Foreclosures

Are you threatened by foreclosure?

At Franklin Realty Consultants,  we can help you sell the property before the mortgage forecloses. The advantage to this is that you will not have a foreclosure judgment on your credit record. This can help make it easier to secure financing in the future. This option will more likely be available for borrowers who have equity in the property. By letting Franklin Realty Consultants sell your property, you can pay off your mortgage, and pocket the difference if there is equity remaining.

Are you interested in purchasing foreclosures?

It is important to be aware that buying property in foreclosure without professional assistance can be a risky venture. Most foreclosed properties are sold "as is" and there can be problems not only with the structure, but there may also be liens on the property, unpaid taxes, and other problems to deal with. If you are not experienced in real estate, you should be very cautious before getting involved with purchasing foreclosed properties. That being said, buying foreclosure properties can be very rewarding and profitable if you are careful and thorough and have an experienced real estate agent by your side.

The first step will be to familiarize yourself with the applicable laws and the process in your area. Once you understand this, you will next want to start identifying geographical areas in which you would like to purchase a property. Once you determine the areas you are interested in, you will want to begin locating properties that are in the foreclosure process. There are a number of different ways to do this, including asking your real estate agent for area listings of these types of properties. Foreclosure properties may be listed several different ways, such as under "Foreclosure Sales", or "Sheriff's Sales". You can also learn about properties if the lender is giving notice to the borrower of the lender's intention to initiate foreclosure proceedings.

After you learn about the properties in foreclosure in your area, the next step is to inspect the properties you are interested in, if possible. Sometimes you will not be able to inspect the property ahead of time. You will then want to determine the value of comparable properties in the same area. This information can be obtained from your real estate agent. If you are still interested in the property at this point, the next step will be to find out who owns the property, and what liens encumber the property. Find out the balance in default to the lender, and the balance remaining on the loan that has resulted in the foreclosure proceeding. We can help with this as well

You will want to find out if back taxes are owed on the real estate. To determine this information you will want to conduct a full title search. Finally, you should make sure you are familiar with any land zoning, easement or toxic waste issues that could impact your use of the property. Also make sure there are no pest problems, other structural problems, and determine if any illegal alterations have been made to the property without the necessary permits. Once you know exactly what you are facing, how you will proceed will depend on what type of sale is taking place.

The Benefits of Purchasing a Foreclosure