Bank Owned properties or Foreclosures have become a larger % of the Taos real estate market. Short Sales have also become a common practice.

Home buyers who want a good deal in real estate invariably think first about pursuing Foreclosures. Sellers stop making payments for a host of reasons. Few choose to go into foreclosure voluntarily. It's often an unpredictable result, such as loss of job, medical concerns, divorce, and excessive debt. Foreclosure proceedings vary from state to state. Almost every state provides for some period of redemption.

When lenders agree to do a Short Sale in real estate, it means the lender is accepting less than the total amount due. Not all lenders will accept short sales or discounted payoffs, especially if it would make more financial sense to foreclose; moreover, not all sellers nor all properties qualify for short sales.

For more detailed information, click here for the current list of the Taos MLS Bank Owned properties. Contact a licensed Associate Broker to help you search for properties and to explain the Foreclosure or Short Sale procedures. Make sure your real estate transaction is a successful transaction.