2007-01-03 06:53:49 · 7 answers · asked by rayraythebroker 1 in Business & Finance ➔ Renting & Real Estate
A foreclosed home is a house or piece of property that has been reclaimed by the bank because the person who used to live there defaulted on the mortgage. Foreclosed homes can be a very good deal this time of year because the banks don't want to keep the houses or property -- they have to maintain the property and may have to winterize houses so they don't go to rack and ruin, so in many cases banks will sell foreclosed homes below market value (WELL below market value in some cases).
2007-01-03 06:57:58 · answer #1 · answered by sarge927 7 · 0⤊ 0⤋
Homes on which the owners couldn't pay the mortgage, so the lender (Bank, mortgage company, etc.) took possession of the house by "foreclosing" the loan.
2007-01-03 06:57:36 · answer #2 · answered by MOM KNOWS EVERYTHING 7 · 0⤊ 0⤋
ray, foreclosed homes are those that were not paid for by the owners of record & the bank or financial institutions repossessed them and placed them back on the market for sale with a broker or ADS in newpapers to the public for re-purchase to pay for the monies owed against the structure to the lender.
2007-01-03 07:06:57 · answer #3 · answered by ticketoride04 5 · 0⤊ 0⤋
Homes that are repossessed by the bank from the owner because the owner could not afford the payments (or similar reasons).
People think that they get foreclosures for cheap, however, if they are purchasing from a bank, they bank usually sells for full market value. They make money this way.
2007-01-03 06:58:35 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Get REO (genuine assets owned) lists from close by banks and from the close by place of work of HUD (branch of Housing and city progression). seem heavily on the community, condition of the domicile and different aspects in the previous you're making an furnish. in case you're dealing with a financial business enterprise that has foreclosed on the domicile, you could ofter make your furnish contingent on them offering alluring financing, yet provided which you have a mind-blowing credit historic past and a powerful credit. in case you hit upon something you truly like, hire a house inspector to furnish it the as quickly as over so which you realize what you're shifting into. maximum REO is offered "AS-IS", yet you could each and every so often negotiate for some advancements, distinctly in the event that they fall into the "secure practices" catagory (wiring, and so on.).
2016-11-26 01:04:16 · answer #5 · answered by ? 4 · 0⤊ 0⤋
They are homes that people who have not made the mortgage payments and have defaulted on the loan, the bank will regain control of the home and then will resell it.
2007-01-03 06:57:17 · answer #6 · answered by Anonymous · 0⤊ 0⤋
The owners got too far behind on the payments, so they lose their house. You can usually buy them for a cheaper price.
2007-01-03 06:57:05 · answer #7 · answered by Lady in Red 4 · 1⤊ 0⤋