Financial institutions such as Fannie Mae, Bank of America, Wells Fargo, RealtyTrac and Chase all have search functions that allow users to find foreclosure, also known as real estate owned, properties. Banks typically own these properties after previous owners default on mortgage loans.Know More
Fannie Mae has a special feature for homebuyers to have priority when purchasing a foreclosure. The FirstLook Program allows buyers to examine a home listing within the first 20 days of the property's sale. Eligible buyers include owner-occupants, public entities and some non-profit agencies. The basic search for Fannie Mae includes address, ZIP code, city, MLS number, price, bedrooms and bathrooms.
Homebuyers for real estate-owned property go through a different process than normal mortgage applicants, according to Bank of America. Everyone must prequalify and work with a real estate agent to get a Bank of American REO loan. This process occurs for investment buyers after Fannie Mae's initial time period elapses.
RealtyTrac claims to have foreclosure listings for 2,200 counties in the United States. This website narrows searches by state, then by county and then finally by street address in various cities. Each website that offers a foreclosure search allows buyers to login and create an account. These accounts save searches, compare listings and create email alerts when new houses become available with certain search criteria.Learn more about Real Estate
To sell real estate, hire a building inspector, advertise the property, and schedule walkthroughs. Once a buyer has agreed to a price, hire a lawyer to draw up a contract of sale and to work out closing details.Full Answer >
A land trust in real estate is a land-ownership agreement whereby a trustee holds recorded legal and equitable title to real estate, but the rights, responsibilities and advantages of ownership remain with the beneficiary, according to First American Title. Land trusts are legally allowed in nine states.Full Answer >
A lessor is a person or organization that owns an asset, such as real estate, and a lessee is a person or organization that makes installment payments to use the asset. In real estate rentals, the lessor is the landlord and the lessee is the renter.Full Answer >
In real estate, a letter of intent refers to an initial agreement that is non-binding for two or more parties entering into a real estate agreement. Letters of intent are common for both leases and purchase of real estate.Full Answer >