| When it comes to real estate properties for | | | | Once the foreclosure proceeding is completed with |
| investment, nothing else can offer much return | | | | the owner not being able to cure default during the |
| potential as bank foreclosure real estate. These | | | | pre-foreclosure stage, the bank will have to file a |
| potential are not only for buyers but also for | | | | “Notice of Foreclosure”. A foreclosure sale is |
| individuals considering a career as real estate agents. | | | | usually set a week after the notice has been filed. In |
| To become an agent, you will need to pass a real | | | | a foreclosure sale, you will see interested buyers: |
| estate licensing exam before you began selling any | | | | banks to whom mortgage is owed, private investors |
| property, even bank foreclosure real estate | | | | and of course real estate brokers and agents. All of |
| properties. | | | | these people are there to bid for bank foreclosure |
| Bank foreclosure real estate features properties | | | | real estate. The highest bidder naturally wins the |
| re-possessed by the banks from owners due to | | | | auction. |
| default in mortgage payment. Before a real estate | | | | Some bank foreclosure real estate property survives |
| property is considered to be foreclosed, it passes a | | | | a foreclosure auction and becomes the possession of |
| legal foreclosure proceeding. The moment a single | | | | the bank that holds the lien. These bank foreclosure |
| payment is missed, the bank will try to contact the | | | | real estate properties are no called real estate owned |
| owner to know the reason for such delays. If the | | | | or REO. When the bank’s inventory of REOs or |
| owner did not communicate effectively with the | | | | bank foreclosure real estate properties become too |
| bank, then the bank has no choice but to file for a | | | | big, it will decide to enter into foreclosure listings |
| “Notice of Default”. Depending on the state, | | | | contract with reputable real estate brokers. These |
| the owner will have an average of 30 days to cure | | | | brokers will assign real estate agents to handle these |
| mortgage default. | | | | bank foreclosure real estate properties. |
| The re-instatement period is also known as the | | | | From this stage onwards, real estate agents will play |
| pre-foreclosure stage. Since foreclosure proceeding | | | | a major role until the bank foreclosure real estate |
| has not been completed, the property is still in | | | | property is sold and commission is collected. If you |
| possession of the owner. The owner, in this situation, | | | | noticed, in all stages of foreclosure, real estate |
| could choose to sell the property. A pre-foreclosure | | | | agents are presented with an opportunity to earn. So |
| sale is usually a direct transaction between the owner | | | | do not be surprised that more and more people are |
| and the buyer. In cases where the property was | | | | deciding to shift careers and become real estate |
| listed, a real estate agent will be the one dealing with | | | | agents. |
| the buyer in behalf of the owner. | | | | |