North America is a continent in the Earth's northern hemisphere and (chiefly) western hemisphere. It is bordered on the north by the Arctic Ocean, on the east by the North Atlantic Ocean, on the southeast by the Caribbean Sea, and on the south and west by the North Pacific Ocean; South America lies to the southeast, connected to North America by the Isthmus of Panama. It covers an area of about 24,490,000 square kilometres (9,450,000 sq mi), about 4.8 percent of the planet's surface or about 16.4% of its land area.
Foreclosure real estate in North Americarefers to properties that are being sold because the owner has defaulted on their mortgage, and have stopped making loan payments. Once this occurs, the lender, often a Bank, then starts a legal process to repossess and sell the property to recover the unpaid loan balance.
Foreclosure is a legal process where a lender takes ownership of a property after the borrower fails to make mortgage or loan payments.
Properties that didn't sell at a foreclosure auction, and are then owned by the bank or lender, known as REO (Real Estate Owned).
If the the owner is behind on payments, this is called pre-foreclosure, but the property hasn't been taken back yet, but the property could be sold as a short sale through a real estate agent.
Properties that are up for 'Auction' are sold at a public auction, and to the highest bidder during the Auction procedure.
Then, if the property doesn't sell at auction, it then becomes "real estate owned" by the lender, usually again a bank which leads to the property being sold through Real Estate Agents.
Investors and individual private buyers look at foreclosures for many reasons including that the property is often below market value, could be flipped or rented out for profit, or the property can if required be renovated to increase the value.
North America foreclosure real estate listings can can come with benefits and risks to the real estate investor, and are usually sold as seen, and could come with a situation where the purchase need repairs.
Also, the foreclosure process can involve more paperwork, there may be title issues, unpaid liens, plus foreclosures (like auctions) often require full payment on purchase.
North America is a continent in the Earth's northern hemisphere and (chiefly) western hemisphere. It is bordered on the north by the Arctic Ocean, on the east by the North Atlantic Ocean, on the southeast by the Caribbean Sea, and on the south and west by the North Pacific Ocean; South America lies to the southeast, connected to North America by the Isthmus of Panama. It covers an area of about 24,490,000 square kilometres (9,450,000 sq mi), about 4.8 percent of the planet's surface or about 16.4% of its land area.
