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By Simon Volkov
The Prudential real estate bank owned foreclosure list offers a myriad of foreclosure properties for sale throughout the United States. Bank owned properties are quickly becoming the preferred choice amongst home buyers and investors because they are often priced substantially below market value.
The Prudential real estate bank owned foreclosure list includes nearly any type of real estate anyone could want. Properties include residential homes, commercial real estate, industrial parks, and vacant land. Regardless of the type of real estate you desire, chances are realtor foreclosure lists can help you find it.
Bank owned real estate encompasses properties that did not sell through public foreclosure auctions. Properties are returned to the mortgage provider and sold through bank loss mitigation or their assigned realtors.
The primary goal for lenders is to recoup costs associated with the foreclosure process and curtail future expenses. Once banks regain ownership of foreclosed real estate they become responsible for all expenses connected to the property. Therefore, they reduce prices to entice a quick sale.
Current estimates claim more than 6 million foreclosure properties are up for sale across the nation. Due to the magnitude of foreclosure homes it has become next to impossible for banks to manage the sale of each property. Most lenders enlist help from local real estate agents to list bank owned foreclosures, arrange property showings, and manage purchase offers.
Once buyers locate a property they are interested in buying through the Prudential foreclosure list, they submit their offer to the designated realtor. Prudential agents submit offers to the mortgage provider who can elect to accept, decline, or provide a counter-offer.
Banks must sell distressed properties in order to remove toxic assets from their financial portfolio. The Federal Reserve Bank gives money to banks based on their profit margins. If mortgage lenders hold excessive foreclosure properties the amount of money they receive from the Fed can be discontinued until they sell off part of their real estate inventory.
The majority of foreclosure real estate is priced around 10-percent or more below market value. Lenders rarely reduce the purchase price of bank owned properties because they have already lost money during the foreclosure process.
Buyers who want to purchase properties listed through the Prudential real estate bank owned foreclosure list should be prepared to offer the full asking price unless substantial damage is discovered during the home inspection.
Buyers must obtain preapproved financing prior to submitting offers. Prudential real estate agents can assist buyers in locating mortgage lenders or buyers can locate lenders on their own. Individuals should compare mortgage providers in order to obtain the best rate of interest. One of the most trusted sources for comparing lenders is BankRate.com.
Banks are sometimes willing to further reduce the price of foreclosure real estate when buyers present a cash offer. Buying bank owned foreclosures with cash eliminates the potential that buyers will not be approved for home loan financing and reduces the amount of time required for closing. Real estate investors often buy bank owned properties with cash in order to obtain the best deal and expedite the closing process.
Those interested in purchasing Prudential real estate bank owned foreclosure property can view real estate listings and obtain realtor contact information at PrudentialProperties.com.
About the Author: The Prudential real estate foreclosure list is a great resource for home buyers and investors seeking discounted properties. Real estate investor, Simon Volkov shares information and strategies to help buyers obtain the best deals. Learn more by visiting SimonVolkov.com.
Source: isnare.com
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