Purchasing real estate or homes directly from the bank or lender is preferred by many real estate investors and home buyers because it can be a more predictable and less-emotional home purchase process than buying from the distressed seller who is facing foreclosure and may or may not go through (or be able to deliver title) with the transaction, but there are a few key details you should be aware of.
First, most home buyers do not realize the number one misconception; not every Bank Owned Property or REO (Real Estate Owned; an Accounting Term for Banks) is a good deal. Many banks with property for sale in the Ames area seek to obtain market value for properties that they have foreclosed on in order to attempt to recoup as much of their losses against their loan balance as possible.
Other lenders are more focused on liquidating REO inventory as these properties represent non-performing assets have a severe negative impact on the lenders books and financial condition. The Steve Bock Team has extensive knowledge of the foreclosure market and relationships with asset managers and REO bank officers; knowledge which is very valuable to a home buyer or investor looking to pick up a foreclosure at a bargain price.
In Iowa, lenders may foreclose on a mortgage in default using either the judicial or the alternative non-judicial foreclosure process.
You can stop foreclosure on your Ames Home. For Ames area homeowners struggling to make payments or sitting with a home or condo with no or negative equity (and unable to refinance a rapidly increasing adjustable loan) the options may seem dismal. Every week, we receive calls from area homeowners who need help immediately - in order to avoid foreclosure!
If you are an owner of Ames area real estate that desires to understand what options you may have in avoiding foreclosure or possibly even walking away from your mortgage obligation, fill out the contact form on the right or contact us at 515-231-1899 to schedule a confidential short sale consultation.