Foreclosure?
Question:
Answer:
The bank will list a home on their foreclosure listing and give deadline that they will accept bids. You place a silent bid in come cases and in other cases the bid is a live auction.
You want to make sure you do your research on the home just like you would for buying any piece of property.
There are always some fees involved, but make sure there are not too many repairs needed to make it worth the month.
A huge amount of research has to go into the property before you offer a bid. Title searches will let you know what kind of liens you will inherit, as well as any back taxes owed,looking at the property will determine the condition of the home. A lot of foreclosure homes are often damaged and destroyed as the people being evicted get bitter, and do as much damage as they can to try to get even, so that the bank has trouble trying to auction it, and making sure of the neighborhood. Do the research, and try to be educated about the process. Good Luck!
Here is what Robert J. Bruss says. He's a syndicated real estate column writer.
http://tms.ecol.net/realestate/foreclos.
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