What is the different between Foreclosured homes and new properties?
2006-07-13 05:50:19 · 3 answers · asked by seeking 4 in Business & Finance ➔ Renting & Real Estate
and Bank owned houses?
2006-07-13 05:51:57 · update #1
Foreclosed are bank owned.New homes are just that new, no one has lived in them yet, the others are pre owned and previously lived in. Find a Realtor that you trust, ask friends, family and coworkers for recommendations.
2006-07-13 05:58:44 · answer #1 · answered by CYNTHIA R 2 · 0⤊ 0⤋
Bank owned properties are often foreclosed properties.
The difference between those and a new property is that the condition of the home may be far different, and that you may be able to buy a forclosed home for cheaper because of repairs needed or the bank sells it off for less than it's appraised value.
The proper first step to buying a home is ALWAYS finding out how much you can afford.
2006-07-13 05:56:42 · answer #2 · answered by ReggieWjr1 4 · 0⤊ 0⤋
The first thing you should do is get your money together. If you’re paying cash, no problems, if you’re going to need to finance it get with a lender.
Then talk to some real estate agents.
2006-07-13 05:56:59 · answer #3 · answered by jimmy dean 3 · 0⤊ 0⤋