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Can I buy the property if it is in pre-foreclosure?
Answer: During the pre-foreclosure stage, the owner of the property can still stop the process by paying the unpaid loan amount or by selling the property. The pre-foreclosure duration can extend for months, so the owner may take his or her own time before taking a decision, so you may need to exercise some patience here. By ensuring proper groundwork and research, one may be able to pick some great deals in pre-foreclosure stage.
What is the procedure to buy a property in an auction?
Answer: There are several steps involved here. If the owner of the property defaults on the due mortgage payments, he gets a pre-foreclosure grace period, during which the owner has to bring the payments status up to date. In this case, the foreclosure proceedings stop right away. If the payments are still not brought up to date, the property will be sold by the lender at a public auction.
What is the process for buying bank-owned REO properties?
Answer: There are two ways in which the property ownership is transferred to the bank, either it is with the help of an agreement with owner or by public auction. The property, in this case as well, usually ends up being sold so that the lender may recover his unpaid loan amount. The lender usually sells the property to recover the unpaid loan amount. But the chances of striking a good bargain reduce considerably at this stage. Banks may take the help of real estate agents or companies specializing in the sale of REO properties or for REO Asset Management.
What is the process to buy property posted on BayREOHomes?
Answer: BayREOHomes provides one of the most convenient and reliable platform to prospective buyers and homeowners/lenders. Once a member, a prospective buyer can sift through thousands of FSBO, foreclosure auction and REO properties, free of cost. The process for buying a property depends upon the status of the property. If its listed as FSBO or as Resale Home, you can directly approach and make an offer to the owner or the listing agent. If the property listed is in the stage of foreclosure, the process will obviously differ.
What process should I follow if I have to buy a bank-owned property (REO)?
Answer: Once you have identified the REO property you are most interested in, you should contact us at 1-888-500-4748. Our representative shall get in touch with you and help you further the matter.
How can I find out the property liens, equity and value and other details?
Answer: There are many ways in which you can research the added liens against a property that are not open.
At BayREOHomes.com you can, easily access information about tax lien as well as bankruptcy information for properties. In case of any tax liens or bankruptcies, you will find sufficient information on the property details page.
Through the website you can also get in touch with an agent who can help you access information that allows you to research a property and find more information about liens against it.
You can also ask the local property assessor about the owner of that property. You can search for the local property assessor at statelocalgov.net.
Researching about liens is extremely important before buying a property, because you are going to be responsible for paying off those liens.
How can I get to know more about buying foreclosures?
Answer: The process of foreclosure comes into effect when a lender/bank has to take possession or sell a property. The situation occurs due to defaulted payment in a loan wherein that property has served as a security. Bayreohomes.com posts Bank owned properties and those properties that are passing through the process of foreclosure on its website. There are three stages when you can buy foreclosure properties these are Pre-Foreclosure, auction, Buying Bank Owned (REO).
How does Bayreohomes help me after I subscribe to it?
Answer: Bayreohomes.com is neither a broker nor an agent, but is reliable platform that brings homeowners, agents and buyers at one place. We help our subscribers to pursue properties listed in our database. We innovate continuously and keep adding new features to the website to make it more helpful for the subscribers.
I want to know the market value for a home I am interested in. What should I do?
Answer: On the property details page, for subscribers, Bayreohomes provides the estimated market value. The website also provides the tax lien and bankruptcy information on the property details page.
The market value provided by us is an estimate of likely property price under current real estate market conditions. When coming up with your offer, you will have to subtract the liens and estimated repair costs from the estimated market value.
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