Interested in WNY Foreclosure Properties?
Every WNY foreclosure is a tragedy for someone and an opportunity for someone else; it is a lengthy process no matter what. The foreclosure process has several stages. You may catch the home in Short Sale, a process that happens prior to the bank taking possession. Once the bank has taken possession, the home will be labeled: HUD home, 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 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 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.
All statistics are gathered from the Buffalo Niagara Association of REALTORS®.
For more information – call our J. Philip Real Estate Team at: (716) 650-0051
Thinking of selling your Western New York home? Interested in finding out the current market value of your single family home, condo or investment property? Then call us at (716) 650-0051 to discuss what is happening in today’s Western New York Real Estate Market. We would be happy to give you a personalized Comparative Market Analysis for your home or assist you to purchase a home.