A lot homes are up for foreclosure right now usually a good bargain. How does the process work if you are interseted in purchasing one?
2007-05-21 02:22:50 · 1 answers · asked by poet2003 1 in Business & Finance ➔ Renting & Real Estate
As stated, you may go to the foreclosure sales at the courthouses to bid on the properties. Use caution. Depending on your area, you may end up buying tax liens and other encumbrances attached to the property.
Also be aware that the lender will have a representative present to bid on the property. If the bids do not exceed what the lender is owed on the property, the lender will buy the property at foreclosure, and then dispose of it on their own. Once a lender owns the property, they generally use the services of a real estate firm to dispose.
2007-05-21 03:46:46 · answer #1 · answered by acermill 7 · 0⤊ 0⤋
You go to the foreclosure sale and bid on the home. If you are the high bidder, you are the new owner. Most states require you to pay CASH at a foreclosure sale.
If you want to purchase a home AFTER the foreclosure sale, you need to contact the lender who is now usually the owner of the home.
BOB F
2007-05-21 02:52:42 · answer #2 · answered by Anonymous · 0⤊ 0⤋