Are there any foreclosures in Lansbrook and are they a good deal? The answer is maybe. If there are any available, they will be listed below. There are certain conditions that allow a pre-foreclosure or home in default to be attractive to a potential buyer and the only way to know for sure is to contact us and ask. We will do the necessary leg work to find out the particulars for you.
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.