the process of buying a foreclosed home

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Buying Foreclosed Properties at the Sheriff’s Sale. A sheriff’s sale (or auction) comes at the end of the foreclosure process when the defaulting homeowner can’t repair his financial problems with the lender. About half of our states use the “judicial” process when foreclosing mortgages. This process starts with the mortgage document,

getting a house ready to sell

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Advantages and Disadvantages of Buying a Foreclosure. Buying a foreclosed house can mean you get a great deal, but there are some things to watch out for, too. Real Estate. Many buyers associate buying a foreclosure with getting a steal of a deal. This can be true, but there are also potential pitfalls.

A foreclosure goes through a process before the property is actually sold. First, the lender must file a public notice with the county recorder’s office, most often referred to as a notice of default (NOD). In many cases, the lender is also required to post a foreclosure notice on the front door of the property.

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Buying a foreclosure is different from buying a typical home. Before you decide to buy, explore the risks and benefits of buying a foreclosed.

 · Six Secrets For Buying An Occupied Property. You tell people you plan to buy an occupied foreclosure or bank-owned home and the warnings start to drop faster than a downpour during a hurricane. One friend might tell you about tenants that smashed every window in his house, while another might recount the time when she had tenants running a drug lab on her property.

Pre-Foreclosure – This is a property where the owner has missed payments and is in danger of losing the home to foreclosure. At this point, the bank does not control what the owner can do with the home, as long as they can satisfy the lien against the home. Buying a pre-foreclosure home would be the same as buying any other home on the open market.

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