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California Foreclosure Law Article
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Foreclosure Bank Sale: The Smart Way to Purchase Your Next Property
from:If you are looking for a great deal and you have the time to wait for the perfect opportunity to come to your attention you might consider a foreclosure bank sale. The economy is not at its strongest and people who are distressed must attempt to sell their homes during the pre foreclosure period before the bank repossesses the property. Though the window of opportunity is smaller, the smart investor still can profit from great deals once the bank has repossessed the property and is offering it at a foreclosure bank sale.
There are actually three different ways to obtain the property way below market value.
• You can purchase the property from the original owner before the Judicial Foreclosure; which is a legal foreclosure supervised through the court system. During the pre foreclosure period the homeowner attempts to relieve him/herself of the burden of debt and maintain his or her good credit standing in the process.
• Another way to buy foreclosure property is through a public auction where the public can bid on the property up for sale.
• The third option is the foreclosure bank sale also known as Real Estate Owned (REO) by the original lending company (the bank in most cases or other lending company such as a mortgage company or credit union.
Many investors prefer to obtain their property directly from the existing owner before the bank or legal system becomes involved. Desperate homeowners will often sell prime property at a ridiculously low price to avoid going into foreclosure and receive some compensation for the sale. Investors have the opportunity to inspect the property before sale is finalized.
The second preferred option is the foreclosure bank sale, after the property has been reposed and is now in the possession of the bank. Again the prices will remain well below market value of the property and a property inspection is also available.
The auction option is the least desirable of the three for the simple reason that there is no guarantee that the prices will remain low, often time they are elevated to stimulate more profit at the disadvantage of the bidders. The investor often buys the property unseen without being able to inspect for repairs and the general maintenance of the property.
It is important to note that buying at an auction might cause you some problems if you are buying in a state where the original owner has “the right of redemption”. To avoid these legal hassles buy the property through the pre foreclosure period, with the original owner or purchase the property through a credit union, mortgage company or foreclosure bank sale.
California Foreclosure Law Specific links
California Foreclosure Law News
Report: Fewer US homes foreclosed upon in April - Boston.com
 Boston.com | Report: Fewer US homes foreclosed upon in April Boston.com The divide comes down roughly between the 26 states where courts play a role in the foreclosure process and places like California and the other 23 states where the process generally moves quicker because judges are not required to sign off on ... Foreclosures Move Downtown S.J. foreclosures fall, following state trend Foreclosure activity sinks to a five-year low |
US foreclosure trends improved April, but state-level data point to more ... - Washington Post
 ABC News | US foreclosure trends improved April, but state-level data point to more ... Washington Post The divide comes down roughly between the 26 states where courts play a role in the foreclosure process and places like California and the other 23 states where the process generally moves quicker because judges are not required to sign off on ... Foreclosures Fall...And That's a Bad Thing? |
Regulator balks at California foreclosure fixes - Reuters
 AllGov | Regulator balks at California foreclosure fixes Reuters | WASHINGTON (Reuters) - The housing regulator for mortgage-giants Fannie Mae and Freddie Mac on Tuesday said laws under consideration in California to halt illegal foreclosures could restrict mortgage credit and hamper necessary home seizures. US home loan regulator opposes California foreclosure bills California bankers say mortgage proposals too strict Needy States Use Housing Aid Cash to Plug Budgets |
Regulator balks at California foreclosure fixes - MSN Money
 News10.net | Regulator balks at California foreclosure fixes MSN Money WASHINGTON (Reuters) - The housing regulator for mortgage-giants Fannie Mae and Freddie Mac on Tuesday said laws under consideration in California to halt illegal foreclosures could restrict mortgage credit and hamper necessary home seizures. California Bankers Say Mortgage Proposals Too Strict Federal regulator questions Calif. mortgage bills |
California home prices, sales rise in April - BusinessWeek
 Los Angeles Times | California home prices, sales rise in April BusinessWeek California home prices increased for a second straight month as the supply of lower-priced homes in foreclosure dwindled and previously hesitant shoppers were lured by low lending rates, a research firm said Thursday. The median price for new and ... Southern California housing data signal turnaround Southern California home prices climb in April |