Foreclosure Deals

Bargain hunters and first-time home buyers alike almost always have questions about the value of buying foreclosed homes. Realtors have access to listings of foreclosed homes being sold at prices that are extremely competitive in today's housing market.

When realtors show potential buyers foreclosed properties, they should make every effort to convey the difficulties that a new home owner may experience once the sale is complete. If you are considering the purchase of a foreclosure property that may be too large of a commitment for your lifestyle, a good realtor will be honest and share his or her concerns with you. This is because good realtors want their clients to be happy with their purchase, and therefore try to ensure that each client is making the best decision for his or her particular circumstances.

Alaska Bank Owned ForeclosuresLogistically, the process of searching for a foreclosed home is very similar to that for any other home. Specific listing services provide information to potential buyers, and realtors receive additional information that they can share with potential buyers.

Potential buyers usually want more information about foreclosed homes than what is available. Understand that when you seek information about a home being sold through a foreclosure sale service, your realtor will probably need additional time to find the answers you need.

A foreclosure is almost always a home that was purchased by a buyer with a federally insured mortgage. The buyer then defaulted on the loan and the home went into foreclosure. Because the borrower's mortgage was federally insured, the insuring agency was required to satisfy the remaining balance of the loan, in essence buying the home from the lender.

Obviously, the government does not want or need this surplus property. Therefore, the government usually sells the property to a company which specializes in the sale of foreclosed properties. These agencies are located across the country and list thousands of homes for sale.

Some of the higher-quality homes in affluent areas are sold immediately, perhaps even before they are officially listed for sale.  This leaves average home buyers with opportunities to save a significant amount of money if and when they find a home that works well for their current situation.

Many foreclosed homes have been vacant for a long time before the listing agency places them on the market for sale. The risk of problems arising from that vacancy may leave buyers disillusioned when they finally have a chance to visit the homes they are considering.

Also, in some foreclosure situations, the previous borrower may not have maintained the home adequately and there may be missing or damaged items throughout the home. Sometimes foreclosure homes are referred to as buyer beware, because they are almost always sold as-is.

The three most common questions that realtors are asked about foreclosed properties:

1. How Can I Find a List of Foreclosures?

Stay away from companies that promise to provide you with a list of homes that you can purchase for pennies on the dollar. These companies have been known to provide sellers with lists of homes that have already sold, or lists of homes that are already available for free through realtors.

The same federal agencies that put the homes up for sale may be willing to extend financing to potential buyers. These agencies will sometimes give the buyer grant money or a low-cost second mortgage loan to be used for the repair.

The Internet is a good place to begin your search. Most reputable agencies place their listings of foreclosed properties online.

If you want to know whether additional foreclosed homes are for sale in your area, contact us. Our realtors would be more than happy to meet with you to discuss the possibilities.

2. Do I get pre-approved for a regular mortgage?  Or Am I Required to Pay Cash?
A common misunderstanding among potential buyers is that unless they are prepared to pay cash on the spot, they cannot purchase a foreclosed home. This is simply not true. Some lenders offer special loan programs aimed at borrowers who intend to buy a foreclosed home.

Lender appraisals and inspections may sometimes make it difficult to obtain a mortgage for a foreclosed home that has been damaged or is in need of significant repair. Consequently, the same federal agencies that put the homes up for sale may be willing to extend financing to potential buyers. These agencies will sometimes give the buyer grant money or a low-cost second mortgage loan to be used for the repair of the home.

In sum, you do not need to pay cash. However, you may need to borrow a specific type of mortgage loan, depending on the home's condition and price.

3. Will I save a lot by buying a foreclosed home?
Another common misconception is that foreclosed homes are priced at pennies on the dollar. Well, if you consider this phrase to mean 99 pennies on the dollar, then you may be correct. Generally, foreclosed homes are listed for sale at their approximate market value, according to the home's location and condition.

Some foreclosed homes sell for very low prices, but in most of those cases the homes were razed in order to make room for new construction. More commonly, high-priced homes in affluent areas sell for a few percentage points less than their current market value. If this is the type of deal that you are looking for, then definitely consider purchasing a foreclosed home.

A good realtor will warn you up-front that the costs associated with buying a foreclosed home can be significant. The buyer may be required to perform very costly repairs before occupying the property. Also, these buyers may be unable to take advantage of low interest-rate specials offered by lenders.

If you are considering the purchase of a foreclosure, be realistic in your expectations and prepare to expect the unexpected. Many buyers are thrilled with their home after purchase, but others are forced to complete months of costly repair work before they can move in. As long as you investigate the possible options, including the available mortgage and assistance programs, you will be an educated consumer prepared to make an educated purchase. Buying a home is often the largest investment that you will ever make, so you need to feel secure in the knowledge that you have invested wisely.

If you are interested in purchasing a foreclosure property, many realtors will offer you the benefit of their experience and expertise. Realtors normally do not work with these types of sales every day, but they do have access to information and property listings that can help you decide whether buying a foreclosed property is the right option for you.

