Lakewood Land Company: How to Buy Foreclosed Property

Home and land buyers always seek the best properties at the best prices. However, working with some real estate agents can limit potential buyers to private listings and higher prices. Knowledgeable land consultants like those at Lakewood Land Company understand that the best deals often come through foreclosed and liquidated properties. So, how does this process work?

About Foreclosed Property

Foreclosure begins when a home or land owner defaults on their loans. In pre-foreclosure, banks will issue a Notice of Default and owners will have a short period of time to prevent the foreclosure. If they fail to do so, banks will reclaim the property in order to recover lost assets. Some repossessed properties are sold at auction to the highest bidder. However, foreclosure auctions are often unsuccessful because the amount owed exceeds the property's worth. Also, many buyers find it risky to bid on a property sight unseen.

More About Lakewood Land Company

When a property does not sell in auction, firms such as Lakewood Land Company often work directly with banks to sell foreclosed properties at reduced prices. For a potential buyer, this means more options and some of the lowest prices in the market. To learn more about land liquidation and buying foreclosed property, visit lakewoodlandcompany.com.