If the owner can’t manage to hang on to the property, it will probably go up for sale in a foreclosure auction next. Successful bidders usually have to pay in cash at the time of purchase, and there’s not much time or opportunity to research the property beforehand.
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Michelle Lewis, mortgage broker at Easy Loans, explains how a diligent savings plan helped one of her first home buyer.
This is 4 steps to buying a house at the foreclosure auction. You need to be prepared before you go to the auction to buy. Learn negotiating tips and phrases with the Real Estate Negotiating bible.
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Often, lenders will sell these properties at auction. If you are looking at purchasing a foreclosed home at auction, you need to do your research before attending the auction. At the auction, make sure you come prepared to quickly bid on the home and finalize the sale, which includes paying for your new home with cash.
Buying a foreclosed home at an auction can be one of the most lucrative and popular ways of acquiring investment properties. But to make it work for you, you have to be aware of potential pitfalls and do your due diligence.
Buying a home at a foreclosure auction sounds like a fine idea in theory. Bargains can be found. Unlike short sales, the process is relatively quick.
Use listings of foreclosed homes to find homes bought by the lender at auction. The lender often wins the bid at the foreclosure auction and then lists the home for sale at a higher price. Contact the agent in each home listing to negotiate a purchase of these foreclosed homes.
You’ll need to provide your email address, how many people you plan to bring along with you and your personal details such as.
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The two common ways of buying a foreclosed home are through a real estate agent or through a public auction. There are many factors to consider when buying a foreclosed home compared to a traditional home purchase. REO properties are an affordable housing option, but there are also more things to watch for with this type of home purchase.
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