Foreclosures revealed by AFTHA

Alternative home buying solutions may be seen in various aspects. One of the most valuable alternative solutions when buying a home is being able to secure a property that is in one of three foreclosure stages including pre foreclosure, foreclosure auction and bank owned/REO properties.

AFTHA real estate advisors are ready to discuss your alternative home buying needs right now.


What are you waiting for?

Call us directly to get started creating an investment by purchasing a home under market value!

PRE-FORECLOSURE

FORECLOSURE AUCTION

BANK OWNED/REO

Pre Foreclosure:

A property likely to face an asset sale embargo because of the outstanding mortgage payments to be done, but hasn’t been foreclosed by the lender yet.

Facts:

  • This process happens before the foreclosure and auction take place.
  • The homeowner is still in the house and can avoid foreclosure if the respective payment is done.
  • This is a great buying opportunity, as these homes are typically sold at a price below what would be their real value on the market.

Step 1

Get an A​gent

Step 2

Get PreForeclosure list

Step 3

Investigate the Property

Step 4

 Contact the Owner

Step 5

Submit an Offer

Foreclosure
Auction

Legal procedure in which a foreclosed property is sold, in contrast with a conventional sale. Here a referee named by the court is invited to carry out the operation.


Facts:

  • This activity allows the borrower to lend money from the lender, for example: Banks, the government and more.
  • The whole process is much more straightforward than it sounds. All auctions are public.
  • List Once in the auction, you must bid for the house, if your bid is the winner you will be granted the rights over the property.

The whole process is much more straightforward than it sounds. All auctions are public, so anyone can go to them without having to get some kind of permission, all you have to do is know which properties are going to be auctioned and when.


This information is made public from time to time so look for the home you are interested in and find out the day, time and location of the auction. Once in the auction, you must bid for the house, if your bid is the winner you will be granted the rights over the property after paying the necessary amount.

Bank Owned/REO

In other words, a home that has been repossessed by a financial institution. The purchase of these properties is a handy way for many families, all because they do not have enough economic resources available.


Recommendations: 

  • Consider the market, you need to check the prices of homes in the same neighborhood it is located just to compare the prices with similar residences
  • Visit the houses before signing, you must step on the ground of the property and check with our eyes the veracity of all the images that the owner have shown us previously.
  • Take advantage of the tools offered by the bank, this decision will depend on the level of debt we acquire and our credit score, that is why it is necessary to have all aspects cleared.
  • Read and review, you should be very attentive, and understand every inch of the contract.

There are many resources, tools, and programs available for you to take advantage of all the mentioned categories. AFTHA is partnered with the leading professionals in this industry to pair you with the ones who will get the job done.

Contact us right away

to get started in your path towards homeownership.