Comments on: What exactly is a foreclosure? Im someome who would maybe like to buy a foreclosure property?

By: First C

First C — Tue, 09 Feb 2010 07:01:59 +0000

Many a times you might have read an advertisement about the banks in your area, organizing foreclosure auctions for repossessed homes. Increasing number of people are buying homes from these auctions due to the prevalent popular notion that these repossessed homes sold by banks are cheaper than the homes sold directly in the market. But experts and business players do not accept this idea many a times. Of course, in rare instances, some homes are sold at economical and cheap prices, but most of the times, it is not true. http://www.freewebs.com/getanswer/ForeclosureAuctions.html
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By: Sara

Sara — Tue, 09 Feb 2010 06:47:59 +0000

Well, foreclosures are the last resort of the bank, really. Someone has defaulted on their mortgage, and now the bank has no choice but to evict them and sell the property for much less than it’s worth. Good for buyers… but beware… it may not be left in good condition. Forced-out homeowners won’t take the time to clean, re-do, or improve anything from the home they lost. You’d probably end up with some damage to fix.
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By: Tony D

Tony D — Tue, 09 Feb 2010 06:37:59 +0000

If you wander into the foreclosure buying process without thorough knowledge, you will get eaten alive. Read books, go to the courthouse and quiz people on auction day. Investigate everything! This is where the big boys with money and knowledge rule. Don't be a chump. It can be done, but know your stuff first.
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By: Msteedawn1

Msteedawn1 — Tue, 09 Feb 2010 06:20:59 +0000

A Foreclosure is a home in which the purchaser can not pay the mortgage so the bank takes it back. Foreclosure property is normally a diamond in the rough emphasis on rough. But finding the property that has the potential to make 20-30K per property is as sweet as it comes I love foreclosures but I flip em!
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Propery Foreclosure Investments 5yrs.

By: Lea L

Lea L — Tue, 09 Feb 2010 05:32:59 +0000

Foreclosure is when a person who is buying a home stops making the payments on their promissory note to the bank. The bank then forecloses and takes the house. The bank then sells the house in order to make back the money. They usually sell the home for the price of the note, which can be considerably less than market value.
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By: Millierose

Millierose — Tue, 09 Feb 2010 05:03:59 +0000

I think in the great scheme of life, it's not wise to evem consider buying something when you are not sure what it is!! Just an opinion.
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By: Cv R

Cv R — Tue, 09 Feb 2010 04:41:59 +0000

Depends on the state. In CA we do Trustee sales, which means the bank does not have to do a judicial foreclosure and not have to use the courts. It's fairly quick, but not cheap.
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