What is a Foreclosure Property?
A foreclosure property is a home in foreclosure. This means a notice of default has been filed in the public records. It means the owner has stopped making mortgage payments and the lender has given notice that unless the payments are brought up to date, it will sell the property to the highest bidder.
Lenders can foreclose for many reasons, but the most common reason lenders file a notice of default is when a borrower is at least two payments in arrears.
If the home owner does not bring the loan current, the lender will take the property away from the owner. The final step the lender takes after a certain period has passed is to try to sell the property. Not all homes that fall into foreclosure go to public sale because owners have the right to make up back payments up to a certain point but most of the time they are put up for sale.
Real estate investors and home buyers see profit in buying foreclosures because they often buy the property for the amount owed, picking up the home owner’s equity for free.
My Foreclosure Email List:
If you are looking for that special deal and want to join the hundreds of people that are purchasing Foreclosures and Court Ordered Sale across BC, then I suggest you sign up for my personal foreclosure email list. I deal with a lot of foreclosures and they might seem like they are difficult but if you know all about the process and how it works it could be a great investment. I an answer any questions you have about these and can also set you up on my automatic email list which means you would receive all the Court Ordered Sale listings in your area of choice 2-3 days before the public has access to them.
All you need to do is fill out the sign up form at the topbottom of this page and I will get in touch with you to discuss where and what type of foreclosure you are looking for.