One of the largest sources of foreclosure properties is the Department of Housing and Urban Development (HUD). HUD lists their available properties through local listing brokers. HUD is a good source of REO foreclosures for investors and homeowners. Understanding the HUD process is critical and much can be learned from the resources provided directly by HUD.
Chase has a large national inventory of foreclosure properties. Chase lists their homes with local real estate agents who should have the property listed in the local MLS system. You can find foreclosure listings from Chase in your local MLS system as well as online at Chase’s website. Properties are listed after the foreclosure process which can take between a few weeks and several months or even years. There are specific tips that are provided when interested in purchasing a Chase foreclosed property.
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.