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Question: What is a foreclosure?
A foreclosure happens when someone is unable to pay their mortgage payments on time to the bank or lending company that has the lien on the home. These homes are then sold by the bank or an asset management company who in turn puts them on the market to resell. These homes quickly, often at prices well below market value.
Question: Is there any fee to use the RES Locators Website?
No. RES Locators is a free listing service that helps make it easy for home buyers to find and purchase a foreclosed property. Through our site, home buyers have convenient access to foreclosed home inventory, giving them a greater selection of foreclosed homes in their preferred geography and price range.
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Question: What types of foreclosed homes are available?
RES Locators lists a mix of residential property types to satisfy the diverse needs of our foreclosed home buyers. Whether you are a first time home buyer, investor or existing homeowner looking for a second home or vacation property, you’ll find a great selection of single family, condominiums, town homes and one to four multi-family units in all price ranges.
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Question: How do I buy a foreclosed home?
There are five simple steps involved in the purchase of a foreclosed home. First, search the RES Locators property listings to identify properties of interest. Second, meet with a Preferred Group Properties, Inc. Real Estate Agent to inspect the home. Third, call New American Funding to get prequalified. Fourth, submit an offer. Keep in mind that sellers may receive multiple offers on a foreclosed property so submit your best offer accordingly. Lastly, close escrow and move into your new home.
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Question: Can you help me qualify for financing?
Yes, we have a relationship with New American Funding, a trusted source for financing foreclosed properties. They are here to help guide you through the entire purchase process, beginning with a no cost or obligation prequalification. New American Funding has the proven expertise and competitive programs to get your loan approved and funded in today’s tight credit markets. You can contact New American Funding at 800-641-2713.
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Question: Am I responsible for paying any outstanding liens on the property?
No, the seller will clear any outstanding liens before you take title to the property.
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Question: How long will it take to close escrow?
In most cases, the escrow period for foreclosed homes is 30 days from submitting an offer to picking up your keys. In rare cases, it may take up to 45 days.
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