Bank Foreclosures Defined
A bank foreclosure home is a property that has been repossessed by the lender. When a homeowner stops making payments on their mortgage, the lender can take legal action to regain the property and recover their loss.
US Bank Foreclosure Process
After a homeowner defaults on their loan for an extended period of time, the bank can start foreclosure action. This legal action can result in the bank taking ownership of the property. Naturally, the bank will attempt to then sell these foreclosed homes, often at a reduced price, in order to recoup their investment.
Bank foreclosure homes have proven to offer significant savings for buyers while the bank makes some profit back. The process is, in general, the same at all banks. Each of the banks below offers a variety of services and has foreclosed homes for sale.
Bank of America
Bank of America serves approximately 57 million consumers and small businesses and has a 228 year history. They offer home loans and also have an extensive listing of US bank foreclosures for sale.
JP Morgan Chase
JP Morgan Chase operates in over 60 countries and services millions of consumers, businesses and agencies. The bank offers a variety of services, including mortgages.
HSBC is a smaller bank, serving about 3 million customers with over 250 bank branches. They offer a range of mortgage products for customers.
Citibank has over 200 million customer accounts in 160 countries and is one of the largest banks in the world. Naturally, Citibank offers mortgage services among their vast portfolio of options.
Wells Fargo serves one in three US households with over 70 million customers in over 130 countries.
How to Find Bank Foreclosures for Sale
Finding foreclosure listings is fairly simple, there are a variety of online listings that are reliable. An online search will help you find out what bank owns a foreclosed home, the date and time for a bank foreclosure auction or additional information about buying a foreclosed home from a bank. Another way to find out what bank owns a foreclosed home is to check with the local property appraiser. A real estate agent is also a great resource to get bank foreclosure listings too. Finding a Realtor with foreclosure experience is a must, they can help guide you through the buying process.
How to Buy a Foreclosed Home from a Bank
The advantages of buying a home are numerous – especially when you can get a cheap home by investing in a foreclosure property. Homeowners get tax breaks, save money and are investing in something rather than spending money on rent. By finding out how to buy a foreclosed home from a bank, you have the opportunity to get all of the advantages of buying a home at a discount rate!
There is no doubt that buying bank foreclosures can be a great bargain. A professional Realtor can help you explore all of the bank owned foreclosures for sale and gather all the information you need about how to get financing, how to find the right bank foreclosure property for you, and how to get a bargain on foreclosed homes.