Bank Owned Foreclosures

58 Properties Found. Showing 1-12
Sort By:
9433 S Polaris Lane
Wasilla, AK 99623
9433 S Polaris Lane Wasilla, AK 99623
1 of 3
$44,900
Subdivision: Skyline Heights
BEDS
3
BATHS
2
SQ.FT.
492
BUILT
1970
ON SITE
71Days
MLS
17-5237
Sold As-is. Trailer with lean to and shop attached.
4651 Reka Drive
Anchorage, AK 99508
4651 Reka Drive Anchorage, AK 99508
1 of 35
$63,480 ( $5,520 )
Subdivision: Greentree East Condo Association
BEDS
1
BATHS
1
SQ.FT.
546
BUILT
1982
ON SITE
30Days
MLS
17-5126
Price reduced. HUD condo for sale; affordable living in this comfy 1 bedroom ground floor condo! Light colored laminate flooring in LR & a gas fireplace. Washer & dryer in condo. Secured building,...
22530 Christopher Circle
Ninilchik, AK 99639
22530 Christopher Circle Ninilchik, AK 99639
1 of 28
$69,900
Subdivision: Big Valley
BEDS
3
BATHS
2
SQ.FT.
1,728
BUILT
1986
ON SITE
2Days
MLS
16-12474
Private location in the country with EZ access to town.Covered front porch, & wood-stove heat.Needs some fixing to be bank finance-able. May be eligible for renovation loan after purchase. Seller is...
834 4th Street
Kotzebue, AK 99752
834 4th Street Kotzebue, AK 99752
1 of 15
$74,900
Subdivision: US Survey 4498 Tr A
BEDS
3
BATHS
2
SQ.FT.
918
BUILT
1980
ON SITE
14Days
MLS
17-9284
Great opportunity! Duplex! 1br 1 bath on one side 2br 2ba on the other! This is Sold As Is. Seller will not make any repairs. Low price allows buyer to make their own sweat equity! A must see! Cash...
223 Kody Drive
Fairbanks, AK 99701
223 Kody Drive Fairbanks, AK 99701
 
$80,000
Subdivision: Slater BN
BEDS
3
BATHS
1
SQ.FT.
1,284
BUILT
1955
ON SITE
9Days
MLS
17-5663
Property being sold AS-IS. Great location, very desirable, close to downtown.
102 Antoinette Avenue
Fairbanks, AK 99701
102 Antoinette Avenue Fairbanks, AK 99701
1 of 10
$84,900 ( $7,100 )
Subdivision: Lemeta
BEDS
3
BATHS
1
SQ.FT.
1,200
BUILT
1962
ON SITE
91Days
MLS
17-3967
3 bedroom ranch home on a corner lot in Lemeta. There is also a one car garage and a large utility room/laundry and a shed. This is a greatlocation close to schools and shopping, the University and...
6038 E 12th Avenue
Anchorage, AK 99504
6038 E 12th Avenue Anchorage, AK 99504
1 of 5
$89,900
Subdivision: Timber Manor
BEDS
2
BATHS
1
SQ.FT.
750
BUILT
1977
ON SITE
1Day
MLS
17-10271
Nice top floor apartment style unit with an open layout. This condo features a corner fireplace, deck off the dining area, nice size bedrooms, and covered parking.
36715 Forty Niner Street
Soldotna, AK 99669
36715 Forty Niner Street Soldotna, AK 99669
1 of 27
$100,000
Subdivision: Soldotna Creek Tr 1
BEDS
2
BATHS
1
SQ.FT.
1,178
BUILT
2000
ON SITE
14Days
MLS
17-9300
HUD Home. Sold "AS IS" by elec. bid only. Prop avail 6-08-17. Bids due by 6-17-17 11:59 PM Central Time then daily until sold. FHA Case #111-140776. Insured w Escrow Rpr. Eligible for FHA 203K. For...
4075 E 20th Avenue
Anchorage, AK 99508
4075 E 20th Avenue Anchorage, AK 99508
1 of 22
$100,000
Subdivision: Eastside Estates Phase 2
BEDS
2
BATHS
2
SQ.FT.
960
BUILT
1983
ON SITE
13Days
MLS
17-9384
**HUD Condo in Eastside Estates** Sold "AS IS" by elec. bid only. Prop avail 6-9-17. Bids due by 6-18-17 11:59PM CT then daily until sold. FHA Case #111-136375. Insured w Escrow Rpr. Eligible for FHA...
13948 W Lotus Drive
Big Lake, AK 99652
13948 W Lotus Drive Big Lake, AK 99652
1 of 29
$102,258
Subdivision: Big Lake Heights
BEDS
3
BATHS
2
SQ.FT.
1,440
BUILT
1984
ON SITE
114Days
MLS
16-16863
This home offers a lot of living space for the price! This property is now under auction terms. Auction date begins 05/22/2017. This property is subject to a buyer's premium of 5% or minimum of $750....
52239 Myron Avenue
Nikiski/North Kenai, AK 99611
52239 Myron Avenue Nikiski/North Kenai, AK 99611
1 of 32
$109,350
Subdivision: Aurora Heights
BEDS
2
BATHS
2
SQ.FT.
1,568
BUILT
1975
ON SITE
8Days
MLS
17-9769
HUD Home. Sold "AS IS" by elec. bid only. Prop avail 06-14-17. Bids due by 06-23-17 11:59 PM Central Time then daily until sold. FHA Case #111-153064. Insured w Escrow Rpr. Eligible for FHA 203K. For...
2875 W International Airport Road
Anchorage, AK 99502
2875 W International Airport Road Anchorage, AK 99502
1 of 26
$110,000
Subdivision: Alaska Landings
BEDS
1
BATHS
1
SQ.FT.
648
BUILT
1982
ON SITE
2Days
MLS
17-10153
HUD Condominium for Sale - 1 Bedroom, 1 Bathroom, Deck, and 1-Car Garage. Washer/Dryer. This is a corner unit located in Alaska Landings. Lots of windows and a nice view of maintained common area...
The listing content relating to real estate for sale on this website comes in part from the IDX Program of Alaska Multiple Listing Service, Inc. (AK MLS). Real estate listings held by brokerage firms other than Madden Real Estate, LLC are marked with either the listing brokerage's logo or the AK MLS logo and information about them includes the name of the listing brokerage. All information is deemed reliable but is not guaranteed and should be independently verified for accuracy.

Listing information was last updated on: 6/22/2017

Top