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Before you attempt to buy a foreclosure home, you need to understand the process that occurs when a bank forecloses on a house. You must also be familiar with the concept of comparable sales, and how you can use them to evaluate the asking price of a foreclosure property. Lastly, you must understand the offer process.
Many buyers associate buying a foreclosure with getting a steal of a deal. This can be true, but there are also potential pitfalls. The pros and cons of buying a home involved in foreclosure vary with the phase of foreclosure the property is in when purchased.
Foreclosure is a legal process in which a lender attempts to recover the balance of a loan from a borrower who has stopped making payments to the lender by forcing the sale of the asset used as the collateral for the loan.. Formally, a mortgage lender (mortgagee), or other lienholder, obtains a termination of a mortgage borrower (mortgagor)’s equitable right of redemption, either by court.
So you're thinking about buying a foreclosed home.. where they fit into the typical foreclosure process (it varies by state), and some of the pros.
HUD suggests having any foreclosed home inspected before making an offer. The cost of necessary repairs can be taken into account during the bidding process. When it comes to negotiating real estate.
You may choose to attend a foreclosure auction in your area to experience the process for yourself. Contact your county’s register of deeds and ask where the sales are held and the dates and times. If your home ends up on the auction block, attend the sale, so you can be sure that your house has been sold and you know who purchased it.
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Depending on the stage of the foreclosure process, you may need to contact the homeowner to make an offer to purchase the property. Watch this video to find.
But be on notice – buying a foreclosed home takes time and patience. The process for buying reo (“real estate owned”) properties is not like.
Similarly, being in pre-foreclosure doesn’t necessarily mean the home will go through the foreclosure process and end up in the bank’s REO (real estate owned) inventory. If a pre-foreclosure home is list for sale, it will be called a short sale , not a pre-foreclosure.