Foreclosures can involve a lot of back and forth with the bank, utilize a different home-sale contract, and require a thorough understanding of the foreclosure process. You’ll need an agent who knows the process, including local and state foreclosure laws. To do this, make sure your agent has recent experience helping people buy foreclosed.
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Find out how foreclosure works in your state. Procedures and legal requirements differ, so get a sense of how soon you can go after a home that appeals to you. Be particularly aggressive in negotiating with a bank. They’re very keen to sell a foreclosed home fast, as it’s just sitting on their books doing nothing.
Before the mortgage crisis of 2008-2009, buying a foreclosed home was a much more difficult proposition. real estate bargain-hunters formerly had to follow auctions put on at courthouses or sift.
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It’s OK to go into your property search with the intent to purchase a foreclosure, but don’t wear blinders and assume those are the only homes you should check out. Yes, there are some competitively priced foreclosures on the market, but the same can be said of traditional listings.
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Run a title report. Foreclosed homes often have multiple liens for unpaid taxes on them. If you buy the property, the liens sometimes come along for the ride. For this reason, you should hire a title company to run a title report. You can also stop into the county land records office and look at the deed.
Buying a foreclosed property, or one facing foreclosure, is generally viewed as a great opportunity, but experts warn that you’d better do your homework first.
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There are drawbacks to buying foreclosures, and you must make your offer subject to a home inspection. Some sellers in default will damage homes in foreclosure or strip assets such as kitchen or bathroom appliances.
Buying a foreclosed home can be a good way to score a deal while hunting for real estate. A foreclosure is a house whose owners were unable to pay the mortgage or sell the property.