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.
by S4Bum 7 years ago
My home foreclosed in a non judicial foreclosure, yet now, a year later I am getting collection...agency notices for "series 2006-NC3 asset-backed pass-through certificates" on belhaf of wells fargo, who was not the original note holder. How are they able to do this?
by daisynicolas 5 years ago
If you are a first-time homebuyer, would you buy a foreclosed property?
by Sekharg 7 years ago
I see lot of houses for sale.I heard interest rates are lowest.Is it a good idea to buy a house now?What do you think?
by Ambyotic 5 years ago
What is the best way to find a cheap house to purchase?
by Julianna 6 years ago
After foreclosure how long do you have to wait before purchasing the next home?
by GL Bell 8 years ago
Just saw this on morning news...If this is true than we have seen nothing yet...
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