How to Find Foreclosed Properties in Your Area
AuthorReal Estate Experts. Date:
Buying a foreclosure is one of the best ways to save money on a home purchase. But where do you find foreclosures? Can a real estate agent help you buy a foreclosed home? And, is the buying process the same as buying a non-foreclosed home? Here are the answers to some of your questions about finding and buying a foreclosed property in your area. What is a Foreclosure? A foreclosure occurs when a homeowner defaults on their mortgage payments and the bank repossesses the home. The homeowners have usually already moved out by the time the foreclosure is finalized. Foreclosures are also sometimes called REOs, or real estate owned properties. Is a Short Sale the Same as a Foreclosure? A short sale is when a homeowner sells their home for less than the amount they owe on the mortgage. The bank agrees to accept the lower amount and release the … Continued
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