What is an occupied foreclosure?
What is an occupied foreclosure?
REO stands for “real estate owned,” which happens when a bank forecloses on a home and now owns it. An REO occupied home is one the bank foreclosed on, and the former owner or renter is still living there. But because the former owner or renter is still living in the property, there are some challenges involved.
Who is the owner of a pre foreclosure property?
A pre foreclosure home is a distressed, off-market property that has yet to be repossessed by a lender and sold at auction. Pre foreclosures are typically still occupied by their owners who have fallen behind on monthly mortgage payments.
How do you know if your house is occupied?
keep your eyes peeled for the tell-tale signs of vacant houses (They are everywhere!): Grass is high, unkempt, not mowed. No curtains in the windows. Doors and/or windows boarded up, broken or wide open.
Where can I find a list of foreclosure auctions?
“If they miss one [advertisement], they have to start over the next month,” explains Durham. You can also find foreclosure auctions on websites such as foreclosure.com or city and county public records. An experienced real estate agent can also help you find upcoming foreclosure auctions.
What is the purpose of a foreclosure auction?
The purpose of the foreclosure auction is to recoup money for missed mortgage payments or tax liens. To help collect this money, the home is listed at a foreclosure auction where it’s bid on and (ideally) won. Where can you find foreclosure auctions?
How does a foreclosure agent specialist get paid?
Like a regular real estate agent, foreclosure agent specialists work on commission. The commission for working with foreclosures can be more lucrative than standard real estate transactions. HUD homes pay 5 percent commission, and VA homes pay 6 percent commission. Typically, the agent does not have to split that commission with another agent.
What can I do to help an auctioneer?
Even if you’re just organizing pieces to sell or sweeping the floor, it gets your foot in the door. Serve as a ring-side helper that hands items to an auctioneer and aids in crowd control. Work as a bid watcher. The auctioneer needs help to identify everyone making bids, especially during busy and well-attended auctions.
Where does the auction take place for a foreclosure?
The phrase “real estate auction” often brings to mind the stereotypical image of a small group of investors, huddled around an auctioneer on the county courthouse steps. And in fact, almost all foreclosure auctions are conducted live in front of (or in a room inside of) county courthouses.
How much money do you need for a foreclosure auction?
Contact the attorney or auctioneer to determine how much money you need to bring to the auction, as this varies from state to state. Many auctions require bidders to bring along a certified check for $5,000, made payable to the auction company.
Where can I find a foreclosure auction in Georgia?
Durham says that in Georgia, foreclosures must be advertised for four weeks leading up to the sale. “If they miss one [advertisement], they have to start over the next month,” explains Durham. You can also find foreclosure auctions on websites such as foreclosure.com or city and county public records.
Who is responsible for the sale of a foreclosure?
Depending on the state, a trustee assigned by the lender or an officer of the court conducts a foreclosure sale to recover the balance of a loan from a borrower who’s defaulted on their mortgage payments.