Buying a foreclosed home isn't guaranteed to save you money. Here's what you need to know.
Foreclosure is a legal process in which the homeowner loses title to the home and the lender receives the property or a sum of money from selling the property. Lenders must publicly announce when they begin foreclosure proceedings, which is information you can use if you wish to buy the property.
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It is more common to buy a foreclosure directly from the bank in a bulk sale purchase. In bulk sales, the banks will package a bunch of properties into one transaction and sell them all at once to one entity. That is the best way to buy a foreclosure if you can afford it because the discounts are typically the steepest.
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Buying a property in pre-foreclosure involves approaching the owner – usually before the property is listed for sale – and offering to buy it outright. The right buyer at the right time can salvage a terrible situation, giving the owner something to show for his equity and saving his credit score from that foreclosure hit.
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A safer choice is to buy homes that are owned by a bank. These properties, often referred to as REO or real-estate owned homes, have already been through the foreclosure process, with banks having.
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Dave Dettmann and his partner Dave Stewart of 3-D PROPERTIES OF S.W. FLORIDA, LLC take you along with them to show you the step-by-step process for buying a foreclosed home direct from the courthouse.
How to buy a foreclosed home. There are two main ways to buy a foreclosed home: at auction or through a real estate listing. Once a bank takes possession of a property, it goes to a "public foreclosure auction," during which the bank attempts to sell the property to the highest bidder.