Foreclosed homes?

Question

is there any difference in buying a foreclosed home or one that isn't, are there any stipulations when buying a foreclosed home?

Answer 1

One problem is that in some states there is a Right of Redemption Law on foreclosures which means the previous owner has the right to retake the foreclosed property even after it is sold to another owner as long as he/she repays the amount owed plus other fees. In other words, lets say I buy a house, I later loose the house to foreclosure and then you buy the house. Then six months later I decide to pay back what I owed, then you have to release the house back to me. I know this sounds silly, but it is a law in several states. It's not fair in my opinion, especially if the house is already sold. So you might want to check the laws in your state. Other than that, you can get some really good deals on foreclosed property. I know this because my husband and I are buying a foreclosure and we are getting a really great deal.

Answer 2

it depends on who you are buying the foreclosed home from.

If from a bank and it is vacant you would then be able to get a home inspection.  If it is at a auction like on the courthouse steps then the owners are more than likely still occupying the property in most cases you will bid on the property with out seeing the inside and without a inspection.  This process is cash to the auction people.  There is no financing with them.

Answer 3

Usually when buying a foreclosed home you have to pay the total amount listed (or most of it) and it is more difficult to get a payment plan. Also, there are different levels of foreclosure - be sure it is in the final stage (where you are actually able to buy it) before setting your heart on it, listings for foreclosed homes are often shown before they are avaiable for the market.

Answer 4

why is love so cruel.... you almost wish you could have them all

Answer 5

If its not foreclosed, than if you buy it you will have to pay the asking price. If you buy a foreclosed house,depending on how long its been empty and the surrounding neighbor, one could end paying considerably less.