Are foreclosure homes a good deal?
The answer, as with any property, is .........it depends. When a home goes into foreclosure it is usually because the homeowners were, for whatever reason, no longer able to pay their mortgage or taxes. Often times the homeowners are in dire financial straights and the home is the last thing that they have lost. When people lose their jobs or have unexpected medical expenses or some other catastrophic event that causes them to lose almost everything they own, they often don't have the money to keep the home in good repair either. Consequently, it is very common to find foreclosed homes in disrepair and/or with serious damage. Foreclosed homes are also targets for theft of appliances, air conditioners and anything else a thief can walk off with. However, not all foreclosed homes are in bad shape. The only way to know for sure is to go and take a look inside and out and judge for yourself what the condition of the home is and decide how much it will cost to get the home back into move-in condition.
There are different types of foreclosures too. Homes can be HUD Foreclosures, Bank Foreclosures (REO), Tax Foreclosures, etc. Each type of foreclosure entity has its own rules and regulations about how you can purchase and bid on the homes in their inventory. To find foreclosed homes and how to bid on them, click on the links below.
REO/Freddie Mac Foreclosures
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