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If you wish to buy a foreclosure affected house, some knowledge about the process should serve you well. Since there is no one set way to buy a foreclosure affected home, going through a variety of resources is advised. Below is a brief overview to get you started.
A home can be foreclosed upon by a bank or different government agencies. While a bank would foreclose upon a home because of the homeowner’s inability to repay the mortgage, different government agencies could foreclose upon a home to recover unpaid fines/taxes from the home’s owner.
Bank foreclosed houses (often referred to as REO homes) can be sold directly by the bank, or the bank can also employ the services of real estate agents to sell its foreclosed houses. Either way, the final decision on the price of the home stays with the bank.
In buying a government foreclosure (often referred to as HUD homes), you would need to get in touch with a government approved realtor. This is because you are required to place your ‘sealed bid’ through these agents. These sealed bids are accepted during a bid period, at the end of which the house generally goes to the highest bidder.
Irrespective of the home you wish to buy, you must make sure that a thorough inspection of the home is conducted before you make your offer or place your bid. This is simply because repair/renovation costs can make a seemingly good deal go bad in no time at all.
Since new homes continue to join the already long list of foreclosed homes, it would be well worth your while if you ensure that your search for these homes is extensive and well though out.
HUD Fair Housing Equal Opportunity