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Answers (3)
- Brad Officer, "Jax Realtor"
- Contributions:45
There are a few different stages of foreclosure and a few different categories when you are out looking. If you are looking for a Foreclosure, I would assume you are looking for a good deal. Here are some categories to be aware of:
Pre-Foreclosure is when the home owners still own the property but have been notified by the bank that they are moving forward with foreclosure proceedings. I've seen this time frame be 3 months and I've seen home owners in Pre-Foreclosure for over a year. Really just depends on the bank.
Short Sale: Home Owners still own the property, but the bank has agreed to let them sell for less than they owe on the property. I've bought Short Sales over the past few years and you can get some very good deals this way. Takes time, so be patient. You also MUST work with someone that understands Short Sales if you are going to try negotiating with a bank.
Auction: You can go, bid, and try to pick up a good deal. I've done this myself and it is dog eat dog at the court house with VERY knowledgeable RE investors. Not the place to start as a novice.
Bank Owned Properties: THE BEST place to pick up a deal right now as banks are wanting to dump these properties.
www.OfficerRealty.com
Pre-Foreclosure is when the home owners still own the property but have been notified by the bank that they are moving forward with foreclosure proceedings. I've seen this time frame be 3 months and I've seen home owners in Pre-Foreclosure for over a year. Really just depends on the bank.
Short Sale: Home Owners still own the property, but the bank has agreed to let them sell for less than they owe on the property. I've bought Short Sales over the past few years and you can get some very good deals this way. Takes time, so be patient. You also MUST work with someone that understands Short Sales if you are going to try negotiating with a bank.
Auction: You can go, bid, and try to pick up a good deal. I've done this myself and it is dog eat dog at the court house with VERY knowledgeable RE investors. Not the place to start as a novice.
Bank Owned Properties: THE BEST place to pick up a deal right now as banks are wanting to dump these properties.
www.OfficerRealty.com
[content removed by moderator for being self promotional]
- Nathan Wolf, "natewolf"
- Contributions:1825
A REALTOR remain the best source for up-to-date FORECLOSURE information. Especially in North Carolina where we have extensive MLS and Bank information available to us. So, find a REALTOR who services the Asheville area and they can help you get the information you require.
I work in the Charlotte area and I search the foreclosures every week. Instead of just sending out a blanket email with all of them, I actually do my own assessment of the values and then only include the ones my clients would want to see-- saving them the time of having to do all that work themselve-- afterall this is a job, and you should make us work for it :)
I work in the Charlotte area and I search the foreclosures every week. Instead of just sending out a blanket email with all of them, I actually do my own assessment of the values and then only include the ones my clients would want to see-- saving them the time of having to do all that work themselve-- afterall this is a job, and you should make us work for it :)
How can I find out about foreclosures in Asheville?
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