Do i have to pay off the sellers back mortgage/taxes/liens/etc...
Or is it a "regular home buy"
2006-10-14 15:57:34 · 7 answers · asked by john s 1 in Home & Garden ➔ Other - Home & Garden
buying a foreclosed home just like buying a regular home, but the different is the price might be a little cheaper.
The owed mortgage/taxes/liens will be paid off using the sales of the house. Usually the sale price of the house can cover most of the debt that lien againist the property. Even if sales price is below the debt amount, and the new buy don't have to worry about any previous debt.
But foreclosed home which in good condition is rare, so, it can be in the market for 1 day and gone. So, its the best idea is to get a mortgage pre-approved before hunting those house ( so you can place your offer faster )
2006-10-14 16:08:23 · answer #1 · answered by davidkwankwokfai 3 · 0⤊ 0⤋
Just about every mortgage lender has an inventory.
Yes, you will need to research the liens and taxes owed. They exist on the house, not on the owner. When you buy the house any liens or taxes owed come with it.
Expect the house to need a lot of work, especially in the plumbing and wiring department. Copper has hit record highs in 2006 and many homeowners going under may have stripped out the pipes and wiring to sell for scrap.
2006-10-14 16:09:59 · answer #2 · answered by szydkids 5 · 0⤊ 0⤋
No... to any back mortgages, etc etc.. The person(organization) selling the foreclosure is usuallly a bank or some other lending institution.. NOT a Real Estate Agent.. that is.. a Real Estate Agent is not involved. YOu work directly with the lending agency that loaned the money to the previous buyer for the purchase of the house.. Always be careful though.. do not think that buying a foreclosure house is the best route to take.... I have heard horror stories of the previous owners who could not pay and lost it all were angry and destroyed pipes, etc just to get even with the lending agency.. so a good HOUSE INSPECTION would be a MUST
2006-10-14 16:04:36 · answer #3 · answered by Anonymous · 0⤊ 0⤋
No, you don't want to go that route if you are an inexperienced buyer. It is more than just buying a home, you need to understand the process and what you are getting.
I suggest you educate yourself on home buying, real estate and how to find a good realtor. If you get Suze Orman's book "Road to Wealth", she gives some great advice about home buying, mortgages, realtors, and much more.
2006-10-14 16:07:54 · answer #4 · answered by MadforMAC 7 · 0⤊ 0⤋
In our section at the same time as a house is up for forclosure it's going to be listed in the community paper atleast 3 consecutive weeks letting the well-known public comprehend that there'll be a public public sale held if the owner does no longer make the non-public loan funds cutting-edge. The public sale might want to then be hung on the court docket residing house steps and all of us in touch in bidding might want to attend. in a number of of situations this is going to inform you in the paper what volume might want to be necessary once you're the perfect bid.
2016-12-04 20:24:25 · answer #5 · answered by ? 4 · 0⤊ 0⤋
I used to look up foreclosed properties on Yahoo Real Estate all the time. There were a ton of listings, plus it led me to other sites.
2006-10-14 16:33:52 · answer #6 · answered by ? 6 · 0⤊ 0⤋
you find out what bank owns the house and talk to them
2006-10-14 15:59:05 · answer #7 · answered by alanc_59 5 · 0⤊ 0⤋