As a Home Builder looking for Bank owned build out opportunities I am curious, is land foreclosed upon by the same vehicle as mortgages? I notice that land/lots are not listed on this site and looking for a way to be notified as Banks take back property.
Please advise on the process and how I can educate myself regarding this issue.
Thank you,
C Monaco
Hi - Yes land can be foreclosed upon like any other property. And yes, we have had quite a few parcels, including unfinished subdivisions trickle through the site. As a percentage they are few and far between, but they are absolutely there. A lot of times public records will still show them as their previous classification, i.e. Agricultural. I’d recommend searching by dollar amount, and/or lot size.