What is the Process of Buying a Foreclosure House
The foreclosure is over so that title no longer applies to the property, it will now be called a REO or bank owned home. The bank lists the properties with Realtors to sell so you will need to have an agent well, the bank pays all commission so the agent is free to you and they know how to buy bank owned homes and how to best get you through the process. You need to talk with a lender and get a pre-qual letter to include with any offer, the pre-apprival must accompany all offers submitted on bank owned properties. You offer, they accept, counter or reject. It's just like buying a home from the a property owner. While many people think buying a short sale or foreclosure will get you the most bank for your buck, there are deals with property owners as well, so find a knowleadgable real estate agent and look over all options.
Blog Archive2017-07-14 10:45:41
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