Qs
Hello TCI
I got list of “foreclosures” houses from one of websites, but most these houses listed with real estates agencies. Is it something to do in this situation or not?
Thank you.
Hello TCI
I got list of “foreclosures” houses from one of websites, but most these houses listed with real estates agencies. Is it something to do in this situation or not?
Thank you.
You probably have a listing of bank owned properties, commonly known as REO, or OREO. These are properties whose mortgages have been foreclosed, the homes didn't sell at foreclosure auction, and the lenders have taken back the property. The Sellers are the former lender who use real estate brokers to sell these unwanted assets.
Other lists offer what are called, 'preforeclosures' which are homes whose mortgages are about to be, or have been foreclosed, but the homeowner is still in possession of the property, and may be able to avoid a forced, public sale. The Sellers are the Homeowner. You would deal directly with the Homeowner unless the Homeowners has listed the property for sale with a real estate broker.