A Guide For How To Buy A Foreclosure
With the current mortgage and financial crisis in America and the constant talk of recession, bank of America foreclosure, could by high at this point. It’s possible that the new owner, trustee or bank will offer you money to move out of the unit at the time of the sale. Given that the bank has not maintained or had first-hand knowledge of the foreclosed home prior to acquisition, there may be no record of property repairs or maintenance that would assess the true property condition.
At that point, it is up to whoever purchased the property (usually the bank) and that now owns the house either to disclose any problems before the sale or have them repaired. Sellers are hoping the competitive auction atmosphere will get buyers to bid up prices.
The pros and cons of buying a home involved in foreclosure vary with the phase of foreclosure the property …