Foreclosure and Bank Owned Homes for sale in Albuquerque
Finding Albuquerque Foreclosures for sale will not require any special lists or a trip to the county to search records. In most cases the homes that have been foreclosed are now owned by a bank or a Government agency like HUD, and will be listed with a REALTOR and placed in the Multiple Listing Service (MLS). The Albuquerque MLS provides a field called “Bank Owned” to search for these homes that are for sale in Albuquerque, Rio Rancho and the metro area. We have also created the categorized links below for quick searching.
Area Search – Browse Foreclosure Homes For Sale by Area
- Northeast Heights Albuquerque
- Far Northeast Heights Albuquerque
- Westside Albuquerque Under $150k
- Westside Albuqerque Over $150k
- Downtown and UNM Area
- Southeast Heights Albuquerque
- Southwest and South Valley Albuquerque
- North Valley Albuquerque
- Rio Rancho Under $150k
- Rio Rancho Over $150k
- Placitas and Bernalillo
- East Mountains
- Valencia County Areas
Price Search – Browse Foreclosure Homes For Sale by Price
- Foreclosures for Sale Priced $75,000 or Less
- Foreclosures for Sale Priced $75,001 to $100,000
- Foreclosures for Sale Priced $100,001 to $125,000
- Foreclosures for Sale Priced $125,001 to $150,000
- Foreclosures for Sale Priced $150,001 to $200,000
- Foreclosures for Sale Priced $200,001 and Up
Things to consider when including foreclosed homes in your search.
- Foreclosed and Bank Owned homes are sold “as-is”. In most cases banks will not do any repairs or take care of neglected maintenance. This does not mean you can’t have a home inspection, in fact it’s highly recommend that you do. This also does not mean that a Foreclosed home isn’t in good condition. We see some immaculate foreclosed or HUD homes, and also some that are missing appliances and/or trashed.
- No property history will be available. Regular home Sellers will normally prepare a Property Disclosure Statement about their home. This gives the buyer some history and facts about the home. With Foreclosed homes, it will be up to the buyer to do their own “discovery” about the home to determine if the home for sale is in an acceptable condition to them.
- Be prepared to do some work on the home. Not to say that you can’t find a foreclosed house that is in perfect “move-in” condition, but most times that’s not the case. We find that many times foreclosed homes have been sitting vacant for a long time and have not had routine maintenance. Also, because the previous owner was in a distressed situation, the home may have not received the care it should have.
- It may be difficult to get lending on a home that needs work. Most lenders have minimum requirements on the condition of a home for a loan. Cosmetic fixes like interior paint may not be an issue but a non working furnace or a lack of appliances can keep a home from getting a new loan.
- The Seller, usually a Bank, is not very flexible on terms. You will need to accept the banks conditions and terms of sale and they will not be as negotiable as a private seller. Many banks include a dollar per day penalty if the closing day is delayed. Most bank owned homes for sale in the Albuquerque and Rio Rancho area sell for close to list price.
- Title will be conveyed on a Special Warranty Deed. It will be critical to have a complete Title search done and verify all liens or judgments have been cleared. Since a Special Warranty Deed only guarantees Title for the time the seller (Bank) has owned the property, you should absolutely get Title Insurance. The Title Company will work with the seller to clear up any past liens or judgments.
- What about the Foreclosure Auction at the County Courthouse? This is not for the inexperienced. Investors who buy homes at the auctions spend hours investigating properties and often have to pay cash on the spot. When buying this way, the Title to the property can also be clouded. Not to say buying on the courthouse steps can’t be done, just be prepared to do your homework. In most foreclosure auction sales the bank (note holder) will be the highest bidder to protect their interests.
What you need to know when making an offer on a Foreclosed Property:
- Use a REALTOR to represent you. A REALTOR who has experience working with foreclosed homes. Going straight to the bank isn’t usually an option and the listing broker of the home for sale works for the seller. A Buyer’s Broker working for you is the way to go.
- Be Patient! The process can take time as the bank making the decisions works regular banking hours and doesn’t move faster if we change our deadlines.
- Be Prepared for a Bank Addendum in the Counter Offer. The Banks almost always counter and add a long addendum that is non-negotiable.
- Foreclosed homes are not always the best deal going. Sometimes regular sellers are motivated and price their homes to compete with bank owned and foreclosed homes.
- Move Quickly. Once you decide you want a foreclosed home, don’t delay in making your offer. We are still seeing multiple offers on the great homes.