The Secrets Of Buying Foreclosed Properties

Four stages or types of distressed properties get lumped under the term "foreclosures": pre-foreclosures, short sales, foreclosures going to auction, and REOs ("real estate owned" sales). The further into the process a home gets, the more likely it is to be in bad condition.

The two common ways of buying a foreclosed home are through a real estate agent or through a public auction. There are many factors to consider when buying a foreclosed home compared to a traditional home purchase. REO properties are an affordable housing option, but there are also more things to watch for with this type of home purchase.

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Working with Your Realtor The foreclosure business is very confusing until you understand how real estate agents, Realtors, and Realtors who work with REO properties in. Continue reading "The Secrets Of Buying Foreclosed Properties – Part 2"

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The 7 Secrets of Buying Foreclosures. At RealtyTrac, we’re passionate about helping you find the best real estate deals. Foreclosures can be tricky, so we’ve created an educational video series to help you learn more about the benefits and pitfalls of buying distressed properties.

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Find a real estate agent versed in the complexities of the foreclosure market. Whether you’re looking at a pre-foreclosure, short sale or bank-owned property, you’re going to need the guidance of a professional who has a background in buying and selling these types of properties in your local market.

When you combine this fact with the high number of foreclosed homes on the market today, you can see why foreclosure-buying fever has swept the country. But this is not the kind of process you want to rush into. Before you attempt to buy a foreclosure home, you need to understand the process that occurs when a bank forecloses on a house.

A tide of foreclosed properties has been sweeping into the beleaguered housing market, bringing down property values, dislocating families, and sending municipal governments scrambling to manage the crisis. But some buyers see a once-in-a-lifetime opportunity in the gloomy headlines; they are buying up foreclosed properties at ultra-low prices.

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