What is the difference in buying a home and buying a home in foreclosure?
Question:
Answer:
When a home is in foreclosure, that means the previous owners couldnt make the payments and the bank reposessed it.
They buying process is the same, but it does mean the previous owners may have moved out in a hurry and the house may not be in as good of condition as one where the owners want to sell it. But it also means the bank wants to sell it quickly to get their money back, and may be willing to give you a good deal on the price.
homes in foreclosure are those taken from another buyer because they did not meet the terms of the loan. Be sure all judgments against the house are cleared that is usually done by a title search on the home.
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