Buying a foreclosed home at auction or from a lender can be a way to purchase a property at a discount, and who doesn’t like a discount? But purchasing a foreclosure property can be a complicated transaction. Here’s what you need to know about the process of buying a distressed home. What, exactly, is a foreclosure property?
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Buying a property in pre-foreclosure involves approaching the owner – usually before the property is listed for sale – and offering to buy it outright. The right buyer at the right time can salvage a terrible situation, giving the owner something to show for his equity and saving his credit score from that foreclosure hit.
How to Buy a Foreclosure: The Foreclosure Process. Before diving too deeply into the details of how to buy a foreclosure, let’s first make sure we’re all on the same page with terms. A foreclosure is the process where the lien holder takes ownership in a property due to a variety of possible reasons, but most commonly the lack of payment on a loan.
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For more on buying foreclosures, check out my article "How to Buy a Foreclosure: The Comprehensive Guide to Buying a Foreclosed Home." 4. Technology has made investing significantly easier. In the.
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Most people think that as soon as you receive a foreclosure notice, you’ve pretty much lost your home. This is simply not true. The foreclosure notice is the first step in a process that may take weeks or months to unfold. By understanding the foreclosure process, you can often gain more control over the outcome.
After a lengthy foreclosure process, the lender seizes the property, evicts the homeowner, and sells the home. At that point, the repossessed home is referred to as a "foreclosed property." There are several reasons buyers are drawn to foreclosed properties, which we’ll cover later in this guide.