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Recent reports have shown that many of the home sales that have taken place in the recent past involve homes in some stage of foreclosure. The main reason that home buyers are looking at home foreclosures as options is their usually discounted prices.
Foreclosure proceedings are initiated on a home upon the home owner’s continual defaults in making the monthly mortgage payments. The lender/bank initiating the proceedings is required to notify the home owner of its intent to foreclose on the property and also give the home owner some time to try and fix the default.
If the home owner is unable to take care of the default, he/she can opt to sell his/her house in pre-foreclosure. Since these home owners do not have the luxury to wait for ‘better’ offers to come by, they do end up accepting rather low offers from time to time.
Once foreclosed upon, at attempt to sell these homes is made at public foreclosure auctions. Buying a home at an auction is ideally best left to the experts unless you are willing to put in considerable amounts of effort in the process.
After the foreclosure auctions, the unsold homes are transferred to the lenders/banks who hold the primary mortgages on these homes. Buying homes in foreclosure from lenders/banks is often regarded as a safe option because they generally take care of arrears linked to these homes upon foreclosure.
An important thing to remember is that you should inspect any house that you intend to make an offer for. This is important because the inspection would give you an estimate of the costs you would have to incur in getting the house in order.
Remember that there are plenty of options for you to choose from, and you should go through as many as possible prior to signing on the dotted line.
HUD Fair Housing Equal Opportunity