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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 "Search Foreclosures" button to find listings in your area. Receive property listings by email or phone.
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