buying a foreclosed homes: Thinking About Buying a Foreclosure - Part 2
- 03/04/12 08:40 AM
Pre-Foreclosure A pre-foreclosure is when you buy the home directly from the homeowner, before the bank officially forecloses. This type of purchase does not require as much capital as other foreclosures. Also, since you are purchasing straight from the homeowner, you will be able to gather all of the necessary information, such as inspection reports, title information, etc. that may not be available with other foreclosure properties. Once you take over the mortgage, you will be responsible for all future payments as well as any overdue back payments.
Auction A foreclosure property will usually end up at an auction. … (16 comments)
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