Foreclosed homes for sale - Foreclosures auction listings (2024)

FAQs

What is the most accurate foreclosure site? ›

When dealing with foreclosed properties, buyers often possess a stronger negotiating position. Banks and lenders are primarily interested in selling these homes promptly, making them more willing to negotiate on the price and consider concessions.

You might be tempted to make a low offer on a foreclosed home. It's true that foreclosed properties often sell for less than traditional homes. But if you make an offer that's too far below market value, the sellers (whether they are a federal government body, a bank or a lender) might reject it.

The Takeaway

Of all 50 states, California had the most foreclosure filings (3,975), and Vermont had the least (11). As for the states with the highest foreclosure rates, Illinois, Connecticut, and New Jersey took the top three spots, respectively.

Rationale. The primary reason for bank walkaways is that a bank expects to lose money by foreclosing – when proceeds from a foreclosure sale are expected to be insufficient to cover the cost of the foreclosure itself, together with securing, maintaining, and marketing the home for sale.

Payment of foreclosure charges

These charges are to compensate for the interest lost when you opt for early repayment, and they may vary for different lenders.

Banks are businesses and, just like any business, they are seeking to earn a profit. If it costs more to foreclose over agreeing to a short sale, the bank is very likely to favor the short sale. With foreclosure, a bank takes possession of the house, then resells it at a mortgage auction to the highest bidder.

EMV = Estimated market value. It is the value that the bank is putting on the home.

Can you lowball a house offer? ›

A low offer may be upsetting to the sellers, but if you and your real estate agent present the offer along with an expression of your appreciation for the property, it's more likely to be accepted than a low offer accompanied by a half-complete contract or an insult about the property's condition.

It can prevent a foreclosure – Accepting a short sale is a great way to avoid foreclosure. If your borrower offers you a short sale offer, accepting it can prevent you from having to go into foreclosure in the future. Short sales stand out as a great option for lenders because you can actively avoid foreclosure.

The Bottom Line: An FHA Loan Can Help You Buy A Foreclosure

If the home you're thinking about purchasing isn't livable, you'll need to consider leveraging an FHA 203(k) loan as an alternative.

Who Suffers the Most in Foreclosure? Homeowners suffer the most in foreclosure because they lose the home that they live in as well as take a huge financial loss due to the foreclosure.

Yes, Foreclosure.com is a legitimate platform for investing in discounted real estate, though access to full listings requires a paid membership after the 7-day free trial. For both first-time investors and seasoned experts, they provide comprehensive, real-time data to identify promising investment properties.

States with the highest foreclosure rates in the first half of 2024 were New Jersey (0.21 percent of housing units with a foreclosure filing); Illinois (0.21 percent); Florida (0.20 percent); Nevada (0.19 percent); and South Carolina (0.19 percent).