If you're hoping to buy a property in the Greater Sacramento area and you're looking for that "smoking" deal, one option you may want to consider is purchasing a foreclosed home, as this can be an alternate way to snag a great deal at potentially less than market value.
First, let's take a look at the definition of foreclosure, as noted by Wikipedia:
"Foreclosure is a specific legal process in which a lender attempts to recover the balance of a loan from a borrower who has stopped making payments to the lender by forcing the sale of the asset used as the collateral for the loan. Formally, a mortgage lender (mortgagee), or other lien holder, obtains a termination of a mortgage borrower (mortgagor)'s equitable right of redemption, either by court order or by operation of law (after following a specific statutory procedure)."
Here are a few main advantages of buying a foreclosed home:
• The property is not readily available to the general public, thus increasing your chances
• Banks are eager to get these homes "off their books"
• Banks often open bidding on the property for far less than market value
• Cash only purchases. There aren't loans or banks involved in the purchase process
Of course, there can be downfalls to purchasing a foreclosed home. For example, properties are usually occupied by owners/tenants, delinquent taxes may be owed, the property may be "stripped" meaning the home could be missing appliances or have major damage, along with many other unforeseen variables.
The process of buying a foreclosed property is different than a typical real estate transaction. As such, it's important to work with a Sacramento real estate broker who understands the complexities involved in this process and can guide you from beginning to end.
Individuals looking to buy foreclosed homes in Placer, El Dorado or Sacramento County can rely on Jon Hesse, one of the best real estate brokers in the area, for assistance. Jon and his team have the knowledge and expertise required to help you identify the best opportunities and ensure that you're 100 percent satisfied with the property that you choose to purchase.
Contact Jon today to begin viewing bank foreclosure listings in the Greater Sacramento area.