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

44 Properties Found. Showing 1-12
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22717 Sherman Street Street #207
Chugiak, AK 99567
22717 Sherman Street Street #207 Chugiak, AK 99567
1 of 7
$36,900 ( $2,000 )
Subdivision: Bear Mountain Phase 1
BEDS
2
BATHS
1
SQ.FT.
992
BUILT
1983
ON SITE
3Days
MLS
18-12264
Acquired property sold in as is present condition. Top floor Chugiak condo. Unit has a spacious balcony, fireplace in living room, and detached carport. Dues include HEAT, water, sewer, snow removal...
679 Red Cove Road
Sand Point, AK 99661
679 Red Cove Road Sand Point, AK 99661
1 of 14
$45,000 ( $145,000 )
Subdivision: Meadow
BEDS
3
BATHS
2
SQ.FT.
2,816
BUILT
1987
ON SITE
252Days
MLS
17-18767
Great family home, on a large lot with lots of room for toys. Great views! Sold as-is
L2 & L7 Petes Road
Delta Junction, AK 99737
L2 & L7 Petes Road Delta Junction, AK 99737
1 of 31
$49,500
Subdivision: Meede North Addn &
BEDS
2
BATHS
2
SQ.FT.
1,485
BUILT
2012
ON SITE
17Days
MLS
17-17039
Fix it and flip it! Construction of this home has been started and is ready for you to put your craftsmanship to work to update/finish. Has been started to be a 2 bed, 1.75 bath home. Most of the...
23690 Nikolai Street
Ninilchik, AK 99556
23690 Nikolai Street Ninilchik, AK 99556
1 of 5
$54,250
Subdivision: Happy Valley Vista
BEDS
3
BATHS
2
SQ.FT.
1,714
BUILT
1979
ON SITE
24Days
MLS
18-10807
Sold as-is. Log sided home with partial inlet view. Huge 3.5 acre lot provides for endless possibilities.
11429 Heritage Court #3
Eagle River, AK 99577
11429 Heritage Court #3 Eagle River, AK 99577
1 of 6
$62,000 ( $4,000 )
Subdivision: Mariner Village
BEDS
2
BATHS
1
SQ.FT.
886
BUILT
1982
ON SITE
25Days
MLS
18-10730
Acquired property sold in as is present condition. Lower level two bedroom condo with tons of potential. Great commute location in the heart of Eagle River. Heat and cable included in dues.
1407 Nunaka Drive
Anchorage, AK 99504
1407 Nunaka Drive Anchorage, AK 99504
1 of 8
$79,900
Subdivision: Nunaka Valley BG
BEDS
2
BATHS
1
SQ.FT.
945
BUILT
1954
ON SITE
1Day
MLS
18-12444
Ranch home with family room addition. Large fenced yard with pull through gate. See attachment for PAS requirements and WFHM offer submittal information in MLS document section. Please submit all...
1634 Juneau Drive #B
Anchorage, AK 99501
1634 Juneau Drive #B Anchorage, AK 99501
1 of 30
$83,952 ( $11,448 )
Subdivision: Windjammer
BEDS
2
BATHS
1
SQ.FT.
984
BUILT
1976
ON SITE
30Days
MLS
18-5864
PRICE REDUCED!! *HUD Home* Top floor unit w/Vaulted Ceilings and tons of sunlight! Sunken Living Room. Stainless Steel Appliances Solid Surface Countertops in Kitchen. Stackable W/D - no shared...
6038 E 12th Avenue #A4
Anchorage, AK 99504
6038 E 12th Avenue #A4 Anchorage, AK 99504
1 of 10
$84,900 ( $5,000 )
Subdivision: Timber Manor
BEDS
2
BATHS
1
SQ.FT.
750
BUILT
1977
ON SITE
18Days
MLS
18-2880
Nice top floor apartment style unit with an open layout. This condo features a corner fireplace, deck off the dining area, nice size bedrooms. Sold as -is
6440 W Admiralty Circle
Big Lake, AK 99623
6440 W Admiralty Circle Big Lake, AK 99623
1 of 22
$109,000
Subdivision: Birch Harbor Estates
BEDS
1
BATHS
1
SQ.FT.
608
BUILT
1983
ON SITE
86Days
MLS
18-6431
Cute 1 bedroom cabin/chalet on large lot (.94 acre) that offers plenty of room for your Alaskan toys. Close to Goose Bay Elementary School. Large 3 car detached garage. There is evidence of water...
50290 Sterling Highway
Soldotna, AK 99669
50290 Sterling Highway Soldotna, AK 99669
1 of 42
$109,900
Subdivision: Char
BEDS
3
BATHS
1
SQ.FT.
1,637
BUILT
1977
ON SITE
21Days
MLS
18-2390
Nice 3 bedroom 1 bath home 10 minutes from Soldotna. Property sold as-is. Property was built prior to 1978 and lead based paint potentially exists.
7626 Boundary Avenue
Anchorage, AK 99504
7626 Boundary Avenue Anchorage, AK 99504
1 of 6
$117,800
Subdivision: American Meadows
BEDS
3
BATHS
2
SQ.FT.
1,210
BUILT
2001
ON SITE
17Days
MLS
18-11321
Acquired property sold in as is present condition. Townhouse Style condo with lots of light, vaulted ceilings, gas fireplace and open concept.
5465 Chalet Drive
Valdez, AK 99686
5465 Chalet Drive Valdez, AK 99686
1 of 12
$129,000 ( $20,000 )
Subdivision: Alpine Woods
BEDS
3
BATHS
2
SQ.FT.
2,023
BUILT
1980
ON SITE
72Days
MLS
18-7523
This three bedroom two bathroom home with a 2 car garage sits on nearly an acre and has easy access to the Richardson Highway.This home is a great opportunity for a great price!
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: 7/19/2018

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