Five Steps To Foreclosure Recovery
Foreclosure homes are quickly becoming attractive to real estate investors and first-time home buyers. There is a distinct difference between a pre foreclosure listing and a property that has entered foreclosure A property enters foreclosure when the owner has failed to make mortgage payments, and the lending institution takes possession of the property as collateral.
It makes no difference whether you intend to purchase a home through conventional channels or bid on a foreclosed property at auction — it’s up to you or your representative to perform a thorough check of local municipal records for outstanding liens on the property.
To do this successfully (and there are hedge funds that bought tens of thousands of properties that were in or on the brink of foreclosure in the past 10 years), you really have to understand the ins and outs of real estate, real estate taxes, tax sales, foreclosures, sheriff sales, …