A foreclosure property is a home that has been repossessed by the lender because the owners failed to pay the mortgage. Sometimes their money trouble started because they kept refinancing the house to fix it up. Those homes are the ones you’ll be interested in. It’s very sad, and I admit feeling guilt walking through foreclosed homes, but there isn’t anything you can do. In fact, you may be helping the family by getting their house sold and taking good care of it. Homes that are being sold through a non-judicial foreclosure are typically auctioned on the first Tuesday of each month. This means that you can simply access their website for a complete list of foreclosed properties in your area.

There are number of choices available for foreclosed homes like pre-foreclosures, sale at auction and bank foreclosure property which require the specific procedure and state laws to follow. Continue …

A foreclosure property is a home that has been repossessed by the lender because the owners failed to pay the mortgage. Sometimes their money trouble started because they kept refinancing the house to fix it up. Those homes are the ones you’ll be interested in. It’s very sad, and I admit feeling guilt walking through foreclosed homes, but there isn’t anything you can do. In fact, you may be helping the family by getting their house sold and taking good care of it. Homes that are being sold through a non-judicial foreclosure are typically auctioned on the first Tuesday of each month. This means that you can simply access their website for a complete list of foreclosed properties in your area.

There are number of choices available for foreclosed homes like pre-foreclosures, sale at auction and bank foreclosure property which require the specific procedure and state laws to follow. Continue …

One risk of buying an REO (bank-owned) property that you rarely hear about is the potential for title issues. Despite these challenges, auctions can be a good resource, as long as the excitement of bidding does not lead you to buying a foreclosed home at an inflated price or more than you can comfortably afford. When considering a foreclosure purchase, homebuyers should be prepared to act quickly, but not be in any particular hurry to complete the sale. Banks and mortgage lenders often have these homes for sale on their websites or through local real estate agencies. Given that the bank has not maintained or had first-hand knowledge of the foreclosed home prior to acquisition, there may be no record of property repairs or maintenance that would assess the true property condition.

This is especially true when it comes to cleaning windows from the outside and/or those that are high …