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If you are thinking about buying a home during these trying times the best way to go is to buy a foreclosure.
Depending on the previous owner of the property you are buying this can be a very cheap way to get the house of your dreams. They usually need a little fixing up but that is a minor detail when you are paying less than half for the home of your dreams.
If you are thinking about buying a home during these trying times the best way to go is to buy a foreclosure.
Depending on the previous owner of the property you are buying this can be a very cheap way to get the house of your dreams. They usually need a little fixing up but that is a minor detail when you are paying less than half for the home of your dreams.
What is a Foreclosure??
Foreclosure is a process that allows a lender to recover the amount owed on a defaulted loan by selling or taking ownership (repossession) of the property securing the loan. The foreclosure process begins when a borrower/owner defaults on loan payments and the lender files a public default notice. The foreclosure process can end up in one of four ways:
- The borrower/owner pays off the default amount to reinstate the loan during a grace period known as pre-foreclosure
- The borrower/owner sells the property to a third party during pre-foreclosure, allowing the borrower/owner to pay off the loan and avoid having a foreclosure on his or her credit history
- A third party buys the property at a public auction at the end of the pre-foreclosure period.
- The lender takes ownership of the property, usually with the intent to re-sell. The lender can take ownership through an agreement with the borrower/owner during pre-foreclosure or by buying back the property at the public auction.
Why buy a Foreclosure??
The market is flooded right now and the banks are trying to unload them.
CHEAP! CHEAP! CHEAP!
They are usually auctioned off.
How to Buy A Foreclosure
Find a home to Buy First.
There are three statuses that you can choose from to look into buying
- Pre-Foreclosure for Default Notices
- Auction for Trustee Sales or Sheriff's Sales.
- Bank Owned or Government Owned for REO's (repossessions).
Ask about the taxes and if they are behind or not - and if they are who is
responsible for catching them up.
GET YOUR FINANCING IN ORDER
MAKE CONTACT
If you are a first timer you should contact an agent.If the house is in pre-foreclosure contact the owner - this is good to see what state the owner has left the property in.
If the house is going to auction contact the trustee, they will know all the details you will need to get started.
If it is bank or government owned you will need to contact them to see what route they have taken to get started .
Finally you will be making an offer.
Take into consideration everything you have found out about the property when making you offer. remember when making your offer - don't feel bad about low-balling because the bank put themselves in this position. Whatever money they get out of it is all profit to them because they will just write off the rest anyways ans Mr. Obama will come to the rescue withMY TAX DOLLARS ANYWAYS!!!
