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Its good to keep things like this in mind if your considering investing in another source of income *Diversify your portfolio* Real estate is the only investment that doesn’t depreciate ‪#‎OverStanding‬
What is Foreclosure?
Foreclosure is a process that allows a lender to recover the amount owed on a defaulted loan by selling or taking ownership (repossession) of the property securing the loan. The foreclosure process begins when a borrower/owner defaults on loan payments (usually mortgage payments) and the lender files a public default notice. The foreclosure process can end one of four ways:
The borrower/owner pays off the default amount to reinstate the loan during a grace period determined by state laws. This grace period is also known as pre-foreclosure.
The borrower/owner sells the property to a third party during pre-foreclosure. The sale allows the borrower/owner to pay off the loan and avoid having a foreclosure on his or her credit history.
A third party buys the property at a public auction at the end of pre-foreclosure.
The lender takes ownership of the property, usually with the intent to re-sell. The lender can take ownership through an agreement with the borrower/owner during pre-foreclosure or by buying back the property at the public auction. These are also known as bank-owned properties.
The foreclosure process presents three bargain-buying opportunities.
Pre-Foreclosure (Notice of Default, Lis Pendens):
Buying a property in pre-foreclosure involves approaching the borrower/owner and offering to buy the property. The borrower/owner can walk away with something to show for any equity in the property and avoid a bad mark on his or her credit history. The buyer has time to research the title and condition of the property and can realize discounts of 20-40 percent below market value.
More about pre-foreclosures
Auction (Notice of Trustee Sale, Notice of Foreclosure Sale):
If the loan is not reinstated by the end of the pre-foreclosure period, potential buyers can bid on the property at a public auction. Buyers often are required to pay in cash at the auction and may not have much time to research the title and condition of the property beforehand; however, a public auction often offers some of the best bargains and avoids the unpredictability of dealing directly with the borrower/owner.
More about auctions
Bank-owned (Real Estate Owned):
If the lender takes ownership of the property, either through an agreement with the owner during pre-foreclosure or at the public auction, the lender will usually want to re-sell the property to recover the unpaid loan amount. The lender will probably make sure the title is clear for any buyer, but the potential bargain is typically less than a pre-foreclosure or auction property.
More about REOs


About agelesspoet

Born in East Flatbush, Brooklyn then migrated where God and the wind blew my family. I've learned to cling to words since high school books looked like non sence. Ever since then I have been building common sense. I Graduated From DePauw university with a major in Conflict Studies. I am the founder of an organization called S.W.A.G - Spoken Word Affecting Generations. Through that organization I have met countless of Dynamic artist who push themselves to the limit each and everyday and still manage to create timeless pieces of art. I work as an independent contracting artist that teaches the S.W.A.G- spoken word poetry & social change. Creating dynamic workshops that challenge students to develops their leadership skills, public speaking, anti-bullying, and literacy through the use of spoke word poetry.
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