I Bought A Foreclosed Home For $170,000, And There Are 4 Things I’d Tell Anyone

foreclosed homesLooking to buy a new home but worried you won’t be able to afford the monthly mortgage payment that comes with it? If the bank takes the property to the foreclosure auction and extinguishes junior liens, they will be creating equity in a matter of minutes. A large portion of work will come from the relationships that you build with Real Estate Agents (“Realtors”) who list bank-owned homes (often referred to as REO listings).

If you really love the house, don’t worry about paying a little bit more to get it. If your landlord defaults on a mortgage loan and doesn’t work something out with the lender, the home may be sold at a sheriff’s sale. Once you choose the method, you may find a real estate agent who specializes in foreclosed homes.

Compared to other foreclosures, the bank foreclosed houses are open in letting you inspect and examine the …