How does a Home Wind up in the Foreclosure Listings?
When a home goes into default for not being paid, the banks attempt to take them back by sending the house into foreclosure. The foreclosure just means that the current homeowner is no longer in control of the home and must evacuate right away. The bank has intent to sell the home at this point to pay taxes and also make an attempt to cover some of their loss. They have absolutely no interest in keeping the home and the longer the home sits, the more they lose. This is why they make sure that the home is added to the local foreclosure listings right away.
The bank wants to attract as much attention to their property as possible. This allows the higher chance that someone with good money will come along and cover the dues on the home. This also in turn, covers the banks loss. A lot of times, the bank will hold auctions for these homes and they obviously want as many people to attend as possible. The more people that there are present at the auctions, means the better the bids will be. The foreclosure listings are accessible to the public however, much of the public does not know where to access this information. Some people even wind up being charged to have access to this free information. Real estate agents on the other hand, will always have access to the latest listings.
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