by admin | July 20th, 2009
Alabama Foreclosures – Baldwin County Foreclosures – Mobile County Foreclosures
The FORECLOSURE sale is really an auction on your local county courthouse steps, where a cash buyer attempts to secure the purchase of house that is being forcefully sold by the bank or mortgage lender. A Foreclosure sale begins with a minimum bid by the buyer. This minimum bid must be high enough to to cover the missing loan amount that the previous owner could not afford to pay, All accrued interest, Attorneys fees, and All costs associated with the foreclosure process.
In order to bid at a foreclosure auction, the buyer must have a cashiers check in hand for the full amount of their bid or be able to fund the sale that day. If a buyer is unable to fund their sale, the property is awarded to the next highest bidder. The winning bidder is sold the property in its as-is condition, which could include any liens placed on the property or the possibility of having to evict the current inhabitants of the residence. The opening bid prices for homes offered for sale are normally not released until late morning on the very day of the sale, thereby giving eager investors only a very brief window to research, inspect and fund the sale.
Foreclosure sales are geared more towards the investor than the traditional home buyer. Foreclosure Real Estate Investors are more likely to have fast access to large amounts of cash, have the time and resources to pinpoint the best values being offered from sale to sale, and are better prepared to deal with the potential risks associated with as-is terms of sale. The benefit to the investor is all about profit margin. These margins are often great enough for an investor to cover all fees, that may be associated with the foreclosure sale, and resell the property quickly at a below market value price for a handsome profit.
These profitable investment opportunities have become common place on the steps of the courthouse with each passing week. Our job is to find the true deals with the largest profit potential with the least amount of risk. To be notified of these deals as they present themselves, simply subscribe to our website and you will begin to receive real time updates. Happy hunting!
Just saw this on the news:”Two of the US’s greatest mortgage lenders have had mortgage foreclosures cancelled in a case that could affect other banks.The Supreme Court in Massachusetts ruled against US Bancorp and Wells Fargo in a widely watched case.Backing a lower court ruling made in 2009, it said two foreclosure sales were invalid due to the fact the banks did not prove that they owned them at the time.Bank shares fell sharply after the ruling dragging the wider market down.The choice is among the earliest to address the validity of foreclosures done without proper documentation – so-called robo-loans due to the fact they were carried out by people who had been unqualified and who typically did not check a single line in the paperwork.” Will that have a positive impact on people’s lives?