Investors and home buyers are discovering the Prudential real estate bank owned foreclosure list offers a vast array of discounted homes. Foreclosure houses are moving up the ranks as being the preferred choice for buyers since they are priced below market value.
The Prudential real estate bank owned foreclosure list encompasses all types of residential properties, as well as industrial and commercial real estate. Regardless of the type of realty you prefer, chances are the Prudential foreclosure list can help you locate it.
Bank owned houses are foreclosure properties that were not sold through public auction. Houses are returned to the servicing lender and banks list the properties through realtors. Their primary goal is to recover foreclosure costs and prevent future expenses. Banks are responsible for property taxes, insurance and general maintenance so they reduce the price to entice a quick sale.
Due to the extreme magnitude of bank foreclosures, several million distressed properties are available nationwide. Based on the number of homes it has become virtually impossible for banks to handle the sale of each property. Therefore, lenders enlist the assistance of local realtors to list bank owned properties, arrange showings, and mediate purchase price negotiations.
Buyers submit offers through Prudential realtors, just as they would when making an offer on other types of listed property. Agents present realty offers to the mortgage lender who in turn accepts, declines or provides a counter-offer.
Banks reduce the cost of foreclosure houses in order to remove toxic assets from their books. The Federal Reserve Bank provides money to lenders based on profit margins. If mortgage financiers hold a bounty of stagnant real estate the amount of money they receive for lending purposes can be discontinued until they become profitable.
For this reason, mortgage lenders are rarely willing to further reduce the asking price of bank owned homes. Buyers who plan on purchasing Prudential bank owned foreclosures should be prepared to pay the full asking price unless substantial damage is found during the home inspection.
In order to submit offers on Prudential foreclosure homes, buyers must obtain prequalified financing. Prudential realtors can help buyers locate mortgage providers or buyers can seek out lenders on their own. One of the most trusted sources for mortgage loan comparison is BankRate.com.
If buyers are able to purchase bank foreclosures with cash they might be able to further reduce the asking price. Banks are sometimes willing to reduce the price of bank owned properties when a cash offer is presented. Buying houses with cash eliminates the possibility of buyers not being approved for a home loan and lessens the time required for closing. Many real estate investors purchase bank owned real estate with cash in order to obtain the best deal and expedite closing.
Individuals interested in buying Prudential real estate bank owned foreclosures can review property listings and obtain contact information for the listing agent at PrudentialProperties.com.