Posted on January 12, 2009 - by admin
What should a person expect when purchasing a foreclosure home?
babiiprycess
How does one deal with a foreclosure? Is the buyer allowed to look inside the house and should one go to bank if interested in buying a foreclosure home.
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How does one deal with a foreclosure? Is the buyer allowed to look inside the house and should one go to bank if interested in buying a foreclosure home.
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This entry was posted on Monday, January 12th, 2009 at 23:28 and is filed under USA real estate. You can follow any responses to this entry through the RSS 2.0 feed.
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January 16, 2009
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Good question…depends how much they bought it for…the conditions of those homes ranges all over
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January 17, 2009
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Buying a foreclosure from a lender is generally the same as buying a conventional purchase, except that they are nearly always sold ‘as is’ by the lenders. A thorough inspection is recommended, either professionally or by trusted friends who know what they are doing.
You are expected to either pay cash or finance this purchase as you would any other home purchase.
If you are contemplating buying directly at the sheriff’s sale of the property, be aware that the lender will have a representative present to insure that any final bid exceeds the amount owed to the lender on the home by the defaulting seller.