Are you looking for foreclosures in your area? While not necessarily common, it is possible to use an FHA loan to purchase a foreclosure property. Many people looking at foreclosure homes as a potential investment opportunity are just starting for the first time. Due to these reasons, banks try to get rid of bank foreclosures as fast as they can.
Prior to an ownership transfer, the lender and borrower must enter into a settlement agreement including a sale price at least equal to the home’s fair market value. On the other hand, for the lender, a foreclosed property may be one of dozens or hundreds on the books.
If you’re looking for a new home, considering foreclosures can be a viable alternative to a traditional home purchase. But if you work with a real estate agent who understands your local foreclosure market, the stress shouldn’t be much higher than during a traditional home buy.
In fact, the Tahoe area foreclosure homes could even be sold through auctions, making the price of which the product would be sold be less fixed and more flexible for the buyer. You can also find foreclosure home listings in your local paper or on bank lender websites.
Either kind, you can browse through their listings and filter those properties that are already foreclosed or those that are nearing repossession. At the same time, seek websites that feature databases of foreclosed homes, as well as local real estate sites with foreclosure property sections.