Purchase Foreclosures
January 12th, 2008
Purchase Foreclosures
Question: I am wanting to purchase a house that is lieu of foreclosure.?
The seller has given me the loan balance as her selling price, but I think it is too much for the house. Would it be best if I let it go in foreclosure and then try to purchase? How long does a foreclosure take before the bank has it for sale? She said she will turn it over to the bank if I do not buy it.
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Answer: If you think it's too much, don't buy. However, don't expect to get it cheaper from the bank.
Banks have a lot of different ways of dealing with the situation. They may choose to sell it for more than you would pay. They may sell it to a broker and not offer it on the market at all. They may sell it at auction, which could result in a higher price rather than lower.
Where to buy Foreclosures, Anxious Borrowers
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Posted in Buying Foreclosures | 
Tags: Article Purchase, Foreclosure, Foreclosures, home, housing, realestate
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