Foreclosures - Bank Foreclosures in Palm Springs & Rancho Mirage
Over the last few years, several homes in the Palm Springs and Rancho Mirage areas have been foreclosed upon the former owners. This increase in foreclosed homes has made an opportunity emerge for new homeowners. Suddenly the selection is larger, transforming this great vacation property site into a buyer's market.
Buying a foreclosed home works a little differently than buying other types of homes and may require additional qualifications. Once you decide that a foreclosed home is for you, you can begin looking at the beautiful homes that are available in the area. Ready to start viewing? Visit our featured listings page to see what properties are available.
What Is a Foreclosed Home?A foreclosed home is a home that is owned by the bank, rather than by a private party. It is usually a home that was owned by a person who got behind on the mortgage payments for a substantial period of time. After the bank decided that the homeowner would not stabilize and make the payments, the bank reclaimed the home and is now trying to sell the home to a new buyer.
Buying a Foreclosed HomeBuying a foreclosed home involves a slightly different process than buying a home owned by a private party. The home is usually listed at a deeply discounted price so there is typically less flexibility in price than you would see with a private party. There may even be multiple offers on foreclosed homes. The bank may require a better credit standing and financing situation because they want to avoid the hassle of foreclosing on the home again. Bank owned properties are often sold as is, so any home inspection problems that arise will be the buyer's responsibility to repair.
Joan & Bob Ross are the leading bank foreclosure specialists in the Palm Springs and Rancho Mirage areas. You can find many foreclosed properties on her site so that you can get a better idea of the quality and selection of homes in the area. The featured listings include vacation properties in Palm Springs that feature mountain views, real estate investment properties and other Palm Springs real estate. You can search specifically for bank foreclosed homes. Other homes that you can find are homes that were built by architects Albert Frey and Richard Nutra, specializing in mid-century and mid-century modern homes.
Checking Home Value
Palm Springs homes can vary in price. You can check the value of your own home, as well as the value of homes that you are considering buying.
Search for a Palm Springs or Rancho Mirage Foreclosed HomeIf you have all the information you need and you're ready to start viewing the properties available in the area then be sure to visit my search for foreclosed homes page. Here you can search for listings that match your criteria and price and find the right home for you and your family.
Contact us, your Palm Springs & Rancho Mirage Foreclosed Homes Experts, today for more information on buying and selling your foreclosed property.