how does buying a foreclosed home work

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.

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Features. At this point, a home is in the pre-foreclosure stage, and you may contact the distressed homeowner directly to negotiate a purchase price. Pre-foreclosure sales offer relatively small discounts on market value, because of their reduced risks. These sales provide time to inspect the house and line up your own mortgage financing to make a purchase.

Even though you’re working with a qualified agent and lender, you need to do some work upfront to become familiar with the basics of the foreclosure process. learning the lingo will give you credibility, which will help others realize you’re serious about this buying endeavor.

Pre-Foreclosure. When buying a pre-foreclosed home, CNN Money says that you can expect small discounts to appraised value. These homes may require small repairs, because a distressed homeowner often lacks the cash to provide for routine maintenance. According to RealtyTrac, the pre-foreclosure stage lasts for 150 days.

More often, foreclosures aren’t so tidy. A property on Harrisonville Road is a prefect example. Listed at $1.2 million in 2007, it’s currently listed at $339,000. Vandals and thieves have been hard at.

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The two common ways of buying a foreclosed home are through a real estate agent or through a public auction. There are many factors to consider when buying a foreclosed home compared to a traditional home purchase. reo properties are an affordable housing option, but there are also more things to watch for with this type of home purchase.

 · 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.

Unfortunately, both of those reasons, while valid to a home buyer, are not very realistic.Many home buyers do not understand how foreclosures work or what makes a home a pre-foreclosure. They simply know that they find these homes listed on popular websites, and they want to buy them.

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What you need to know before buying a foreclosed home in N.J. Updated Oct 7, 2015;. but plenty of work remains. Buying a foreclosed property, or one facing foreclosure, is generally viewed as a.