Buying a foreclosure (FCL) house is often touted as a way for both owner-occupants and investors to obtain a great deal on a property. However, the potential financial rewards don’t come without.
Why buy a foreclosed home? For the most part, consumers are interested in buying foreclosed homes — also known as "bank owned" or "REO (real estate owned) homes" — for the potential to get good.
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Homes on a bank’s books are called REOs, which is an acronym for "real estate owned." When banks receive the property deeds to homes through the foreclosure process , it’s often because no one showed up on the courthouse steps to bid the minimum amount of the existing mortgage(s) or the bank purposely started the minimum bid so high that nobody.
Buying a foreclosed home offers real estate investors a great opportunity to buy low. If you want to buy a foreclosure and need financing, contact Visio Lending . They can get you prequalified online in just a few minutes and they offer competitive interest rates.
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Foreclosures tend to get scooped up by real estate investors who often pay in cash. Don’t let that discourage you; many lenders will help you find the right financing to buy a foreclosed home.
The two common ways of buying a foreclosed home are through a real estate agent or through a public auction. There are many factors to consider when buying a foreclosed home compared to a traditional home purchase. REO properties are an affordable housing option, but there are also more things to watch for with this type of home purchase.
Always remember, you are buying the property strictly "as is" at an auction sale! Bid on the Property at the Auction. On the day of the public foreclosure auction sale, meet the lender’s representative at the courthouse and show him or her the earnest money deposit and an acceptable form of identification.