But were often told you get what you pay for, which can make foreclosed homes seem scary.
Why are those prices so low, anyway?
And is the mortgage process any different?
A foreclosed home is one that’s been repossessed by the bank or lending company due to the existing owner’s default on payments.
Heres how to buy a foreclosed home and why you should seriously consider it.
So WhatIsForeclosure, Anyway?
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Often, foreclosed homes are put up for sale at an auction.
Foreclosed homes are also sometimes known as REO homes, which stands for real estate owned.
In other words, when you buy a foreclosed home, youre not buying directly from the owners.
So what doesforeclosurestatus mean for your could-be castle?
Did you know?
If you take the correct steps to protect yourself, foreclosed homes certainly shouldnt be off the table.
Finding a home in pre-foreclosure status is the best of both worlds in some ways.
(Thats not always the case with foreclosures, as well see in the next two sections.)
Ideally, youll want to approach the owners of a pre-foreclosure home before its listed for sale.
That means doing some detective work.
A foreclosure specialist or real estate agent with foreclosure experience could help you.
Properties are sold as-is, so youre taking a pretty serious risk buying sight unseen.
Your real estate agent can help you find the deets.
Get out of your car and peek in the windows.
Can You Get a Loan to Buy a Foreclosed Home?
This kind of mortgage covers the purchase priceplusrenovations that improve the homes value.
Keep in mind that youll still have closing costs, just as you would with a regular purchase.
Learn more at www.jamiecattanach.com.
Probably not as good as youd like.
It always seems like an uphill battle to build (and keep) a decent amount in savings.
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