Buying A Foreclosed Home In 5 Steps
While searching through some foreclosure and FSBO (For Sale By Owner) listings at the best foreclosure government auction site a few days ago, I was amazed at the consistency of how low some of the prices on houses and properties are. That year saw 2.87 million U.S. properties with foreclosure filings on them — an all-time high. If there are a lot of foreclosed houses near the one you’re buying, an increased drop in value is likely coming. Foreclosed homes are dealt directly with the bank.
Once repossessed, they then put up the bank foreclosed homes for sale. Since banks are often eager to unload these foreclosure properties, they aim to break even with an asking price that’s typically the sum of the remaining mortgage note plus interest, lawyer fees, and penalties.
When they have to sell a home that they have repossessed, they offer it at market value, not …