Bank house foreclosures refer to properties, usually homes
, whose owners reneged on mortgage payments for three consecutive months at least. The lender the issues a notice of foreclosure to the debtor in default indicating their intention to repossess the house for which the loan was taken out. This notice typically runs for about 30 days in which time the debtor can still make attempts to settle their loan obligation and continue owning the property.
What Can Bank House Foreclosures Offer Buyers?
Perhaps the main draw of bank house foreclosures for home buyers is the secure transaction that banks are always known for. While selling homes is not a part of banking operations, banks do have a unit or a department that takes care of all the foreclosed properties that revert to them. These departments make sure that the homes are sold in the shortest time possible and are attractive enough to generate buyer interest.
These departments handle the list of bank house foreclosures that are released to the market or sold through a real estate broker or agent. Some banks will also be open to deal directly with individuals doing away with the agent or the go between. The process of buying is quite simple, the interested party presents an offer and the bank can either accept the offer or issue a counter-offer. At this point the prospective buyer can still negotiate on the banks counter offer and the bank will either accept the new offer or decline it.
Bank house foreclosures would have a slew of value added products and services which may include a basic pest certification, minor repairs, title insurance plus the bank will also handle the task of evicting the occupants. With bank house foreclosures, buying a home can be easy and stress-free.