Foreclosure?

Question:

Just Wondering my family is looking in to buying a foreclosure house but we are wondering how buying a foreclosure works if it says that it is $9,911 and it was built in 2003.

Answer:
that is a very good buy go for it.

Good luck - lenders don't like to give money to someone who is buying a "property in distress."

You are only required to pay what the original owners owed the collectors, so they probably owed that $9911.

You can't haggle on the price, foreclosures are sold "as is" and it can be a great deal when you find the right one. Call a realtor that has delt with foreclosures before.

I also have my eyes on a piece of property that's currently in a 'pre-foreclosure' stage. Check out www.realtytrac.com for foreclosure overview and the buying process. The number means, the amount of loan/mortgage the lender is foreclosing upon. Just make sure you read the part about junior lien or senior lien. Say if ABC bank, the bank who's foreclosing on the property, is owed $9911. And say if the property is subject to a senior lien to XYZ bank for $250,000. The property will be acquired subject to the senior lien. Foreclosure wipes out any junior lien or lien that came in after. Sounds like your property is pretty new. Since the default amount is so low, the chance of it being redeemed is pretty high. Good luck!! :)

Foreclosure?

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