by Dan Wolf
on Saturday, November 23rd, 2013 at 2:30pm.
Anchorage foreclosed homes offer an exciting opportunity for flipping, holding, renting, or living.
Anchorage foreclosed homes and apartment buildings offer a low price tag and a chance to make or save a lot of money. They go fast due to the quickly growing population and low vacancy rate of homes and apartments. This also means that home values and investments are more secure. To take advantage of these deals, you'll need some basic information on the timeline and phases of Anchorage foreclosed homes.
The 6 Phases of Anchorage Foreclosed Homes
Anchorage foreclosed homes go through 4-6 phases depending on a couple of factors. Understanding when to buy and where to get that information in very important, and very easy to understand.
Phase 1 - Payment Default
The first phase of the foreclosure process is "Payment Default.” Payment default is considered to be the first missed payment, which is usually accompanied by a letter from the lender and a notice of the missed payment. A grace period of 15 days is usually given to the borrower. After the grace period has passed, a late fee will be addressed and a notice will be filed.
Phase 2 - Notice Default
The second phase is the "Notice of Default". This phase occurs after 90 days of delinquent payments. At this point a Notice of Default is given to the borrower and the loan will be moved to the foreclosure department and the county the house is located in will be notified of the default. After 90 late days there is a period of another 90 days for the borrower to fix the payments and have the loan reinstated. Anchorage foreclosed homes can go through this phase faster depending of the borrowers credit history and discussions with a deed-in-lieu agent, who will decide whether to move forward with the foreclosure.
Phase 3 - Home Goes on Market
This is when you will first be made aware of the foreclosed property and the sale to come. During the 90 days after the Notice of Default, a trustee will advertise the sale by placing a notice of sale in the local newspaper. The notice of sale will include the address and description of the house, as well as the location and time of the sale.
Phase 3 of the process is the most crucial time as an investor or home buyer. When the sale is announced, start researching the house and become as knowledgeable as possible. At this time, it is very important to look at the county tax office listing of recently sold homes for comps, which are comparable houses in the area. This will give you an idea of how much similar Anchorage foreclosed homes in the area are being sold for, and potentially what you could resale yours for.
Phase 4 - Sale of Anchorage Foreclosed Home
Phase four is the sale or auction of the house. On Anchorage foreclosed homes, the opening bid is calculated by the amount of the loan unpaid taxes, and any liens on the property. While the auction is going on, the research you did during phase three is crucial to use. At this time, start thinking about what price you think you could get the house for after improvements, taxes, and insurance. Also, use this time to come up with a maximum bid you will allow yourself. Good research will help you make a more prudent decision and decrease the stress on the sale day.
Phase 5 and 6 - Home Gets Sold
If the home is not sold at auction, then the owner (the bank or lending agency) will sell the property with the help of a broker or asset manager. During this time the owner may remove liens and make the price more attractive. If you were not able to get the house at auction, this is your second chance.
Finally the eviction occurs. When the house has been sold or auctioned off, a notice of eviction will be given to anyone living in the property. After sufficient time to vacate the property, a county sheriff or police officer will go the property to remove anybody still living there, as well as any belongings that may have been left behind.
The potential for a great deal on a home or an excellent investment opportunity is through Anchorage foreclosed homes. Vacancy in Anchorage is very low, and is projected to remain low through 2030. As well, the population of Anchorage is forecasted to keep growing and give way to more demand for homes and higher selling prices of homes in the future.
Are you looking to learn more about or purchase Anchorage foreclosed homes? Contact Wolf Real Estate Professionals Today.