The media keeps talking about all the recent foreclosures and how they are bringing the real estate market down. What about Dutchess County? Are there any? Where?
First you have to define what a foreclosure is, because the media seems to be lumping them all together.
Before foreclosure, there are "pre" foreclosures. This means the homeowner is in trouble and has missed some mortgage payments. At this point, the owner will hopefully be talking to their lender. They can, among other things, try to renegotiate their mortgage or sell it. If they sell it, they employ a real estate agent to sell their home. It is generally listed on the MLS with most of the other homes for sale in the area. The lender usually must approve of the sale.They may approve a sale for less than the mortgage amount, but they will rarely take less than the current full market value of the property.
Next you have the classic foreclosure. In this case you can buy the property on the courthouse steps for at least the mortgage amount. At this point, there are few bargains here. In this market, a lot of the foreclosures are coming from people who bought in the last few years. They have not paid a lot down on their home and prices have not appreciated. Therefore the mortgage amount can be more than the home is worth!
Lastly is, in my opinion, where you can currently get a good deal, the REOs. "Real Estate Owned" by the lender. When the lender doesn't sell it on the courthouse steps, it goes into their asset portfolio. Since they are not in the business of owning real estate, they then try to sell it, employing a real estate agent. They, unlike home owners, look at the property as $. They see what the value is and try to get that.
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