When it comes to real estate properties for investment, nothing else can offer much return potential as bank foreclosure real estate. These potential are not only for buyers but also for individuals considering a career as real estate agents. To become an agent, you will need to pass a real estate licensing exam before you began selling any property, even bank foreclosure real estate properties.
Bank foreclosure real estate features properties re-possessed by the banks from owners due to default in mortgage payment. Before a real estate property is considered to be foreclosed, it passes a legal foreclosure proceeding. The moment a single payment is missed, the bank will try to contact the owner to know the reason for such delays. If the owner did not communicate effectively with the bank, then the bank has no choice but to file for a ?Notice of Default?. Depending on the state, the owner will have an average of 30 days to cure mortgage default.
The re-instatement period is also known as the pre-foreclosure stage. Since foreclosure proceeding has not been completed, the property is still in possession of the owner. The owner, in this situation, could choose to sell the property. A pre-foreclosure sale is usually a direct transaction between the owner and the buyer. In cases where the property was listed, a real estate agent will be the one dealing with the buyer in behalf of the owner.
Once the foreclosure proceeding is completed with the owner not being able to cure default during the pre-foreclosure stage, the bank will have to file a ?Notice of Foreclosure?. A foreclosure sale is usually set a week after the notice has been filed. In a foreclosure sale, you will see interested buyers: banks to whom mortgage is owed, private investors and of course real estate brokers and agents. All of these people are there to bid for bank foreclosure real estate. The highest bidder naturally wins the auction.
Some bank foreclosure real estate property survives a foreclosure auction and becomes the possession of the bank that holds the lien. These bank foreclosure real estate properties are no called real estate owned or REO. When the bank?s inventory of REOs or bank foreclosure real estate properties become too big, it will decide to enter into foreclosure listings contract with reputable real estate brokers. These brokers will assign real estate agents to handle these bank foreclosure real estate properties.
From this stage onwards, real estate agents will play a major role until the bank foreclosure real estate property is sold and commission is collected. If you noticed, in all stages of foreclosure, real estate agents are presented with an opportunity to earn. So do not be surprised that more and more people are deciding to shift careers and become real estate agents.
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