Foreclosure News
You might be intimidated by the thought of buying a foreclosed home. But the process of buying a home in foreclosure isn’t too different from purchasing a traditional home. Buying a foreclosure does require additional research, and you’ll need to be comfortable taking on a bit more risk.
How to Find Foreclosed Homes
You can find foreclosed properties in multiple-listing service (MLS) periodicals and websites, via online real estate searches, bank offices and websites, and through local newspapers. In local multiple-listing services, properties that are being foreclosed upon may not be highlighted per se; this may only be stated in the property description.
As such, some homeowners are willing to negotiate. Pre-foreclosures are typically listed in county and city courthouse buildings. In addition, many online resources list properties that are in the pre-foreclosure phase.
What makes them such a deal? If the residence is in the pre-foreclosure or short-sale stage, its owners are in a financial bind—and time is not on their side. They have to unload the property and get what they can while they can, lest they lose it entirely. In short, these sellers aren’t exactly negotiating from a position of strength. While it may seem cruel to take advantage of others’ misfortune, buyers can benefit.
They can benefit even more if the property has in fact been seized. The sheriff’s office isn’t interested in hanging onto a house, and banks don’t want to be in the landlord business. Financial institutions typically want to rid themselves of foreclosed properties promptly (for a reasonable price, of course—they have to answer to investors and auditors that they made every attempt to recoup as much of the original loan amount as possible). Again, buyers can take advantage of this situation.
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