I have counseled and educated many buyers over the last couple of years regarding the issues surrounding bank owned properties. Many people in our area think that bank owned/foreclosed properties represent awesome opportunities.
The truth is that in our market they rarely represent a great buy and the procedures are packed with problems. I found another blogger that explains a portion of what I have been teaching people for years. Go visit Teresa Boardman's post and see how she explains it.
Jeff Edmisten
The Edmisten TEAM
Keller Williams Realty
(540) 538-7222
jedmisten@kw.com
Although it may seem as though the bank would actively want to pursue the foreclosure and get it off the books, so to speak, many large lenders are working on hundreds or thousands of foreclosed properties. Many of the owners will simply give up on the home or be too frightened to ask for more time. The ones that are seriously looking into ways to stop foreclosure, though, will be able to convince the bank that they deserve more time. The bank would willingly offer more time to solve the problem, and it is easy enough to postpone the foreclosure auction. The extra fees and interest will just be added to the balance in the end, anyway, and be counted as an even larger tax deduction for the lender.
http://www.thejohnbeck.tv
Posted by: John | December 06, 2007 at 06:17 AM