Des Moines is the most densely inhabited city of the United States and is the capital of Iowa. Des Moines is also the Polk County seat while a small part of it extends to Warren County. The major industry of Des Moines is the insurance one and the financial institutions here are also among the largest. Des Moines Foreclosed Homes give the people an opportunity to buy homes for themselves at a much cheaper rate than what the market price is, making it possible for them to own some great homes.
What are foreclosure homes?
Foreclosure homes are not by choice but because of certain factors that people are unable to pay their loan amounts back. This could be because they have lost their job, been moved to another town and have additional expenses of relocating, have fallen ill, are going through a divorce or have gotten into too much of debt. Once a person gets into financial problems they are unable to pay back the loan to the bank and their home is impounded by the bank. The bank then has to recover its money back and puts the home up at foreclosure auctions for sale. These property auctions are open to the public and the sales are usually conducted as quickly as possible. Foreclosure homes are nothing but repo homes where the person’s properties and belongings which have been bought with a loan are seized because of non payment of loans. The banks seize the property after three consecutive payments towards the loan have not been made by the buyer who has taken the mortgage loan. This makes the loan provider legally entitled to seize the property, if the entire amount due to them is not paid up by the buyer.
Benefits of buying a bank foreclosure home
Buying a foreclosure home from the bank is beneficial because the bank will take the responsibility of giving you vacant position of the home. They also ensure that all the property taxes have been paid and all mortgages are clear when they hand over the property to you. Another advantage is that if you require a loan from the same bank to buy this property they will expedite all formalities as they would also want to make a quick sale of this property to recover their dues.
Buy a home direct from the seller
Sometimes it is possible to buy a Des Moines Foreclosed Home directly from the owner. For this you have to find out about the possible foreclosures and approach the owner who is in distress directly. Approaching banks and finding out about possible foreclosures is what you have to do so that you are aware of such foreclosure auctions which are about to happen. In such cases the bank will also benefit from a sale which is done without any delay of going through a government foreclosure sale and will be quite happy to give you the information.
The various kinds of foreclosure homes
There are three kinds of foreclosure homes, the foreclosure auction sales, the default foreclosures prior to the auctions and the REO foreclosures which are conducted by government foreclosures.