You may have considered purchasing a foreclosed home at one point or another.
Buying a foreclosed home requires some extra preparation. We’ve got your back! Learn the questions you should ask and the pitfalls you should avoid from the home service experts at Neighbourly.
What is foreclosure, anyway? A foreclosed home is one that once belonged to a homeowner and now belongs to the bank after the homeowner failed to make mortgage payments. Once the home is repossessed, the lender will try to recover what is owed by the homeowner.
Basic stages of foreclosure sales
The basic stages of foreclosure sales are as follows:
You’re able to purchase at any stage of the foreclosure – negotiating with the homeowner, at the trustee’s sale, or from the bank. Refer to these tips when evaluating a foreclosure opportunity.
Though slightly more complicated in the buying process, foreclosed homes are often huge steals. Equipped with these considerations, you can confidently move through the foreclosure sale process.
Remember, because the previous owner was unable to make their payments, it’s likely that they were unable to maintain the home either. The Neighborly family of home service experts can help give your new home new life!
Neighbourly is excited to help you with any home service need you might have. Visit our home page to explore our services and connect with a local pro.