Some people still ask the question “what is foreclosure.” Foreclosure is to extinguish all the rights of the homeowner when he is no longer able to make out the payments of the mortgage loan for which he kept his home as equilateral security. Usually, the reasons for foreclosure can be divorce, being without a job, bankruptcy, medical consequences, death and many others.
Foreclosures have increased radically over the years. This is because many people are unable to pay the instalments of their mortgage loan and eventually their property undergoes foreclosure. In every hundred homes, thirty of them experience foreclosure
Dallas is one of the famous American cities in Texas State and has always been a favorite choice for home buyers and real estate investors due to its diverse residential amenities as well as potential real estate value. In the present economic state, investing in property via foreclosed homes in Dallas is the most lucrative as well as the intelligent decision that you can make as a home buyer.
Example of foreclosure is a residential located at 434 Alexander ct. Duncanville, Texas.
When a home is term foreclosure, the defaulter is left with two options to either sell the home themselves through short sales or settle the due amount to balance up. After the notice period, the foreclosure process commences, and the property is put up for sale (auction) by the mortgage Banks or Government Departments.
There are various benefits of buying foreclosure homes includes :
- Cash benefit – The property is available at a discounted rate of 30 to 50% since the Lender wants to recover their loan sum and not any profit making intention.
- No Legal Hassles – There is no legal dispute when buying a foreclosure home through banks or government departments because all legal formality has already been taken care of by the institutions in a professional way.
- Excellent Location – A foreclosure home can be found in a good locality which would have been difficult otherwise to buy a house in an already urbanized area due to high rates or unavailability of land.
- Easy Loans – When purchasing a foreclosure home from banks, they offer you a comfortable loan facility. The procedure of getting a loan is easy because the bank will also have a dual benefit of selling a foreclosure home, which is their liability and even getting a customer for taking a loan for a safe deal.
- Lesser interest rates – You may get the loans at lower interest rates from many banks to buy foreclosure homes.
There are three different phases in the foreclosure process at which time any investor or potential home buyer can acquire a foreclosure. These phases are:
- Pre-foreclosures: This the period when the lender has served notice of default
- Auction: This is when the house is put on sale
- Post-foreclosure: Is when the house is already the bank-owned property
All three phases have their advantages regarding earning significant discounts, but they also require a diverse approach from the buyer. Contact Poogle at (972)408-7402 for more details.