Foreclosure Home Sales An Opportunity Like Never Before

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The guaranteed home sale is a popular program which is offered by some realtors and real estate companies in North America

. The program guarantees that a home will be sold for a certain amount of money and by a certain date, or the realtor (or in some cases the brokerage or an investor) will purchase the house. Foreclosure represents a situation in which a mortgage lender takes possession of the property because the borrower has not made payments on interest or principal for a certain period of time. The phrase sell home as is means that an owner can sell his home in its present condition without getting any sort of repairs done.

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Once the lender takes over the property, it usually sells at a discounted price so as to recover the amount lost on the mortgage loan. When a large number of such homes are put on sale at the same time at one place, it is called a home foreclosure sale. Foreclosure results in a loss for the lender and is obviously quite detrimental to the borrower; as a result, it is the last resort. Most of the time, lenders attempt to work with the borrower to come up with a better solution, such as extending the repayment period in order to lower payments. When you buy a foreclosed home, you are cashing in on a home someone was no longer able to pay for. Foreclosures are difficult - both to locate and to execute the transactions - but the potential to turn them over for a tidy profit may be there. Foreclosure on a mortgage can happen for many reasons, including the lender losing his job or the untimely death of the lender. Foreclosing involves specific knowledge by the lender and precise steps to make sure it is done right. Nothing can be done on a foreclosure until the lender has defaulted on the loan. The destruction of a borrower's rights in mortgaged property, except as may be allowed under statutes giving a post-foreclosure right of redemption. The foreclosure process varies among states, but generally segregates into judicial foreclosures and non judicial foreclosures.

As a person interested in real estate, you must follow the smart way to get the information about guaranteed home sale offers or home foreclosure sales in your city, and that too for free and also much more quickly. You may simply call up any title company in the vicinity that offers title insurance for real estate transactions and ask them for an Notice of Default list or a foreclosure list. They will happily oblige and give you the most up-to-date list of all the foreclosures in your city, and the amount on the loan that is in default. They have this information because all mortgages are public information and, because they are often the trustee at the auction, it is their business to know.

by: Pankaj Modi

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