There are a lot of myths that have floated around in the past and in the present day about foreclosures in general, and also about Hinesville foreclosures. These myths can range anywhere from semi-logical to absurd, like the myth that says you must purchase Hinesville foreclosures with only a lump sum of cash, rather than through financing (which of course is demonstrably false).
Perhaps these myths come about because folks are simply uneducated when it comes to houses that have been foreclosed on.
So, what is a general definition of a foreclosed home? A foreclosed property, which is also sometimes known as a Real Estate Owned (REO) property or a property that is owned by a bank, is a house that was once owned by a customer, but is now owned by the company that holds the mortgage. Usually a foreclosure happens when the mortgage payments on a house are not made over a period of time, and the efforts to resolve a default are not successful.
Foreclosing on a house is an unfortunate event, but in some cases it is the only option that is available on the table. Generally, an REO property is acquired because of a foreclosure action on a mortgage, or if the property was given back to a lender voluntarily. In these cases the investor becomes the owner of the property and can put it up for sale, so that whatever amount that was owed on it can be repaid.
When a bank is involved in a foreclosure, they will most likely be anxious to get the property off of their hands, and as such will negotiate reasonable down payments, closing costs and other expenses that would be significantly more when purchasing new. If you are considering purchasing a home that is in foreclosure, the first step that you should take is to check our listings on this website, visit our office or call Re/max All-American to see if there are any properties in your price range. Our agents specialize in many different types of home sales, including foreclosures in Hinesville, GA, and we will never put you at the end of a list or ignore your calls if you plan on buying a home that is in foreclosure.
After you have consulted with one of our agents, you may want to go ahead and get pre-approved from a lender. This will help expedite your home buying process.
Unlike an REO property, a short sale property is still owned by the homeowner, but the homeowner owes more on their individual mortgage than the home is actually worth. Because of this, you may have an opportunity to purchase a short sale at a very reasonable price.
Also unlike an REO property, the short sale home has been occupied for some time, which may leave the home in better condition than an REO property. Whether you are in the market for an REO property or one of the Hinesville short sales that we are have available, you can rest assured that Re/max All American will do everything in our power to leave you satisfied and comfortable in your new home.