Find Out More >

Clausen Ely is one of The Top Selling Real Estate Experts™
Find Out More >

Foreclosure

Welcome > For Buyers > About Foreclosure ...

Foreclosure defined:

The foreclosure process as applied to residential mortgage loans is a bank or other secured creditor selling or repossessing a parcel of real property after the owner has failed to comply with an agreement between the lender and borrower called a "mortgage" or "deed of trust". Commonly, the violation of the mortgage is a default in payment of a promissory note, secured by a lien on the property. When the process is complete, the lender can sell the property and keep the proceeds to pay off its mortgage and any legal costs, and it is typically said that "the lender has foreclosed its mortgage or lien".

Search Foreclosure types:

Pre-foreclosure – identifies homes on which lenders or other parties have begun the default against delinquent property owners.
Auction – identifies homes that have an auction date to sell the property as a result of a default and foreclosure related proceedings.
Bank Owned/Real Estate Owned (REO) – identifies properties currently owned by a bank, lender, or other financial institution due to a foreclosure-related proceeding.

Pricing >Listing and Selling Price

When calculating what you can afford in a house, don't just look at the list price. The amount you pay for a house is important when you consider your ability to re-sell the house. Today's mortgage options are increasing the possibilities for home buyers, so you should also take a close look at what it will cost you to live in the house.

Your monthly housing cost is the second figure to consider, and that cost is largely determined by current interest rates. Today's real estate market is very price-driven. Homes which are in the best condition and have the most attractive price tags are the ones that sell.

Diverse financing options and competition among lenders are giving many buyers the opportunity to buy a more expensive house or condo than they thought they could afford--and sooner. There are many creative ways to get into a home with a relatively small amount of money. Ask your real estate agent to help you look at today's numbers--you may be pleasantly surprised.

	See All Tips In The "Pricing" Category >
	See Complete Library Of Hundreds Of Tips In 30+ Categories >

Q	What celebrity home sold recently for a reported $5.5 million, despite its yellow-and-rust striped paint job?
A	This Hollywood Hills residence was the former home of the popular singer, Madonna.
See More Real Estate Trivia >

Clausen Ely, REALTOR®, real estate agent and broker for Baltimore, Fells Point and Federal Hill, Maryland home listings, property and land for sale - NUMBER1EXPERT

Clausen Ely
Results 1 Realty
754 Washington Blvd
Baltimore, MD, 21230
office: 410-576-8522
202-494-4700
fax: 410-576-1228
clausenely@NUMBER1EXPERT.com
Clausen Ely started Results 1 Realty to serve the greater Baltimore and Anne Arundel County areas. Our team of knowledgeable and dedicated agents, assistants, contractors, and other vendors put customer service above all else. As we like to say "Results 1 Realty" is open 24 hours a day, 365 days a year.

www.Results1Realty.com is brought to you by Clausen Ely, real estate for
Baltimore, Fells Point and Federal Hill, Maryland

Town Homes, Row Homes

Read Clausen Ely's Privacy Guarantee, Terms of Service, and Free & Without Obligation Pledge