Tips for Using Prudential Real Estate Bank’s Property Foreclosure List
Investors and home buyers are discovering that the Prudential Real Estate Bank-owned foreclosure listing offers a wide range of discounted homes. Homes in foreclosure are rising in the ranks as the preferred option for buyers as they are priced below market value.
Prudential’s real estate bank’s property foreclosure list covers all types of residential properties as well as industrial and commercial real estate. Regardless of the type of real estate you prefer, the prudent foreclosure list can likely help you locate it.
Bank owned homes are foreclosed properties that did not sell through public auction. The houses are returned to the servicing lender and the banks list the properties through real estate agents. Your primary goal is to recoup your foreclosure costs and prevent future expenses. Banks are responsible for property taxes, insurance, and general maintenance, so they lower the price to attract a quick sale.
Due to the extreme magnitude of bank foreclosures, several million distressed properties are available across the country. Based on the number of homes, it has become virtually impossible for banks to handle the sale of each property. Therefore, lenders enlist the help of local real estate agents to list the bank’s properties, arrange visits, and mediate purchase price negotiations.
Buyers submit offers through Prudential real estate agents, just as they would when bidding on other types of listed properties. Agents present real estate offers to the mortgage lender, who in turn accepts, rejects, or provides a counter offer.
Banks reduce the cost of foreclosed homes to remove toxic assets from their books. The Federal Reserve Bank provides money to lenders based on profit margins. If mortgage funders have a stagnant real estate reward, the amount of money they receive for loans can be discontinued until they are profitable.
For this reason, mortgage lenders are rarely willing to further reduce the sales price of bank-owned homes. Buyers planning to purchase foreclosures owned by Prudential Bank should be prepared to pay the full sale price unless substantial damage is found during the home inspection.
To bid on prudential foreclosure homes, buyers must obtain prequalified financing. Prudent real estate agents can help buyers locate mortgage providers, or buyers can search for lenders on their own. One of the most reliable sources for comparing home loans is BankRate.com.
If buyers can buy bank foreclosures with cash, they may be able to lower the sales price even further. Banks are sometimes willing to lower the price of bank properties when a cash offer is made. Buying houses for cash eliminates the possibility that buyers will not be approved for a mortgage loan and reduces the time required for closing. Many real estate investors buy bank-owned real estate with cash to get the best deal and speed up the closing.
Individuals interested in purchasing foreclosures owned by Prudential Real Estate Bank can review property listings and get contact information for the listing agent at PrudentialProperties.com.