FORECLOSURE ADJOURNMENTS: Defendants are entitled to two (2) statutory adjournments. You can search for banks that list their foreclosed properties online by searching for bank owned homes or REO, also known as real estate owned properties in the search engines. Call the agent whose name is on the sign and inquire about other foreclosure listings that may be coming on the market. Again, they price the homes to sell, which attracts multiple offers, and thus, the best offer wins.
Foreclosure activity in August at the Middlesex North Registry of Deeds district was down considerably from a year ago. Kelly Kernick, a realtor also out of Calgary, says he gets frequent calls about properties in foreclosure because the initial price seems good, but once he explains the court process to potential buyers, they usually lose interest. Still, the article got me wondering about the size of mortgage being used to purchase homes in the Middlesex North Registry of Deeds district. If you’re looking to buy something that’s in move-in condition, then maybe a foreclosure isn’t for you.
Approved government agencies can bid on homes in Lottery, Exclusive, and Extended phases provided they are in approved purchase areas. This process is generally much faster and cheaper than foreclosure by judicial sale. The bank that owned the foreclosure accepted our bid in early June and we finally signed the paperwork and moved into our house in late September—almost 100 days after our bid was accepted. If awarded a final judgment from the court, the lender will proceed with the foreclosure and the property will be scheduled for sale. The large cash outlay required to buy foreclosed property at the Sheriff’s Sale is the biggest deterrent for most buyers.
Second, the rebuilding process will be especially lengthy for rental properties (as compared to owner-occupied homes), which could greatly affect the 950,000 renters (who account for 41 percent of households) in the greater Houston metropolitan area, as well as additional renters affected by Hurricane Harvey in elsewhere in Texas and in other states.
Ultimately, buying a foreclosure is a complex process that can result in a true bargain when done right or a terrible decision when approached carelessly. According to Raimondo, the perfect foreclosure customer is someone who can pay the offered price in cash and can buy the house immediately without having to wait to sell another home. This tends to be a slower process and involves more paperwork than other types of foreclosure transactions.