Advantages of buying Foreclosure :)

Why would you want to buy a foreclosed home? Here are just a few of the reasons that homeowners and investors are flocking to the foreclosure market.

• Low prices: Foreclosures sometimes sell for 30 to 50% below their true market values.Foreclosures are almost always priced lower than homes in the traditional real estate market.
• Great fixer upper homes: Many foreclosed homes are 'fixer upper homes' that need repairs, renovation, and tender loving care. By investing a little, most homebuyers find that they can make significant profit by reselling the home after some relatively quick and minor repairs.
• Lower closing costs: The banks and government agencies that sell foreclosed homes are in a hurry, which means that they are often willing to accept lower offers on down payments, financing options, closing costs,etc. Many sellers will come right out and offer buyers great deals and contract terms simply to sell the house quickly.
• No move-in delays: Most foreclosures are vacant, meaning that you can move in almost immediately after purchasing the home, without having to wait for the previous owners to move out.
• Profitability: Because foreclosures are so inexpensive, they're great options for resale, equity-building, renting, and other investment purposes. You can easily make a tidy profit, and quite possibly make your personal fortune by wisely investing in foreclosed properties.

What is Foreclosure ?

When a person applies for a loan he usually pledges some asset as collateral for the loan.With the understanding that the money will be paid back in regular installments over a period of time. However sometime's due to several reasons such as an unexpected medical or financial problems the borrower may not be able make the payments as agreed.In such a case a person may choose or be forced to foreclosure.

Foreclosure = Forward + Closure

Foreclosure simply means the process of bringing forward the closing date of the loan agreement.

The general process of foreclosure has 6 steps:

1. The borrower does not pay the EMI.
2. The bank sends a demand notice to the borrower.
3. The bank takes possession and publishes the notice.
4. The bank publishes an auction notice.
5. The auction takes place.
6. The bank receives the amount due to them and the remaining amount goes to the borrower.

The entire process from start to finish takes months and sometimes years.

Next: Advantages of Foreclosure.

What is ForeclosureIndia.com ?

Foreclosureindia.com is a unique site. Unique in the sense it has been independently conceived as a first expansive venture in the country. It intends to bring to the prospective buyers all information regarding bank auctions and possessions. With internet and online marketing gaining popularity, bankers can use it to reach out to a global population through the web. At Foreclosureindia.com the endeavor is to create a market for auction properties in India by educating more and more people who are oblivious to the auction property market.

We commenced the domain with several properties in 26 different cities chosen for massive Real Estate Activity which takes place there. We are now expanding to including many more locations into it, through the bank branches present there.

Our Goals:

• Bringing fair value to the distressed properties. 
• Eliminating cartels and syndicates
• Educating public on Bank auction purchases, procedures involved, latest developments, dispel myths about auction properties and bringing them to this market free of cost.
• Assisting the Banks and Financial institutions to dispose of their non performing assets at reasonable price.

Next: What is Foreclosure