Foreclosure listings in Columbia County come from a variety of places. Banks, mortgage companies, HUD, and just about anyone who has a stake in the real estate market. If you are searching for Columbia county foreclosures, you should not have much trouble, as there are numerous homes from which to choose.
Often times a home can be purchased for a minimal investment. Every day homes sell at public auction to satisfy lien holders who are trying to recoup some of the money they have invested in these homes. Foreclosures can be purchased beginning at a few thousand dollars to several hundred thousand. It depends upon the amount owed to the finance company or bank that originated the mortgage.
Banks and mortgage companies, as well as other lenders, do not want to foreclose on a home. That is the worst-case scenario. They really would like the home purchaser to continue paying for the home. However, they have money invested in these properties and need to recognize a return on their money.
Many things can affect foreclosures. When the economy is down and joblessness is up the foreclosure levels rise. Many people find themselves at a lower paying job than they previously had and can no longer afford to keep up house payments. Divorce or a death can influence the foreclosure market.
In the first 3 months of 2007, 2.4 out of a 1000 homeowners were faced with foreclosure. If you are thinking of buying a foreclosed home, several companies have current listings. Some of these companies have programs to walk you through the process of buying a foreclosed property.
If you are considering buying a Columbia County foreclosure, buy when the home is in pre-foreclosure status. If you wait until it becomes real estate owned property, you will pay more for it than you would have had you bought it in pre-foreclosure. The foreclosed property will become real estate owned when a default auction is held. The bank or mortgage company will bid up to the amount owed on the home. If no one else bids higher, it goes back to the bank that loaned the money for the home in the first place so it can be put back on the market.
Foreclosures are one of the ways you can purchase a home that is delinquent due to the previous owner not paying the payments. A deficiency judgment must be signed by the lender if the home sells for less than what is owed. This is another way of saving money if you are in the market to buy a home. Some of the foreclosed properties have been neglected somewhat by the previous owners however; it should not take a lot to put them back in their pre-foreclosed shape. Still, overall, foreclosures are one of the best routes to go if you are looking to buy a home.