Investors and homebuyers are discovering that Prudential real estate bank’s property foreclosure listing offers a wide range of discount homes. Homes in foreclosure are moving up the ranks as the preferred choice for buyers as they are priced below market value.
Prudential Real Estate Bank’s property foreclosure list covers all types of residential properties, as well as industrial and commercial real estate. No matter what type of real estate you prefer, Prudential’s foreclosure list may be able to help you locate it.
Bank-owned homes are foreclosed properties that were not sold at public auction. The houses are returned to the lender who manages them and the banks list the properties through real estate agents. Its primary goal is to recover foreclosure costs and prevent future expenses. Banks are responsible for property taxes, insurance, and general maintenance, so they lower the price to attract a quick sale.
Due to the extreme magnitude of bank foreclosures, several million distressed properties are available across the country. Based on the number of homes, it has become virtually impossible for banks to handle the sale of every property. Therefore, lenders enlist the assistance of local real estate agents to list bank properties, arrange viewings, and mediate purchase price negotiations.
Buyers submit offers through Prudential’s real estate agents, just as they would when making an offer on other types of listed properties. Agents present real estate offers to the mortgage lender, who in turn accepts, rejects, or offers a counter offer.
Banks reduce the cost of foreclosed homes to remove toxic assets from their books. The Federal Reserve Bank provides money to lenders based on profit margins. If mortgage lenders have a lot of stagnant real estate, the amount of money they receive for lending purposes may be cut off until they become profitable.
For this reason, mortgage lenders are rarely willing to further reduce the sale price of bank-owned homes. Buyers planning to purchase foreclosures owned by Prudential Bank should be prepared to pay the full asking price unless substantial damage is found during the home inspection.
To submit foreclosure home offers from Prudential, buyers must obtain pre-qualified financing. Prudential real estate agents can help buyers locate mortgage providers, or buyers can search for lenders on their own. One of the most trusted sources for home loan comparison is BankRate.com.
If buyers can buy bank foreclosures with cash, they could further reduce the sale price. Banks are sometimes willing to reduce the price of bank properties when a cash offer is submitted. Buying homes with cash eliminates the chance that buyers won’t be approved for a mortgage loan and reduces the time required to close. Many real estate investors buy bank-owned real estate with cash to get the best deal and speed up closing.
Individuals interested in purchasing foreclosures owned by Prudential Real Estate Bank can review property listings and obtain listing agent contact information at PrudentialProperties.com.