Foreclosure

The Facts about Buying a Foreclosed Home:

What is a foreclosed property?

Foreclosure is the process by which a lender or bank repossesses a home from the owner, resulting from the owner failing to make payments on the home loan. Foreclosed homes are often billed as "bank owned homes," as the home has been repossessed by the bank through the foreclosure process.

Are foreclosed homes cheaper than normal property listings?

Well not completely. Foreclosed homes often sell for less than homes in the same neighborhood that have not gone through foreclosure. But... Are they comparable in condition? Generally foreclosure properties will need work before they are move in ready. DON'T make the mistake and leave out the
straight sales! Good deals are NOT always just foreclosure properties.


How does purchasing a foreclosed home differ from purchasing a non-foreclosure?

Foreclosed home purchases generally have longer closing periods and require additional paperwork to release the home from the bank. If homes are priced below market value, multiple offers are generally submitted and purchasing the foreclosure becomes more competitive.