Foreclosures Knowledge Center Learn About Foreclosure Homes

Search Here For Definitions On Foreclosure Terms

In a continuing commitment to bring you the latest real estate leads and news, foreclosureconnections.com wants to help you understand some of the key terms used about repossessed homes:

Real Estate Auction

A Real estate auction is simply a fast-paced public sale where properties are sold to the highest bidder. These properties can be repossessed or not.

Pre-Foreclosures

If you are buying properties directly from the homeowner, you are likely buying pre-foreclosures, or homes that have not yet legally been repossessed. The homeowner is usually facing losing their home, but still legally owns it.

House Foreclosures

Residential real estate properties that have been repossessed by the lender and put up for re-sale - often at a reduced price - are known as house foreclosures.

Foreclosure Homes

Properties that have been legally taken over and are being sold at 5% to more than 60% off market value are known as foreclosure homes.

Government Foreclosures

Properties sold by federal agencies are government foreclosures. These repossessed homes were last purchased with a home loan insured by an agency such as VA or HUD.

Bank Foreclosures

Lenders who have purchased a property at a real estate auction and are reselling them as bank foreclosures still often under-price these homes, meaning great deals for buyers.

HUD Foreclosures

HUD foreclosures are properties that are offered for sale by the Department of Housing and Urban Development. Special government programs make these properties even more affordable!

VA Foreclosures

Buying a property that was last owned by a veteran involves buying VA foreclosures, offered for sale by the Department of Veteran Affairs. These homes can be bought for very small down payments.

Foreclosure Listings

One of the best ways to find distressed real estate is through foreclosure listings, which provide huge databases of property leads. Online services allow you to access these leads right from your own.

Foreclosure Houses

If you want great properties at low prices, foreclosure houses are a great option. These properties have been repossessed and are offered for sale by the government or by lenders.

Foreclosed Properties

Even if you are interested in buying new homes, business real estate, town houses, lots, condos, or other types of real estate, foreclosed properties give you all these options - but at big savings.

Houses for Sale

If you are looking for houses for sale, be aware that looking in your newspaper’s real estate section only allows you to see full-priced real estate. Look to foreclosureconnections.com for lower property costs.

Repossessed Houses

Repossessed houses are usually offered for sale because the previous homeowner has not made payments on their mortgage. When this happens, the lender can foreclose on the property and resell it.

Foreclosed Property

If you want to live in a good neighbourhood and a nice home, but want to pay less, a foreclosed property may be for you. These homes are priced to sell, often because the previous loan on the home was defaulted on.

Real Estate Foreclosures

There are many types of real estate foreclosures out there, in virtually every neighbourhood across the country. With foreclosureconnections.com, you can find ways to get these properties for less.

HUD Homes

If you want homes that are priced 5% to 60% below market value but which offer special buyer programs that make buying even more affordable, HUD homes may be for you.

Bank Owned Properties

Bank owned properties are homes that a lender has repurchased at a public auction and is offering for resale. These homes often come with fewer risks than other foreclosure types.

Foreclosures

Repossessed homes are also known as foreclosures, after the legal process that lenders use to legally take possession of a property on which the mortgage is not paid.

Foreclosed Homes

Residential properties that are legally repossessed by a lender and sold at an auction or through the government are known as foreclosed homes. This process usually occurs because the owner stops paying their home loan.

VA Homes

If you want to buy a property with all the benefits that veterans enjoy, VA homes may be for you. These properties are priced to sell and save you money on mortgage insurance, too.

HUD Houses

When you buy HUD houses, you can get more home for less money. You have to take out a smaller loan and you enjoy more equity right away, which can bolster your credit rating.

HUD Home for Sale

You will not find an HUD home for sale in your local newspaper. You need to use a listing service, foreclosureconnections.com, or you need to contact the government directly for leads on these properties.

Foreclosure Lists

Quality foreclosure lists offer you huge databases of distressed properties. This makes looking for a home simpler and faster. Distressed homes sell fast, so get the best service for leads you can.