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The Facts about Buying a Foreclosed Home

What is a foreclosed property?

  • Foreclosure is the process by which a lender or bank repossesses a home from the owner, resulting from the owner failing to make payments on the home loan. Foreclosed homes are often billed as "bank owned homes," as the home has been repossessed by the bank through the foreclosure process.
  • How does purchasing a foreclosed home differ from purchasing a non-foreclosure

  • Foreclosed home purchases generally have longer closing periods and require additional paperwork to release the home from the bank. If homes are priced below market value, multiple offers are generally submitted and purchasing the foreclosure becomes more competitive. Enter your zip code and hit the "Find Foreclosed Homes" button to see listings in your area. Gain access to foreclosed homes for sale in your area.
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    Search Canadian foreclosure listings and compare foreclosures for sale - we have all the home buyer real estate tools you need. Sort Canada foreclosure home listings by bedrooms, bathrooms, home price and more. See pictures, satellite maps and virtual tours of foreclosed properties for sale. Get all the facts you need before you buy a home in Canada.

    Are you searching for a real estate agent to assist with purchasing a foreclosed home in Canada? In addition to providing foreclosure home listings for Canada properties, you’ll have an option to connect with a real estate agent who can assist you with your purchase.

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    The Facts about Buying a Foreclosed Home

    What is a foreclosed property?

  • Foreclosure is the process by which a lender or bank repossesses a home from the owner, resulting from the owner failing to make payments on the home loan. Foreclosed homes are often billed as "bank owned homes," as the home has been repossessed by the bank through the foreclosure process.
  • How does purchasing a foreclosed home differ from purchasing a non-foreclosure

  • Foreclosed home purchases generally have longer closing periods and require additional paperwork to release the home from the bank. If homes are priced below market value, multiple offers are generally submitted and purchasing the foreclosure becomes more competitive. Enter your zip code and hit the "Find Foreclosed Homes" button to see listings in your area. Gain access to foreclosed homes for sale in your area.
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    Homes not in foreclosure may be included in listings. See a local agent for details.Service may not be free in all areas.Copyright ©2014 Reply.com, All Rights Reserved.

    In the current housing market, foreclosures are an everyday occurence. When homeowners are unable to continue paying their mortgage due to a variety of economic factors, banks step in to repossess their homes. While this process can be unpleasant for people trying to hang onto their homes, it offers home buyers an opportunity to get into a home they might not normally be able to afford. Some foreclosed homes are sold at auction, while others are sold in individual transactions like any other home for sale. Buying a foreclosure property can be the quickest way to get into home ownership.