East Lake Area Pre-Foreclosures, Short Sales or Foreclosures
There are foreclosures in the East Lake area but are they a good deal? The answer isn't as simple as most people think. There are a few variables that make a pre-foreclosure or a home in default attractive to a potential buyer. The only real way to know for sure is to let us check the MLS listing for you and do some research. We will do the necessary leg work to find out the particulars for you.
Refresh your browser to see if more homes are in default
Foreclosure is the process by which a bank or other secured creditor
takes back ownership of a piece of real property due to owner's failure to pay
their mortgage. The foreclosure process begins soon after the property owner
stops making mortgage
payments. This can take a few months or more and during that time the property owner may
try to sell the home at a
reduced price hoping that the lender will accept a less amount (short sale) than what is
due on the mortgage.
Once the bank repossesses the property (bank
owned), it is offered for sale and they will
typically start the selling price at what is left on the loan balance.
Many times foreclosures and bank owned property are good deals but
certainly not always. It's our job to ensure we have all the pertinent
information before making an offer and that your best interests are protected.
