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how does purchasing a foreclosed home work

How Do Courthouse Foreclosure Auctions Work?. Courthouse foreclosure auctions are commonly required to be advertised for a certain period of time leading up to the date of the sale, usually three weeks. Typically the advertisement is published in a local newspaper.. How to Buy a Tax Lien Home.

The two common ways of buying a foreclosed home are through a real estate agent or through a public auction. There are many factors to consider when buying a foreclosed home compared to a traditional home purchase. REO properties are an affordable housing option, but there are also more things to watch for with this type of home purchase.

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Buying a foreclosure (FCL) house is often touted as a way for both owner-occupants and investors to obtain a great deal on a property. However, the potential financial rewards don’t come without.

Even though you’re working with a qualified agent and lender, you need to do some work upfront to become familiar with the basics of the foreclosure process. Learning the lingo will give you credibility, which will help others realize you’re serious about this buying endeavor.

Generally, when a lender forecloses a home it’s added to the lender’s property inventory, there to await an eventual auction sale or buyer’s direct purchase. It may take years before some foreclosed.

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Part I: Understanding how foreclosure sales work. Foreclosure takes place when a homeowner is unable to make mortgage payments as required. After a lengthy foreclosure process, the lender seizes the property, evicts the homeowner, and sells the home.At that point, the repossessed home is referred to as a "foreclosed property."

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Banks send out default notices after 90 days of missed payments. At this point, a home is in the pre-foreclosure stage, and you may contact the distressed homeowner directly to negotiate a purchase.

When buying a pre-foreclosed home, CNN Money says that you can expect small discounts to appraised value. These homes may require small repairs, because a distressed homeowner often lacks the cash.

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We go over what you need to do to buy a foreclosed home.. As always, when choosing a professional to work with, look for training,

But buying a foreclosed home does come with risks, so buyers should proceed with caution to. So how does the foreclosure process work?

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