News Flash:
(mis)Information about Foreclosures in Kokomo
By
Kokomo Tribune Headline…
A losing battle – Home foreclosures on the rise in Kokomo area
When I saw that headline this morning, I was eagar to see what the Tribune had to say about foreclosures in Kokomo and the impact foreclosures have on the overall real estate market.
Boy, was I disappointed! There is so much “misinformation” in the article that I question the accuracy of the entire article.
Misinformation starts in the first paragraph – the owners had to turn their keys over to the bank. Homeowners may or may not turn the keys over, it doesn’t matter. Once the home is vacated the bank can change the locks. If the homeowner stays in the house until the Sheriff’s Sale, locks are changed at that time.
The article also says:
Banks foreclosed on 83 homes in Howard County for July. It takes several months for the banks and courts to process foreclosures, meaning all the homes on the July auction block were foreclosed upon months ago.
It is correct – it takes several months to go through the foreclosure process! The reference to the auction block is to the Sheriff’s Sale which is July 22. When the property is sold at the Sheriff’s Sale, that is when the foreclosure takes place. The foreclosure process started months ago. But the home is not foreclosed until the sale. And that is when the bank gains ownership of the property!
Before the Sheriff’s Sale, the bank has no legal rights to the property. That means they don’t have to do anything about the condition of the house, lawn, etc. If the home is abandoned/vacated, the bank has the right to secure the property. That means they can change the locks, board-up broken windows, etc. Other than that, they have no rights to the property – the bank does not own it!
If you’ve followed this blog, I think you know I’ve really tried to educate homeowners and home buyers about the foreclosure process. If you are new here, you might want to check some of these postings:
- See You At Auction – Kokomo! (The difference between a Tax Sale and a Sheriff’s Sale)
- Get the “Upper-Hand” in Buying a Foreclosure (Explanation of the foreclosure process)
- Ask Betty… Kokomo HUD Homes (Where to find information about foreclosures)
- Foreclosure Hurts Everyone (Impact of foreclosures on everyone)
FYI – All those sites out there: foreclosures.com, realtytrack.com, etc. are all terrible sources of information! Their information is dated and inaccurate. They have one purpose. And that purpose is to make money from you and me! They charge you to access their information. Once they have all your information, they try to sell you as a lead to a real estate agent! They may even sell your information to other companies.
If you want accurate, up-to-date information about foreclosed homes for sale in Kokomo or the foreclosure process, please just give me a call at 765-513-0354 or send me an email.
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