Current Foreclosures

Did you notice that oxymoron? Actually, it's a rather cute name for a website. This Current Foreclosure site has thousands of foreclosures listed. Might you not need an agent after you look at the list? Yup. It's always good to have an agent, whether you're a seasoned investor or a newbie. I'm not an agent but I'm sure you can find one nearby.

Realty Track

There is this company that has a virtual lock on foreclosure sales. They definitely are on the right track. I think it's RealtyTrac. The thing to remember is that not all foreclosures are listed on the multiple listing service's book. RealtyTrac can help you with any purchases as long as they are listed. You are on your own as far as the rest are concerned. Talk to all the banks regarding their Real Estate Owned (REO) portfolios. You can get incredible deals right now, just don't bite off more than you can chew. Good luck.

Foreclosures

A foreclosure is a result of the acceleration of a debt that cannot be paid as agreed. If a bank asks for all its money all at once, foreclosure is almost inevitable. It is not a bankruptcy though. A bankruptcy comes as a result of every lender coming fast upon you demanding payment in full. I often wonder why people who are about to lose title to their property do not sell prior to foreclosure. Of course, if your mortgage is upside down (when you owe more than the property is worth), it would make little difference, no.? I often wonder what would happen if banks simply restructured every bad loan - dropped the interest rate and extended the term. Is 6% unmanageable? Drop the deal to 1%. Is thirty years not enough time? Extend the deal to fifty or sixty years. A hundred years from now, people will be looking back at how homes used to be financed and they will scratch their head in bewilderment. Foreclosures only happen when everybody wants their money NOW. I say: What's the hurry?