Foreclosed Meaning

April 23rd, 2010

Foreclosed Meaning

Question: Interested in buying a house that is being foreclosed?

I would like to buy a house as inexpensively as possible for my fiance and myself. We are only 20 and 23 years old. I have been looking at foreclosures through Yahoo Real Estate. If the properties are listed at a price but it seem really low... (less than $50, 000) is the the full price? And what if the property staus is "notice of default"? What does that mean?

Answer: You need to be careful, I have seen some there listing the second on there, which is the bank foreclosing, but the first is also due. I looked up one for 15k for someone here. The real sales prices 715k.

Almosst everything for sale now is foreclosed or in pre-foreclosure. I recommend that you have a real estate agent help you, they are listed in the MLS and not hard to find.

Falling Home Values and What it Means in Buying a Foreclosure