Prudential Real Estate Buying Bank Owned Foreclosure List
The Prudential real estate buying bank owned foreclosure list is an excellent resource for locating discounted properties across the nation. Foreclosure properties are quickly becoming a favored choice amongst home buyers and real estate investors because they oftentimes provide instant equity and are nearly always priced below market value.
Home buyers can utilize the Prudential real estate buying bank owned foreclosure list to scout out all types of properties. Whether you're looking for a single family residence or commercial real estate, chances are you will find a perfect match via the Prudential foreclosure list.
Bank owned properties encompass foreclosure real estate which did not sell through public auctions. Once these properties are returned to the bank, the lender is responsible for selling them. Otherwise, the banks will have to pay property taxes and insurance, as well as property maintenance fees such as mowing the lawn or keeping swimming pools clean to prevent public safety hazards.
Presently, there are millions of bank owned homes for sale, making it impossible for lenders to handle the sales on their own. Instead, mortgage lenders work with local Prudential realtors to list their bank owned foreclosure properties. Individuals interested in buying distressed properties submit offers through the realtors, just as they would do if buying houses listed through any real estate agent.
Once a buyer submits an offer on Prudential bank foreclosures, the agent submits the offer to the mortgage lender. Just as with any other real estate transaction, the bank can accept, decline, or make a counter-offer.
Most bank owned foreclosure real estate is priced below market value to generate a quick sale. Banks are in business to make money, not to sell real estate. They want to remove toxic assets from their books so they can obtain additional funds from the Federal Reserve Bank. The Fed gives money to banks based on their profit margins. Therefore, their primary goal is to sell foreclosure homes quickly, while recouping monetary losses incurred through the foreclosure process.
With that being said, banks leave little room for negotiating the purchase price of bank owned properties. If buyers want to purchase Prudential foreclosure homes they should be prepared to pay the full asking price.
In order to buy Prudential bank owned real estate, buyers must obtain prequalified financing prior to making an offer. Home loan financing can be obtained through any lender. Prudential realtors can help buyers locate a lender or buyers can scout out lenders on their own.
One option for obtaining an additional discount on bank owned foreclosure properties is to purchase the property with cash. Lenders are oftentimes willing to further reduce the price when buyers make a cash offer. Buying real estate with cash reduces the amount of time required for closing and eliminates the potential that buyers cannot obtain financing. Many real estate investors buy foreclosure homes with cash in order to obtain the lowest price.
Individuals interested in buying Prudential real estate bank owned foreclosures should visit PrudentialProperties.com to locate a local Prudential realtor.
Before you head over to view the Prudential real estate buying bank owned foreclosure list, take a moment to browse our buying foreclosure homes article library. Here you'll find tips, tricks and resources to help you obtain the best deal on bank owned properties.
Tagged: Bank Foreclosures, Buying Houses, Foreclosure Process, Foreclosure Real Estate, Prudential Real Estate Buying Bank Owned Foreclosure List, Prudential Real Estate Buying Bank Owned Foreclosure List Article, Real Estate Investors, Simon Volkov
Published on May 03, 2010 at 03:21 AM