Nevada, Florida, Arizona post top state foreclosure rates in August

IRVINE, Calif. – Sep. 16, 2010 — RealtyTrac® (realtytrac.com), the leading online marketplace for foreclosure properties, today released its U.S. Foreclosure Market Report™ for August 2010, which shows foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 338,836 properties in August, a 4 percent increase from the previous month but a 5 percent decrease from August 2009. One in every 381 U.S. housing units received a foreclosure filing during the month.

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Short Sale:

A short sale is when a home owner is selling their home for less than what they owe on the mortgage. They must sell the home "subject to lender's approval".  Depending on the lender and how many loans are on the property, this process can take anywhere from 45 days to 9 months.

Public Auction:

Buyers can bid on the property at public auction (usually held on the court house steps).  In this scenario, buyers are usually required to pay in cash and have limited time to research the property condition and title.  Though there are good deals to be had at auction, it is best to do your research beforehand!

Bank Owned / REO's:

If a lender forecloses on a property, they will enlist the help of a Realtor to sell the home on the open market.  The lender will make sure the title is clear and sometimes complete repairs and/or maintenance on the home prior to listing it for sale.

For more information on buying a Foreclosed or Short Sale property email or call me today. Remember, these homes may receive several offers once listed, and won’t stay available for long. Be the first to know! I can send you these listings in the areas YOU are interested in – FREE!