Every state has its own foreclosure process. A foreclosure is usually the result of a person’s inability to make timely payments on the mortgage he/she has taken out for a property. Because of a foreclosure, people lose their homes and eventually the bank becomes the owner of their property. Understanding the foreclosure process will allow you the ability to target your purchase strategy for bank owned homes.
A mortgage broker may be a company or even individual who have been professionally trained to work on behalf of potential borrowers to provide objective advice and help in obtaining the best possible terms in mortgages from a known and reliable range of sources. While the layman may have the best of intentions and even knowledge of the world of finance, there is little doubt that hiring a mortgage broker should bring with it tremendous advantages due to the tremendous experience that they bring to the table as well as insights into the ins and outs of the mortgage business. Many people find it reassuring to know that by working through a Mortgage Broker they are presenting a form of buffer between them and the mortgage bank, which many, and first-time borrowers especially, found quite intimidating.
M&T Bank is a large regional lender that utilizes several different methods to sell their foreclosure properties. Through public foreclosure sales as well as real estate agents on the open market, M&T Bank offers their foreclosures to new home buyers. M&T Bank offers several web tools that are very helpful for buyers searching for a foreclosure property. Learn more about buying foreclosures from M&T Bank.
Wells Fargo has a large number of foreclosed properties available for sale. Wells Fargo utilizes local real estate agents for selling their homes and has special financing programs for homes in need of repair. You should generally expect to wait about 48 hours for responses to offers from Wells Fargo. Read more about Wells Fargo foreclosures.
SunTrust Mortgage is the lending operation of SunTrust Bank. SunTrust has operations in many states across the country with a concentration in the south of the country. SunTrust Bank lists their foreclosure properties with local real estate agents. According to SunTrust, foreclosures are priced at fair market value. SunTrust has foreclosure properties available that they own as well as mortgages that they service for other investors.
OneWest Bank (and the former Indy Mac Bank now owned by OneWest Bank) have a large inventory of foreclosed homes. OneWest Bank has a specific process as it relates to selling their foreclosures. You can find lists of the OneWest Bank foreclosures for free online.
Fifth Third Bank is a large regional bank with location presence across the midwest. 5/3 Bank maintains a website in partnership with RESNET that lists their foreclosure listing inventory for the general public. You can search online by the property type, location and/or price range. If you are looking for a bank owned home in the service area of 5/3 Bank, the 5/3 Bank website is a great source of foreclosure listings. Foreclosure properties from 5/3 Bank are available to both homeowner-occupant and investor buyers of foreclosure properties.
Bank of America has an large inventory of foreclosed homes. Bank of America gives specific help online as to how to purchase a property. Bank of America utilizes local real estate brokers to list foreclosures in the local MLS system. Bank of America also provides significant information online that allows a potential buyer to research Bank of America properties and the process that the bank utilizes to sell foreclosed homes.