Buying a house in foreclosure?

Question: If a house is in foreclosure, and the loan balance is $4,476.00, if you pay that amount you get the house? If not house does that work?

---

Depends on the bank and there might be some other liens and additional costs (like interest, late payments, property taxes, assessments) against the property as well. Normally at that point the house will be up for auction, interessted buyers place their bits (or offers) together with a cash downpayment and/or proof of funds. The best offer or the highest bit will get the house.

---

More Related Questions & Answers...

How Deed in lieu of foreclosure will affect someone credit report?

Who can help when u have 2 mortgages and your in foreclosure?

What does pre-foreclosure on buying a home mean?

Foreclosures and Fixers?

Chapter 13 Bankruptcy, then a Foreclosure...Is this possible in IL?

Foreclosure process?

There are foreclosure houses here in glendale ,ca at 3 bedroom and 3 bath. Very cheap.Is this for real?

Is it possible to talk to my bank and ask for a lower payment in order to avoid foreclosure ?/?

Foreclosure auctions winner has to pay with cash within couple of days?

Is it a good idea to buy foreclosure property?