If you are an investor or a homeowner who wants to buy distressed property, U.S. Bancorp/U.S. Bank Home Mortgage may be a great place to start your search.
If you are an investor or a homeowner who wants to buy distressed property, U.S. Bancorp/U.S. Bank Home Mortgage may be a great place to start your search. U.S. Bancorp, the parent company of U.S. Bank Home Mortgage, is selling thousands of foreclosed homes. Many of those are priced lower than market value.
If you want to buy distressed property from U.S. Bancorp/U.S. Bank Home Mortgage, you may be surprised to learn that distressed home sales make up a significant portion of all real estate transactions. Currently, distressed sales, which are also called cash sales, account for nearly 43 percent of all real estate sales. Roughly half of these distress sales are short sales, while the other half are sales of foreclosed properties, according to CNBC.
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Short sales are used to help homeowners avoid foreclosure. If the homeowner owes more on his mortgage than his home is worth, the bank may be willing to settle the mortgage for less than is owed. If a homeowner cannot sell his home before the bank foreclosures on it, then the bank will try to sell the foreclosed property directly to a buyer. You may buy a distressed property from U.S. Bancorp/U.S. Bank Home Mortgage that is a short sale or a foreclosed home.
In fact, U.S. Bancorp has been ranked number four on a list of banks with the most foreclosures. Huffington Post reported that U.S. Bancorp had almost 45,000 homes in foreclosure with a total value of nearly 9.3 billion in March of 2013.
The upside of buying any distressed property is the low price. These homes typically sell for less than similar homes in the same area. However, there are some downsides to this process as well. Buying both foreclosed properties and short-sale properties requires a lot of paperwork. Without a knowledgeable real estate agent, this process can be overwhelming.
You may want to buy foreclosed homes to renovate and resell them. Although this can be a good investment strategy, there is no guarantee that the value of the home will increase. Unfortunately, many distressed homes need a lot of maintenance, and you may not want a home that you cannot live in immediately. The only way to be sure the home of interest is livable is to have it inspected before you make an offer.
If you want to save money, have patience for paperwork and you don't mind doing some maintenance, you may want to buy a distressed property from U.S. Bancorp/U.S. Bank Home Mortgage. Otherwise you may want to buy a home in a traditional sale. To compare foreclosure listings in your area to U.S. Bank listings, go to Reply!