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Atime foreclosed - Foreclosure - Wikipedia



Home buyers who want a good deal in real estate invariably think first about buying a foreclosure. They think, sure, I'll do a little work to get a cheap price. They believe banks are desperate to dump these awful homes, and that's not true, either.

Some well meaning buyers have this picture in their mind of a cute little house, surrounded by a white picket fence that is owned by a widowed mom who fell on hard times, but that scenario is generally far from reality.

A foreclosure is a home that belongs to the bank, which once belonged to a home owner. The homeowner either abandoned the home or voluntarily deeded the home to the bank. You will hear the term the bank taking the property back, but the bank never owned the property in the first place, so the bank can't take back something the bank did not own. The bank foreclosed on the mortgage or trust deed and seized the home. There is a difference.
 

I started this blog in 2008 to keep all listings of foreclosed properties and lessons learned about real estate investing in the Philippines in one place.

Home buyers who want a good deal in real estate invariably think first about buying a foreclosure. They think, sure, I'll do a little work to get a cheap price. They believe banks are desperate to dump these awful homes, and that's not true, either.

Some well meaning buyers have this picture in their mind of a cute little house, surrounded by a white picket fence that is owned by a widowed mom who fell on hard times, but that scenario is generally far from reality.

A foreclosure is a home that belongs to the bank, which once belonged to a home owner. The homeowner either abandoned the home or voluntarily deeded the home to the bank. You will hear the term the bank taking the property back, but the bank never owned the property in the first place, so the bank can't take back something the bank did not own. The bank foreclosed on the mortgage or trust deed and seized the home. There is a difference.
 

Home buyers who want a good deal in real estate invariably think first about buying a foreclosure. They think, sure, I'll do a little work to get a cheap price. They believe banks are desperate to dump these awful homes, and that's not true, either.

Some well meaning buyers have this picture in their mind of a cute little house, surrounded by a white picket fence that is owned by a widowed mom who fell on hard times, but that scenario is generally far from reality.

A foreclosure is a home that belongs to the bank, which once belonged to a home owner. The homeowner either abandoned the home or voluntarily deeded the home to the bank. You will hear the term the bank taking the property back, but the bank never owned the property in the first place, so the bank can't take back something the bank did not own. The bank foreclosed on the mortgage or trust deed and seized the home. There is a difference.
 

I started this blog in 2008 to keep all listings of foreclosed properties and lessons learned about real estate investing in the Philippines in one place.

After years of steadily rising, home prices are starting to come down nationwide, while the foreclosure rate is rising dramatically. Meanwhile, over a million foreclosures are expected to be recorded this year. 

That means a would-be homeowner could potentially save even more money by buying a home that's been taken over by a bank or lender seeking to recover money still owed on the property. 

According to  realtytrac.com , a real estate website that tracks trends including foreclosures, as recently as last year the national average when buying a foreclosure home was about 25 percent below the full market value of a home. 


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