Welcome to My Free Foreclosure/Short Sale Service. You can save thousands of dollars buying Foreclosure and Short Sale property. But first, what is a short sale? In a short sale, the bank or mortgage lender agrees to discount a loan balance because of a financial hardship on the part of the borrower. The home owner/debtor sells the mortgaged property for less than the outstanding balance of the loan and turns over the proceeds of the sale to the lender. Neither side is doing the other "a favor"; a short sale is simply the most economical solution to a problem. Banks will incur a smaller financial loss than would result from a foreclosure or continued non-payment. Given the unprecedented and overwhelming number of losses that mortgage holders have suffered from in the last two years, they are now more willing to accept short sales than ever before. This presents an opportunity for "up side down" borrowers who are having trouble selling to avoid foreclosure as a result. It also presents an opportunity for a homebuyer to pick up a property at a discount, although patience and flexibility are required for the buyer as lenders can be swamped by the sheer numbers of these properties on their books. How about Foreclosures and Bank Owned properties? Foreclosure is a legal process in which a lender obtains a court ordered termination of a borrower's equitable right of redemption. Usually a lender obtains a security interest from a borrower who mortgages an asset like a home to secure the loan. If the borrower defaults and the lender tries to repossess the home, the court can grant the borrower equitable right of redemption if the borrower repays the debt. While this equitable right exists, the lender cannot be sure it it can repossess the property and can seek to foreclose the equitable right of redemption. Once the lender takes legal possession of the property, it is not in their best interest to hold on to it. Banks make money by lending money, not by selling real estate. The sale of a bank owned property can happen quickly as it provides motivation for the bank to sell and have the proceeds of the transaction to lend out to future borrowers. We have created a no-obligation, Free Service that identifies Foreclosures, Short Sales and Bank Owned properties too! I can generate a list of all homes for sale that meet your special needs. Whether you are an investor or first time home buyer, my service gives you access to information normally available only to real estate agents and industry insiders. Buyers Beware: Don't pay any subscription fee to get a list of foreclosed homes. Note* Our foreclosed and short sale homes sell quickly, so please enter in the box the property type you're interested in so we can quickly provide you with a detailed list that meets your needs! Dale, Please send me a list of foreclosures, short sales and bank owned properties. |