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A foreclosure is a property which has been taken back by the lending agency due to delinquency in payment or nonpayment of mortgage. These properties, when owned by banks, are also often referred to as REOs, which means "real-estate owned". These properties include HUD homes, VA-owned homes, and bank-owned properties. Because the lending agency has already taken a financial loss through the foreclosure process, and because it is anxious to rid itself of the physical encumbrance of the property, these homes can often be purchased at a significantly lower price.

Another type of home which can be purchased at below-market value is called a "short sale." These are properties which are in preforeclosure and on which the lending agency may be willing to negotiate. Selling the property at a reduced price prior to foreclosure is both a time- and money-saving measure for a lending agency. Buyers should be aware that getting a short sale approved can be a lengthy process and be prepared to wait.

However, it is important to note that these homes are usually sold "as-is" and without any warranties from the seller. In our opinion, it is important to have any property professionally inspected by a reputable inspector. Buyers may also want to purchase a home warranty to further protect themselves.

Often, foreclosure properties are in need of some repairs. Equity in these properties can be easily built by completing these repairs. Additionally, offers and loans can be structured to include repair monies. Please contact us at (801) 623-0797 for specific details.