Every WNY foreclosure is a tragedy and an opportunity and it is a lengthy process. The list of WNY Foreclosure Properties is growing once again. There are several stages of a Foreclosure. You may catch the home in Short Sale — a process that happens prior to the bank taking possession. Once the bank has taken possession you will find that they are labeled, HUD home, a Bank Owned or an REO (Real Estate Owned) property.
A Western New York property enters foreclosure when the original mortgage holder can no longer pay or settle a debt to the lending institution. The property then enters foreclosure, with the lender taking full possession of the WNY property. In most cases, the lender then puts the real estate up for public auction at a reduced price.
When you buy a foreclosed home, you’re cashing in on a home or investment someone was no longer able to pay for. Foreclosures are difficult–both to locate and to execute the transactions–but the potential to turn them over for a tidy profit may be there for the savvy Western New York buyer.
Here are a few homes that are listed on the MLS as Bank Owned, Auctions, Short Sale or Foreclosure homes:
Are you interesting in purchasing Foreclosed Real estate? Interested in finding out the current market value of your single family home, condo or investment property? Then call Colleen Kulikowski at (716) 650-0051 to discuss what is happening in today’s Western New York Real Estate Market.
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