Paradise Real Estate

South Lake Tahoe Foreclosures : an explanation

A foreclosure is a “process” where the bank is taking over the legal ownership of the home because the borrower failed to keep up with the agreed upon terms of the mortgage.

Once the home becomes “bank owned” or in other words, a property that has been foreclosed on where the foreclosure process has been completed, it is then usually listed by the bank through a real estate company for sale. Bank owned homes are desirable to purchase because the banks are not emotionally attached to the property and negotiations  can work in favor of the buyer. It’s not unusual for the bank to accept offers below market value.  However, most recently in South Lake Tahoe there has been a lot of multiple offers on bank owned homes in which case the buyers drive up the purchase price because they are bidding against each other.

There are some great values currently in South Lake Tahoe foreclosures.

South Lake Tahoe foreclosures in California

South Lake Tahoe foreclosures in Nevada

This entry was posted on Monday, January 9th, 2012 at 1:33 pm and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

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