How do I buy a house shown as "Foreclosure", and what does that means?
Question:
Answer:
You need to contact the bank that currently has possession of the house or watch the paper for an auction on that house. It's usually a silent auction requiring a 20,000 dollar deposit the day of the auction, if your bid is the winning one. A forclosure is a repossessed house. The owners could no longer afford to make the mortgage payments so the bank was forced to evict the residents and take over the house. Watch out though. Forclosures can be tricky and have lots of damage and/or rot, termites, etc. Many people will ruin a house that they are being forclosed on out of spite and many have sat for so long that they are falling apart. The banks in many cases will not winterize and take care of the homes that are in their possession. I looked at one forclosed home and found out later that there was a termite nest inside the home. Thank goodness I didn't buy it!
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