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Wayne County Foreclosure Article
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The Pros and Cons of Using Auction Foreclosure Listings for the Purchase of Your Foreclosure Property
from:Where to find foreclosure listings is a common question asked by many people who are in the business of buying foreclosure property. They enter the business because of the true market advantages and savings from using this approach. Like with any other real estate investment, how to find these golden opportunities, the foreclosure listings, becomes a job in and of itself.
Running to auction after auction is a method to find foreclosure listings, but can be time consuming and you will not necessarily get the best deals that way. Most of the time, the prices of the property represented by these foreclosure listings have been inflated to encourage higher bidding.
You also may require proving that you have the down payment by producing a letter from your bank and be able to cover the 6 per cent commission fee for the special licensed real estate agent that has been contracted for the sale of government property foreclosure listings sales. The extra money and the bother to jump through loops to qualify for government foreclosure property can be too cumbersome and time consuming. You want to get in on the business and get the best deals from foreclosure listings as possible.
If you are an investor that still loves the thrill of bidding at an auction, there are websites that help you to find deals from auction foreclosure listings anywhere in the United States. These are specialty auctions called realty auctions providing foreclosure listings on foreclosed homes, or homes now repossessed by the bank (REO homes).
These auction houses also offer foreclosure listings on property that has been seized by the government due to non payment of taxes or default on mortgage payments and Fanny Mae and Freddie Mac insurance programs. You can even find land at these realty auctions that is being auctioned off at as much as 90 percent of their actual property value.
Many banks and financial lending institutions prefer to sell their foreclosure property at realty auctions because they prefer the quick turn over and they do not want to make public, through the normal channels of doing business, that they have made some rather poor business decisions. Banks are in the market of making money not losing it. Since the banks are not in the business of keeping real estate, but are in the business of lending and making money, real estate agents will approach them to sell their property at auctions in a fast and expedient way.
The property might have liens attached to it but the bidder will be advised of such and can take this in consideration when making a bid. Also the house may be in need of repair and it will also become the bidders responsibility to consider the additional cost when making a serious bid. Most auctions will allow the bidder to see the property. Most important is the fact that some properties are in good shape but just need to be sold quickly.
Wayne County Foreclosure Specific links
Wayne County Foreclosure News
Protest calls for moratorium on debt service - Workers World
 Workers World | Protest calls for moratorium on debt service Workers World Speakers included anti-foreclosure attorney Vanessa Fluker, Wayne County Commissioner Martha G. Scott, Moratorium NOW! organizer Jerry Goldberg, UAW Local 600 Vice President AJ Freer, and City Councilperson JoAnn Watson. |
Months long Action News investigation asks county prosecutor: Why hasn't Bale ... - WXYZ
 WXYZ | Months long Action News investigation asks county prosecutor: Why hasn't Bale ... WXYZ Bale sells mostly Wayne County houses that are in some state of foreclosure Local real estate experts reviewed the land contract deals and other records involving Bale's properties. They say what he has done could result in criminal charges. |
Commentary: Wayne County is far from 'paralyzed' - The Detroit News
Commentary: Wayne County is far from 'paralyzed' The Detroit News The foreclosure epidemic, coupled with declining property values, has led to four consecutive years of reduced property taxes, the county's primary source of funding. Despite our challenges, real progress has been made. Wayne County's Department of ... |
Columbiana County Common Pleas Court 5-17 - The Review
Columbiana County Common Pleas Court 5-17 The Review Carl M. Molder, et al., foreclosure sought for property on Y and O Road, East Liverpool. American Express Bank vs. Greg Eckstein, Columbiana, $23006 plus interest sought for alleged debt owed. Midland Funding LLC vs. Wayne Ulbrich, East Palestine, ... |
Henry County Record - Muncie Star Press
Henry County Record Muncie Star Press PNC Bank vs. Sharletta Schipp and Robert P. Schipp, 8401 W. Madison County Road 700-N, Middletown, foreclosure. Herschel F. Ross III vs. Ashley N. Gogle, dissolution of marriage. Joseph Wayne Flynn, Inez, Ky., vs. Shantell T. Flynn, New Castle. |