Bank Foreclosures

In foreclosure investment terms, bank foreclosures are considered as "pre-foreclosures." Usually, bank mortgage borrowers sell their distressed asset/s before the bank officially forecloses it to avoid further mishaps.

According to an article in Consumer Affairs, in their interview with Zalman Velvel, a Certified Commercial Investment member (CCIM), foreclosed assets under this category are the most favorable if you are into foreclosure investments. He said, "Pre-foreclosures are appealing because they require the least amount of capital, and almost all the information you need is available."

Velvel also added that this option allows you (as a buyer) to thoroughly inspect the distressed house. The distressed owner signs a dead and in turn, gives you the property.

But, in pre-foreclosure, you also have to remember that you will be acquiring the mortgage that comes with the house. Aside from this, you also have to make the "mortgage current" by providing for the bank back payments, if there are any.

For a trustworthy list of bank foreclosed assets in San Diego, we recommend that you contact the local office directly.

If you think that the process in pre-foreclosed houses is not the right one for you, consider those coming from auctions (usually from the Housing and Urban Development or HUD) or those from Real Estate Companies.

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