Tag: pitfalls

The Pitfalls Of Buying A Foreclosure House

Bank-owned properties are sometimes disgustingly dirty because of time spent sitting empty, intentional neglect by the previous owners or occupancy by vagrants. This signifies that a home has been through foreclosure and the lender is selling it. Elaine Zimmerman, a real estate investor and author, recommends that shoppers first visit any site with a database of foreclosed homes. The first two steps in buying a foreclosure should happen almost simultaneously: Find a real-estate broker who works directly with banks that own foreclosed homes and get a preapproval from a lender. On the national stage, Warren has been outspoken about the dangers of home foreclosure.

The Foreclosure process starts when a homeowner cannot pay the mortgage and ends when the home is resold. Hiring a buyer’s agent that specializes in foreclosed homes can help you to find properties that are only available via MLS, or Multiple Listing Service. This process lasts from 90 days to 10 months or more and culminates with a public auction or trustee sale.

Foreclosure deeds dropped from 51 to 13, and orders of notice dropped from 41 to 20. By any measure, that is a positive development. No public records could be found elaborating on the …