Buying a house has become very expensive in recent years, leaving the Millennials unhappy with their financial inadequacy to provide for a house. Since bottoming in 2012 the prices in the real estate market are gradually increasing as the following chart shows.
In this article, we will talk about the different stages of foreclosed properties that should be taken into account when buying a house and provide you with a way to search for them in one place at RealEstateCake. Let’s start by explaining the foreclosure process and the 5 stages of foreclosure.
A pre-foreclosure is a property whose owner has defaulted but before it is offered for sale at auctions. During this time a homeowner can sell his property and avoid the foreclosure proceedings and, thus, its negatives on their own credit.
Short sales is the stage where the lender agrees on accepting for the property less money than he is owed from the mortgage. The property doesn’t need to be called in default, but you need to show a financial difficulty that will lead in default, such as a job loss for instance.
3-Sheriff Sale Auctions
This occurs when the lender has notified the borrower of default and has allowed them a grace period to pay for the property. An auction is being held so that the lender gets quickly paid for the loan that is in default.
The properties that are not sold during auctions become real estate owned properties (REO). This means that they are returned to the bank and are managed by the institution’s REO department.
Other properties are owned by the state so when they go into foreclosure they are repossessed by the government. State brokers sell those properties.
RealEstateCake is an app that helps investors find the best deals on homes that do not pass the standard inspections. Making the real estate investing a piece of cake, the RealEstateCake App is the expert you run to for foreclosures, pre-foreclosures, short sales, tax liens, and wholesales.
You can find numerous deals listed inside the app so that you have every property organised in one place. Navigate through the listings easily and find the best deals for you quickly. Sellers can list their properties for free and you can have exclusive access to all those deals for only $299.99 annually.
Instead of searching for every property on different sites online, wouldn’t it be perfect to have everything organized in one app? RealEstateCake can give you exactly that. With an expert team of real estate investors and entrepreneurs, the app will become your best friend when it comes to real estate investments. Visit their website or download the RealEstateCake app from the App Store or Play store.