Foreclosure Homes Listings For Up-to- Date Information- By: Julie Thompson
Investing in foreclosure homes has both risks and rewards. However it is a very lucrative investment opportunity for anyone who has the funds and ability to raise good solid finance. There are many ways of finding foreclosure homes, not least of which real estate agents, newspapers, the county courthouse and online foreclosure homes listings.
The beauty of online foreclosure homes listings is that they are able to provide you with information on properties that meet all your investment criteria. This means budget, area, size of property, what kind of condition it is in and what the bank or government agency is looking for in terms of an offer to purchase.
Obviously your own private research will stand in good stead when negotiating discounts. But foreclosure homes listings will free up time for you to conduct even more extensive research, allowing better discounts, good savings and even better profits on turn-around.
Foreclosure homes are properties that have been taken back from the home owner, in some states this is easier than others, and there are shorter times for the process to take place and different methods by which this can be undertaken.
For instance in states where non-judicial foreclosures are allowed to take place specific clauses in the mortgage documents called Power of Sale are allowed. A power of sale clause in a mortgage agreement means that providing a specific procedure takes place the foreclosure does not have to go through the judicial process. This has the effect of shortening the foreclosure procedure and is less costly.
Although every state differs this is an example of a Tennessee Power of Sale. Effectively the lender or his representative is able to foreclose on the property provided him:
- Publishes a notice of sale at least three different times in a county newspaper. Provided the first notice is at least 20 days prior to the date of sale.
- If no newspaper is available the notice must be posted in five public places in the county 30 days prior to the sale. At least one in the neighborhood of the property and one at the county courthouse door.
- Notice of sale must be served on the property owner 20 days prior to sale.
- The sale must be held between 10am and 4pm and barring a minimum acceptable price of equal to or more than 50% of fair market value the property may be sold for cash to the highest bidder.
- As soon as the owners right of redemption has expired the new owner may receive a certificate of sale and the title deed.
As with all investment processes, investing in foreclosures has its risks, this can be immediately seen when looking at the rights of redemption clause in the Power of Sale regulations. But generally speaking, if the owner of the property could not raise the funds to sort out their default mortgage, they usually cannot raise the funds to exercise a right of redemption clause. Foreclosure homes listings will assist in short-listing for investment purposes.
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Julie Thompson, has been working on ForeclosureRepos.com studying the foreclosures market, helping buyers on the finer points of foreclosure homes. Try to visit ForeclosureRepos.com and begin your foreclosures by state search.