What should a person expect when purchasing a foreclosure home?

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.

By | 2013-08-26T05:18:58+00:00 August 26th, 2013|Mortgages Home Loans Interest Rate|2 Comments

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  1. acermill August 26, 2013 at 5:48 AM - Reply

    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.

  2. Robert August 26, 2013 at 5:38 AM - Reply

    Good question…depends how much they bought it for…the conditions of those homes ranges all over

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