A seized property is a home that has been repossessed by the lender
because the owners failed to pay the mortgage - this is called
foreclosure. Hundreds of thousands of homes end up in foreclosure
every year. Economic conditions affect the number of foreclosures,
too. Due to a variety of circumstances, hundreds of people or
businesses default on their mortgages every day, and as a result have
their properties seized by banks or other private and government
institutions. Because of the constant influx of new seized properties
and the enormous amount of money and time required to maintain and
market them, the banks attempt to recover at least some of the money
by conducting public seized property auctions. As a member, you will
be able to access fresh listings nationwide and have an exclusive
ability to buy directly from the banks and other institutions, for up
to 90% off the actual market value of any property.
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