When a homeowner doesn't make payments on time, the loan goes into what's called "default." This is the first step of the foreclosure process. The lender will file a notice of default - which is a public document - and the home will go into the pre-foreclosure process.
When foreclosed homes for sale are available, it's because the owner has agreed to sell the home on the condition that the bank or their lender will accept a lesser amount than what's owed. Buying a pre-foreclosure home can be a great way to save money without competing against all the investors who focus solely on foreclosed homes. However, former owners who lose their home to foreclosure or pre-foreclosure often leave behind a less-than-pristine property. In this article, we'll cover how you can find a pre-foreclosure property that won't be a money pit. When purchasing a pre-foreclosure home, you need to:
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