Foreclosures are a very advantageous way to purchase a property for less. In a nutshell, a foreclosure process begins when the homeowner fails to make the mortgage payments on time.

After 3 months of delinquency on the mortgage payments the lender has the right to foreclose and take the home back. This means that the home is auctioned off so that the lender can recover the loan.

Advantages of buying foreclosures

Low Prices: Foreclosured properties can sell for 20-50% below their true market values and much lower than properties in the traditional real estate market.

Flexible Financing: Usually when banks sell foreclosed properties they are willing to offer better-than-average financing terms to get the property sold. This is a situation that a prospective buyer can take advantage of to get better financing terms.

Lower Closing Costs: Banks selling foreclosed properties want to sell these as quickly as possible; thus, willing to accept lower offers on down payments. If the new buyer does not have much initial cash, the bank will help with the closing costs.

Imobilia can assist in the purchase of foreclosed property. We have agents with extensive experience in these dealings and the resources to find good properties at even greater prices. If this is an option that you are considering, contact us and we will be happy to start the search for a great foreclosed property.