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REAL ESTATE FORECLOSURE ARTICLES

What are Real Estate Foreclosures?

Real estate foreclosures, also known as REO, is actually a term used to describe a category of land owned by a bank or other financial institution after a failed foreclosure sale at a bank foreclosure auction. When a mortgage holder defaults on their loan or is unable to pay their debt, the lending institutions have a right to sell real estate properties they own to recoup some of their investment and protect themselves from having to foreclose on the home. At these auctions, the real estate lender is allowed to take back the property that has been put up for auction through a public auction in which all of the proceeds go back to the lending institution.

There are various types of real estate foreclosures. Some of the most common are commercial real estate foreclosures where banks sell properties such as hotels, shopping centers, and office buildings in which they have invested heavily. Real estate foreclosures may also include bank owned properties that they want to repossess due to delinquent payments, default on loans, bankruptcy, and other types of mortgage defaults. Foreclosure auctions can also be run in the case of tax liens, tax foreclosures, and even tax deeds where the lender has defaulted on taxes that were owed to the state.

Bank foreclosure auctions are held to recover some of the money that they have lost by having lost a mortgage on a property that the homeowner owes them. Many people believe that banks are losing money during these auctions because they have already foreclosed on the properties that they had previously foreclosed on. This is not true, however, as banks are always losing money during these auctions and the reason they are holding auctions is to recoup some of this loss and protect themselves from incurring more.

Most foreclosure auctions will begin with the homeowner who is being foreclosed upon being served a notice of foreclosure. The bank will then proceed with the sale of their property at the auction, so that they do not lose any money by not selling their home before it is foreclosed. A few banks will hold auctions on their properties before going forward with the process of foreclosing on the property.

While there are a lot of different ways that banks sell real estate foreclosures, one of the best ways to find out about them is to check with your local bank. Many banks offer a free foreclosure list, which outlines the number of properties that are up for sale at the time they conduct auctions in your area. You can also try calling your local newspaper and your local real estate broker to see if any properties have been listed for sale recently.

Real Estate foreclosures are also one of the easiest types of foreclosures to come by since most banks will list properties that are up for sale on the market. The process of getting foreclosed upon is relatively quick and you will be able to get your property quickly.



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