Delaware foreclosures present opportunity to investors who can capitalize on a good property deal and take it to a profitable stage. Foreclosed properties in Delaware can be found by searching through a number of databases.
On average, an investor can purchase foreclosure properties in Delaware for about 20% or more below market value. Most then renovate homes foreclosed in Delaware and attempt to re-sell those homes for a profit.
The Delaware foreclosure process evolves into three different stages:
1. Pre-foreclosure: The burden of proof is on the homeowner, not the lender. The lender files the foreclosure lawsuit but the borrower must appear within 20 days to give evidence as to why the foreclosure should not take place. If the court is satisfied with the explanation, foreclosure will halt.
2. Auction: The sale must be conducted by the sheriff and held either at the courthouse or at the foreclosed property in Delaware at least 14 days after notice is posted.
3. Bank-owned properties in Delaware: The lender takes possession of the property and the sale is generally handled through a real estate agent or broker.
Seek foreclosure listings in Delaware that meet your investment goalsDelaware ranks in the middle of the pack (27th)in total rankings of foreclosure compared to other states. There are many foreclosed properties in Delaware to choose from if you know how to find the latest foreclosure listings.
Research the Delaware foreclosures processIf you're new to the world of foreclosure investment, it may be best to learn from others who have made a career out of it so you can learn from their mistakes as well as their experience.
Sort out Delaware foreclosure listings by researching the property's potentialOnce you've got foreclosure properties in Delaware whittled down to a few, you need to perform more research on the individual property. The information gleaned can help you weigh your decision as to whether purchase the property.
- All foreclosure properties in Delaware are handled through the court system and the process takes about 90 days.