Wednesday, February 5, 2020 / by Vanessa Saunders
How to go Foreclosure Home bargain hunting.
By Vanessa Saunders, MBA, MIMC , Broker Owner, Global Property Systems
Buying a foreclosure home (known to the industry as a "Distressed Property) in the Hudson Valley has never been easier. Finding and acquiring a property in foreclosure used to be a difficult, drawn-out process. Real estate bargain-hunters had to sift through reams of legal filings to find lists of auctions at the county clerk's office, attend Sheriff's auctions, and scan newspaper legal notices. It took a lot of patience because the process was so cumbersome.
Prior to the sub-prime real estate meltdown in late 2007, foreclosures were rare. When the real estate bubble burst, many borrowers were unable to make payments on their subprime mortgages. The foreclosure rate soared and lenders were forced to streamline the foreclosure process to handle the high volume of loan defaults.
Today, the process for finding distressed properties is much like shopping for any other kind of home. Even though the vast bulk of ...
Buying a foreclosure home (known to the industry as a "Distressed Property) in the Hudson Valley has never been easier. Finding and acquiring a property in foreclosure used to be a difficult, drawn-out process. Real estate bargain-hunters had to sift through reams of legal filings to find lists of auctions at the county clerk's office, attend Sheriff's auctions, and scan newspaper legal notices. It took a lot of patience because the process was so cumbersome.
Prior to the sub-prime real estate meltdown in late 2007, foreclosures were rare. When the real estate bubble burst, many borrowers were unable to make payments on their subprime mortgages. The foreclosure rate soared and lenders were forced to streamline the foreclosure process to handle the high volume of loan defaults.
Today, the process for finding distressed properties is much like shopping for any other kind of home. Even though the vast bulk of ...
