what does it mean to buy a foreclosed home

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Buying a foreclosed home can be a good way to score a deal while hunting for real estate. A foreclosure is a house whose owners were unable to pay the mortgage or sell the property.

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If you can’t afford a home on a 15-year mortgage, it means you can’t afford the house. Period. If you currently own a house, and the only way to keep from being foreclosed on or going. A. You can.

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Selling the home for the best price possible is the intended objective following a failed foreclosure auction. Buying Back a Foreclosed Home Once the home has been re-listed for sale, the bank may have a variety of options available with respect to recouping lost funds from the original homeowner.

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Buying a foreclosed house can mean you get a great deal, but there are some things to watch out for, too.

How does buying a foreclosed home work? | Yahoo Answers – Best Answer: Buying a foreclosed home is a bargain at times, it depends on what phase of the foreclosure you purchase the house. The phase you are speaking of is when the property owner did not bring the mortgage current and it did not sell at the auction, hence now called a REO (Real.

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How to buy a foreclosed home. It can be an exciting and sometimes overwhelming process to find and purchase a home. You want to ensure the home you purchase is right for you and that you have a seasoned real estate agent to help guide you through the process.

Not everyone that goes to them will be in pre-foreclosure," he says. Who can buy a pre-foreclosed house? Typically, buying pre-foreclosed homes has been the domain of investors, Blomquist states. But anyone is able to buy them with the right funding and patience. Pre-foreclosures are not for the faint of heart either. It is a higher risk.

What does it mean to purchase a foreclosure home? Find answers to this and many other questions on Trulia Voices, a community for you to find and share local information. Get answers, and share your insights and experience. Buying a home. foreclosure if rates rise and you cannot refinance or pay the bigger bills.