Purchase Foreclosed Property At Profitable Price Posted By: Jillian Kramer

Foreclosures are on the rise in the U.S. and the same has led to decreasing property prices in the real estate market. The foreclosed properties are put for auction by banks and government authorities for recovery of their outstanding debt which is paid by the homeowner. The main aim of foreclosure is recovery of debt and no profit motto is attached which makes the property prices really cheap.
Foreclosure process in the U.S.
The foreclosed properties sale is carried by most banks and government organizations through public auction, but direct sale is also possible in some cases. The banks start the foreclosure process once the borrower makes defaults on the loan repayment and after repeated notice of default the borrower is not able to pay the loan back. The bank exercises the mortgage right mentioned in the loan agreement and seizes the property after some grace period given to the borrower. The grace period is given for redemption and the borrower can repay the loan and reinstate the property rights.real estate auction companies bank repo auctions

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