What is the process? or how tough is the process of buying a foreclosed home?
In many cases a Home in the final stages of foreclosure, will be presented for auction on the steps of the county courthouse.At the listed time of Auction( generally silent,) an interested investor can purchase a subject property for the deficiency mortgage lien, plus all applicable fees, and encumbrances; property tax, etc.
The problem here, is that more often than not, a home property will be retracted from auction, without prior notification; due to a stay of foreclosure.
An simpler, mostly trouble-free methode of purchasing a foreclosed property, is to negotiate an institutional R.E.O ( Real Estate Owned,) through an Agent of choice. The advantages of this tack to the prospective investor are many.
You are working with a known $ threshold of consideration; provided by the institution. And, once a home has been fully foreclosed on by the 3rd party, there is no recourse( cure) time-line, extended to the party of the deficiency.