As a way to learn more about buying foreclosed homes, I'd like to invite you to join our upcoming bank owned and foreclosure bus tours, starting in November 2008.
We offer a no-obligation, educational way to see some bank owned/foreclosed homes and learn about buying, financing, and the whole process through educational "mini-seminars" from area professionals throughout the tour.
We also offer access to a list to bank owned homes, both on the MLS and JUST PRIOR to hitting the MLS.
You see, you may know when a foreclosed home reaches the Notice of Trustee sale stage (a NOT, Notice of Trustee Sale is filed and recorded) than the property is auctioned
off and when no one bids or the bank doesn't like the bid, it "reverts" back to the bank.
So, it becomes "bank owned" at this point. Well, it may or may not have a listing agent yet, but it has most
likely been sent to a Title company, to prepare a most recent Title Report, listing anything of relevance relating to the Title. Than the next step is to prepare the property for sale, which means it is assigned to a listing agent, if not already done prior to the auction.
It may take a few days to weeks to prepare the home for sale and listed, so it may be advantageous to know what properties are available that are bank owned BEFORE it hits the general RMLS listings and have some information on the property, in case you want to "score" a deal. As a mortgage specialist in offering financing for bank owned and foreclosed homes, I can help you access this information as well as give you information regarding financing in the costs to renovate or fix up an owner occupied home.
Hope this helps with your quest for information on buying a foreclosed home. :-)