How does buying a forclosure home work.?

Question

What does an outstanding balance mean? And how much does the home actually cost?

Answer 1

lenders want to be made whole-- if the owner owed $75,000 and the home is valued over that then the lender will most likely accept $75,000 as an offer

Answer 2

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Answer 3

Buying a foreclosure is like buying any other property. You're just buying it from a bank instead of from a private owner. The outstanding balance is how much the owner must pay to buy themselves out of foreclosure (missed monthly payments, tax payments, etc.). The home costs what it's listed for (or, should I say, what an accepted buyer offers).

A couple of things about foreclosures:

First, they are generally less expensive than a model match that is not in foreclosure. This is because the bank loses money every day the house goes unsold. They're very motivated to get their capital investment back, so they list it at a reduced price for an immediate sale. They're still losing money on it. But, a lot of that is made up with insurance.

Second, a bank does not have to submit a transfer disclosure statement, which is required for all other types of real estate transactions. The house is sold as-is and it's up to the buyer to verify the condition of the property prior to close of escrow. If there turns out to be something seriously wrong with the property, it can become a money pit for the new buyer who didn't find these problems before buying.

Also, a lot of people who get foreclosed on are upset at the bank. So, they trash and/or strip the place before moving out. A lot of banks are getting smart about this, though, and are offering a "cash for keys" payment (a few thousand dollars, usually) in exchange for the previous owner moving out immediately upon foreclosure without trashing the place. Of course, that doesn't guarantee that there's not some kind of structural or other problem with the property.

When buying foreclosures, buyer beware.