Lincoln real estate market currently has 753 foreclosed homes and houses for sale. They bear the median listed price of just $103,500. The median listed price of over 400 FSBO {for sale by owner} properties is $154,900. At a cursory glance, this indicates the considerable discount at which the seized properties are being offered to the prospective homebuyers. Lincoln is the county seat of Lancaster County, and is the site of the famous University of Nebraska. Lincoln is also the capital of the US state of Nebraska. Suburban cities of Lincoln include Waverly, Hickman, Davey, Bennet, Firth, Denton, Malcolm, Hallam, Panama, Roca, Raymond and Sprague.
Foreclosure Auctions: Boon for Homebuyers
Lincoln government foreclosures represent an attractive investment opportunity to potential homebuyers because of several persuasive factors. The first is that the houses are usually fabulous homes in sophisticated colonies. The properties intrinsically represent desirable assets. Next, the abnormal circumstances of the foreclosure auctions lead to the homes being listed at an enticing concession of up to 50 percent of their customary bazaar prices. Moreover, the dealings of the property auctions are relatively few , trouble-free, transparent and just. The government agencies like VA, HUD and Fannie Mae, and the banks inspire investors’ trust. The bidder knows that he is in for a fair deal; and that there isn’t likely to be any fraud involved at any stage.
Government’s Proposed National Mortgage Registry
Lincoln real estate segment has several mortgage companies actively seeking to share the spoils at the property auctions. They are offering intending buyers a diverse range of home finance polices to choose from. You can hypothetically get a loan for any amount between $5,000 and $5 million, or even beyond. The loan duration could range between one year and 30 years. The finance could be on a fixed rate of interest or a flexible mode. The mortgage companies even take care of the buyer’s necessity of making the mandatory down payment at the property auctions, as soon as a sale gets finalized. The mortgage companies act as facilitators to real estate transactions. However, a common complaint had been that several individuals with criminal backgrounds were active as loan givers. Recent federal legislation seeks to purge this segment from undesirable elements. By 2009, Nationwide Mortgage Licensing System and Registry is to be established. This would keep a record of all loan officers and loan originators. It is hoped that this measure will serve to protect the interests of the loan originators the better.
Michael Pokorny, Harry E. Rotthaus, James D. Thomas and Varyl A. Doehring are a few leading property brokers working in Lincoln. The brokers serve as a meeting point between the buyers and sellers of properties, and enable fruitful business transactions. A competent agent will be familiar with the local territory as well as be aware of real estate trends at the macro level. As a first-timer at the property auctions, you would be well advised to hire the professional services of a seasoned agent before you make a bid at the foreclosure auctions. A veteran agent as your ally will ensure that you get the best possible returns on your investment made.
