FORECLOSURE & BANK OWNED PROPERTIES?

FOR IMMEDIATE RELEASE

Contact:
Donato D'Alberto
Broker/ Owner
EXIT Trinity Realty
614-ANYHOME
donato@dalberto.com

FORECLOSURE & BANK OWNED PROPERTIES?

Things to Remember

Gahanna, Ohio (Grassroots Newswire) March 22, 2010 --Talking to Donato D'Alberto, Broker/Owner of Exit Trinity Realty, one of Columbus Experts in Foreclosure, He feels that some buyers and even Realtors today, do not totally understand what is all involved in a foreclosure and what happens after the home is foreclosured on. Some of these properties become REO (Bank owned Properties). So, I asked Donato D'Alberto some basic questions on What is Foreclosure?

"Foreclosure is a process that allows a lender to recover the amount owed on a defaulted loan by selling or taking ownership (repossession) of the property securing the loan. The foreclosure process begins when a borrower/owner defaults on loan payments (usually mortgage payments) and the lender files a public default notice, called a Notice of Default or Lis Pendens. The foreclosure process can end one of four ways, Donato stated.

1. The borrower/owner reinstates the loan by paying off the default amount during a grace period determined by state law. This grace period is also known as pre-foreclosure.
2. The borrower/owner sells the property to a third party during the pre-foreclosure period. The sale allows the borrower/owner to pay off the loan and avoid having a foreclosure on his or her credit history.
3. A third party buys the property at a public auction at the end of the pre-foreclosure period.
4. The lender takes ownership of the property, usually with the intent to re-sell it on the open market. The lender can take ownership either through an agreement with the borrower/owner during pre-foreclosure, via a short sale foreclosure or by buying back the property at the public auction. Properties repossessed by the lender are also known as bank-owned or REO properties (Real Estate Owned by the lender).

Donato, adds that ANY buyers looking to purchase bank owned properties, should have an inspection done by a certified inspection company. Do not let the AS IS clause prevent you from getting this done. AS IS clause only covers defects that are seen but there are latent defect which are faults in the property that could not have been discovered by a reasonably thorough inspection before the sale, that most likely will be discovered during an inspection period.

For more information about EXIT Trinity Realty, please call 614-ANYHOME. EXIT Trinity Realty is located at 140 N. High Street Gahanna, Ohio 43230.