1st Dominion Realty
What is a Foreclosure?
 
 

 

When a homeowner stops making payments on their home loan, the lender will make several inquiries to see why and try to remedy the situation. However, if the homeowner is still not making their monthly payments the lender will begin foreclosure proceedings. Shortly thereafter the owners will be instructed by the sheriff’s department to leave the property, and depending on what ‘device’ is utilized to foreclose, the lender either sells it on the open market or auctions it off on the courthouse steps. The lender may still seek recovery of the balance of the loan from the now former owner. The former owner’s credit record will be affected adversely. I have helped many people purchase foreclosed, REO and bank owned properties. Why would a home buyer be interested in a foreclosed property?  Such properties are likely to be priced way below what market value should be — in other words, they can be an incredibly good deal for the home buyer.  Contact me for more information.