Foreclosure is the legal proceeding in which a bank or other secured creditor sells or repossesses a parcel of real property (property immovable property ) due to the owner's failure 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, it is typically said that "the lender has foreclosed its mortgage or lien."

A combination of factors will influence a lender's pricing decisions for homes they own. Foreclosures can cost just as much as any other house in a neighborhood, or they can be significantly cheaper than other area homes. What's the difference?

Procedures are very different for following pre-foreclosure compared to properties already foreclosed by financial institutions.

Comps, or comparable sales, are what most real estate professionals use to determine fair market value of a property . When a property is located in an area where similar homes have recently sold, you can establish value by comparing the sales price and features for similar properties to your subject property . Major factors influencing your comparison should be structure square footage, lot size, room count, condition and location. You need to see the actual properties to fully compare them, the printed data will only give a rough estimate of value. States served will often only be limited counties, visit sites to determine availability.

Government Owned Foreclosures

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