Get To Know the Different Stages of Foreclosures and How They Can Save You Money With Corpus Christi Bank Foreclosures

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Most of us know what a foreclosure home is and that it is possible to save a lot of money when purchasing one such as Corpus Christi Bank Foreclosures. What some people don’t know is that there are different stages of the foreclosure process and thus different savings. The first stage that you will be able to purchase a Corpus Christi foreclosure home in is called pre-foreclosure. Pre-foreclosure is where the homeowners have already defaulted on their loan, but the home has not been listed as foreclosed as of yet. In this stage you will be dealing directly with the owner of the home. It is possible to purchase a home in pre-foreclosure for up to 40% off its value.

Now is the perfect time to purchase a Corpus Christi bank foreclosure. Foreclosure rates are down over the last six months in this area and the need for homes is growing. This is brought on by the vibrant growing economy and the probability of growth potential for the future. If you invest in properties in this great city, you too can experience this growth. Corpus Christi has a very low unemployment rate of 4%, this means more people working and also looking for homes. Foreclosure home prices have been down consistently over the last three months, so the market is ripe for the picking. Foreclosure homes can be found currently on the market starting around $56,000.00 to $145,000.00 and over.

The next stage that you may find a home in Corpus Christi foreclosure listings in is properties auction stage. This is where the foreclosed property is being put up for public auction. There are sometimes bigger savings at this stage of foreclosure; however it can have its downfalls. In this stage of foreclosure, you are going to have less time to inspect the Corpus Christi bank foreclosures. There is also a chance that the homeowner can work out a payment plan with the bank and therefore the foreclosure would be taken off the market all together.

The last stage that you may find Corpus Christi bank foreclosures in is post-foreclosure. These are properties that are not put up for sale at an auction or are bought at an auction by a bank or lender. This is possibly the best bet of the small investor or homebuyer and may give you the biggest discount. At this stage, properties like Corpus Christi bank foreclosures sell very quickly, because banks want to get rid of the property and they are most of the time willing to sell at a low cost.

Knowing the stages of the foreclosure process can help you figure out how much money you can possibly save when purchasing Corpus Christi bank foreclosures.