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Monday, March 27th
RealtyStore is an online foreclosure website with multiple plans. They do not have positive reviews from customers and appear to be difficult to work with. Between this and the discrepancies we found throughout the website, RealtyStore doesn't get our recommendation for foreclosure listings.
Foreclosure Listings is a website to find foreclosure properties that began in 1998. They sell your information to brokers and limit the number of listings you may view in a 24-hour period. Between that and the discrepancies on their website, plus Foreclosure Listings' many negative customer reviews, it's easy to understand why we say to avoid this service.
A foreclosure is a process that starts when a borrower fails to pay their mortgage. The lender will typically repossess the home and they will try to sell the house. They are able to do this because when you take out a mortgage loan, the house is used as collateral. Having a foreclosure on your credit history will significantly lower your credit score. It may also prevent you from being able to qualify for credit or new loans for several years.
As a homebuyer, there are some benefits to purchasing a foreclosure. The largest benefit is possibly getting a better deal than the current market value of a home. When a home is in pre-foreclosure, the owner may be trying to sell to pay off their debts. They are motivated to sell, and are more willing to work out a deal. If you are willing to put in some research and elbow grease if repairs are needed, you have the potential to get a property at a fantastic price.
However, there are some concerns when it comes to purchasing a foreclosure property. The biggest one is that there may be increased maintenance issues. Some homeowners feel the need to destroy the property before vacating it. They also have no motivation to do the upkeep before leaving. Foreclosure properties are often sold as-is, sometimes with no opportunity to inspect the inside prior to closing. You could find a bit of a fixer-upper missing an appliance or two, or there may be extensive damage down to the studs.
Foreclosure listing websites can save you a little legwork when it comes to tracking down possible properties to purchase. They scour public records to look for homes with missing payments, as well as ones where the bank has already begun the foreclosure process and you could get in on a deal.
As you start to consider which foreclosure website to use, here are a few key features to consider about what each website has to offer.
TopConsumerReviews.com has reviewed and ranked the best Foreclosure Listings available today. We hope this information helps you in your real estate goals, whether you're buying a home for yourself or adding to your investment portfolio!
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Dear PAO, A friend of mine mortgaged his real estate as security for a loan he obtained from a bank. I was told that he failed to pay his loan. As such, his real estate was sold at a foreclosure sale ...
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