Are you in the market to possibly buy a foreclosed home, your in luck. A foreclosed home might be in move in condition, or it might be a home that you need to take down to the studs. Either way, a foreclosed home can be a great investment.
A foreclosure is a home is owned by the lien holder (lender), and is up for sale with that lender.
What Does Foreclosure Mean?
A foreclosure takes place when a home is seized and put up for sale by the lender. When you see a home listed as foreclosed, it means that it’s owned by the lender.
Every mortgage contract has a lien on your property. A lien allows your lender to take control of your house if you stop making your mortgage payments. Foreclosures are typically the result of the homeowner being unable to keep up with their mortgage.
Buying a foreclosed home is a little different from buying a house owned by a homeowner.
Foreclosure is the process by which a lender takes possession of a home when a homeowner fails to make their mortgage payments. It has several stages, which are important for a buyer to understand when considering a foreclosure.
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