Foreclosure is caused by the unfortunate situation that comes to the buyers when they are unable to repay their interest or principal on the mortgage. On this event, it carries forward being the legal act that could be initiated by the lender or the creditor to move forward for the repossession of the collateral for the debt that has not been repaid. Thus the real house owner loses all his right over the house due to this. At this point of circumstance the property becomes the lenders ( mostly the banks) where they try to sell the houses at a very reasonable price for the easy settlement.
When looked upon the other side, it is a boon to those buyers who has desires to own a house but do not find one at an affordable price. When this kind of a situation arises where the owner of the house fails to repay the amount borrowed, the lender takes the right for the foreclosure and the property is repossessed. And after going through the foreclosure auction, if the selling did not go through as expected then the house becomes the property of the lender which is in most cases the banks. In Pasadena market there are a number of houses like this which is on foreclosure and kept for sale.
If one is new to the Pasadena market, then he can find out the whereabouts of the bank owned properties or the houses with the latest foreclosure details sitting at home. These houses as it has been used may or may not have some repairs to be done over it. And this repair if any is to be done by the buyer itself and not to be expected by the banks that repossessed the property. While making an offer the buyer should also be aware of this fact and consider the same.
If you are looking for foreclosed houses in Pasadena, then you may easily start on searching for one systematically being careful not to end up in trouble. You may get a list of foreclosed houses in Pasadena with the values of the home and information on the housing markets in Pasadena. Foreclosed houses were not looked upon with good attitude earlier as it was not a new one. But the aspect is different here as these houses were not built and maintained to sell by its owner. It was the dream of its owner but just because the unfortune of not being able to repay the loan stuck him, he is forced to dispose. So the condition of the house is not a question in many cases.