Tips For Buying A Foreclosed Home
Compass Home Group understands that homebuyers in the market for a deal on their dream home need two
things: lots of patience and the stomach to do battle with investors.
Any home that is in a decent area and priced right is facing keen
competition in today's market. Homebuyers in the market for a foreclosure need those qualities
tenfold. Buying a foreclosure is a lengthy process, and, although 
Buying a Foreclosure at Auction
Homes that are sold at auction, typically carried out at the county courthouse, are those that homeowners have lost because they failed to bring the mortgage current during the reinstatement period. The lender's representative, known as the trustee, will be on hand to receive the money from the winning bidder, if there is one. The opening bid is typically equal to the loan balance, trustee's fees, accrued interest and other costs incurred by the lender during the foreclosure process.Can you get a bargain at auction? That depends on how much the homeowner owed before defaulting on the loan. The opening bid must be met or the trustee purchases the property and it then becomes an REO, or "real estate owned" by the lender. You may have seen foreclosure auction shows on TV. If so, you know it isn't the place for a novice to get a good deal. Most of the bidders are highly experienced flippers and investors offering up fierce competition. You will also not be able to view the inside of the home or perform inspections. Plus, if you're the winning bidder, you may have to evict the current occupants. Depending on the state in which you live, eviction may be costly and time-consuming. Finally, many foreclosures have additional liens against them, which you will take on if you purchase the property. Recorded liens are public information; you can search for them at the county clerk's office, the county recorder or the assessor's office. But not all liens are recorded.
One way to ensure you're protected is by purchasing an owner's title insurance policy.
Buying an REO
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Compass Home Group of Keller Williams American Premier Realty Tim Langhauser & Michele McCartin
Call or Text 443-360-0086 for information
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IMPORTANT DISCLOSURE: Although this property was available at the time this ad was created, it is very possible that an offer has been submitted or even accepted since that time. This ad was created with the intent to sell this property. If you are interested in this property, please call or text 443-360-0086 to check on its current availability.
IMPORTANT DISCLOSURE: Although this property was available at the time this ad was created, it is very possible that an offer has been submitted or even accepted since that time. This ad was created with the intent to sell this property. If you are interested in this property, please call or text 443-360-0086 to check on its current availability.
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