Interested in Buying a Foreclosure?
Want to buy a foreclosure but don’t know where to start? You're not alone. Seasoned investors know their way around, but for buyers new to this kind of real estate transaction, the best thing you can do is educate yourself and then get assistance from a foreclosure specialist when the time is right.
How Do You Find a Foreclosure?
There are plenty of resources -- online and offline -- to find foreclosures, but just be aware that there are plenty of unscrupulous companies out there waiting to pull you in. See eight ways to find foreclosure listings.
Buying a Pre-Foreclosure Property
The pre-foreclosure stage can yield some real bargains, but most experts agree it is the most difficult stage during which to purchase a distressed home. Here are 10 tips to guide you through the search for and purchase of a pre-foreclosure home.
Buying at a Foreclosure Auction
Foreclosure auctions, conducted on courthouse steps, in convention centers across the country and even at the property in foreclosure, can be intimidating. The trick to avoiding foreclosure auction pitfalls is to do your homework.
Buying a Bank-Owned Property
A bank-owned or real estate owned (REO) property is one that has reverted to the mortgage lender after the home fails to sell in a foreclosure auction. REOs are a significant part of the housing market and can be great deals for buyers, but there are some things you need to know before investing in one.
Mistakes to Avoid When Buying a Foreclosure
Purchasing a foreclosure can be complicated; costly mistakes sit in wait for would-be buyers who have not done their homework. Here are their tips to help you avoid costly blunders.
Financing a Foreclosed Property
Being prepared is the key to financing a foreclosed property. The good news is, if a foreclosed property is in decent condition and you have a good credit history, the deal could work like a traditional home purchase.
When Buying a Foreclosure Doesn't Make Sense
No doubt, some investors are able to realize tremendous savings when buying foreclosure properties. But this isn’t a market for the faint of heart. See five reasons why buying a foreclosed property may not make sense for you.
Make Sure to Investigate Property Liens
It makes no difference whether you intend to purchase a home through conventional channels or bid on a foreclosed property at auction, it’s up to you or your representative to perform a thorough check of local municipal records for outstanding liens on the property.
Know Your State and Local Foreclosure Laws
Foreclosure laws vary from state to state. There is no one-size-fits-all national set of rules. One of the major ways you can distinguish one state’s laws from another is to know whether yours is a mortgage state or a deed of trust state.