Thursday, June 16, 2005
Inside look at Bank Real Estate Foreclosures
Many novice real estate investors want to buy properties directly from the bank. Rarely do real estate investors talk of buying foreclosed houses from a mortgage company, credit union or savings and loan. The allure of bank owned properties is easily understood, as it is the banks that most real estate investors borrow funds from.
The title to your real estate is either held by a third party or pledged as security for the loan. The bank does not actually own the real estate. You borrow money from and give a mortgage to the bank as collaterol. Unless you buy a real estate foreclosure directly from the bank, the bank never owned the property.
The title to your real estate is either held by a third party or pledged as security for the loan. The bank does not actually own the real estate. You borrow money from and give a mortgage to the bank as collaterol. Unless you buy a real estate foreclosure directly from the bank, the bank never owned the property.
