high prices.

With this practice, individual buyers are rarely given the opportunity to buy the best bargains in REOs. Only when the foreclosed homes given to brokers are not sold within 45 days do banks and brokers reduce their prices.

For people waiting for HUD homes, HUD properties are also sold just like REOs through selected brokers. Additionally, the HUD asking price is final and the price cannot be negotiated. Buyers are also required to obtain pre-approval certifications from lenders or documents showing that they can pay in cash.

Individual buyers can wait for homes that stay long in the market as HUD often reduces its asking prices for its listed homes that are unsold after about 30 days.

According to lawyer Frank Ojile who has been doing foreclosure work for years, investors can also make profits in pre foreclosures if they are knowledgeable about the short sale process and about finding homeowners who have accumulated substantial home equity but are already facing foreclosure and who are willing to sell at a loss.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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