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How to Buy a House on the Courthouse Steps – SeedTime – · An old-fashioned term for the process of buying a property in foreclosure, buying a house on the courthouse steps is a way to get a real deal on a house – or to get into real trouble.
Look for three types of foreclosed homes: pre-foreclosures, foreclosure auctions and bank-owned properties. Unless you’re an expert in real estate law and transactions, it’s a good idea to consult with an attorney and/or real estate agent familiar with foreclosures.
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Buying a Foreclosed Home: How a Foreclosure Sale Works. – Buying a foreclosed home can be a good way to score a deal while hunting for real estate. A foreclosure is a house whose owners were unable to pay the mortgage or sell the property.
How to Buy a Foreclosed Home – smartasset.com – How to Buy a Foreclosed Home. Step 1: Get Preapproved for a Mortgage. Before you start looking to buy a foreclosure at foreclosure auctions or REO listings, make sure you can get a mortgage. Buying with cash is the surest way to secure a property, but that’s not an option for most homebuyers.
7 smart moves for buying a foreclosure – Interest – Roughly 10 million homes have been foreclosed on since the housing bubble burst. But the flood of repossessions that rampaged through the recession looks more like a trickle today. A strong job market is the main reason foreclosures have become much less.
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How to Buy a Foreclosed Home | US News – Even if you can get a professional inspection on a foreclosure, you typically have to buy the house "as is." Once you purchase the home, any problems that pop up are yours – as is the responsibility for finding and paying for a remedy. Such problems are more likely in a foreclosure than in a nondistressed property.
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When you combine this fact with the high number of foreclosed homes on the market today, you can see why foreclosure-buying fever has swept the country. But this is not the kind of process you want to rush into. Before you attempt to buy a foreclosure home, you need to understand the process that occurs when a bank forecloses on a house.
How to Buy a Foreclosure Home or Property From a Bank – 5. – Buying a foreclosed house can be a very rewarding experience if you do your research diligently. I know because I was lucky enough to purchase one in the summer of 2010, after many months of house hunting. A new property is a huge investment for most people and as such, should be considered carefully.