Foreclosures Help Information

Posts Tagged ‘foreclosed lots for sale’

Foreclosed Lots For Sale

Question: Should I buy a shortsale property? What are the advantages and disadvantages?

A lot of properties that are up for sale are mostly short sale, foreclosed, or bank repo's, but it is a good idea to buy one these of properties?

Answer: There is a huge difference between a short sale and an REO property. An REO is a property that was foreclosed and is now owned by the lender. Buying an REO is not really any different from an "ordinary" sale. A short sale, on the other hand, involves a distressed owner trying to get his/her lender to agree to a sale for less than what they owe - a very difficult and protracted process.

Lots of Homes For Sale in Clearwater

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Foreclosed Lots

Question: What are the advantages of taking over foreclosed payments on a house vs. renting?

There are a lot of foreclosed houses for sale in my area and many of the payments are much lower than what I am paying in rent. What are the risks involved? Will I actually own the house? What happens to the money already paid on the house?

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Answer: You don't get to 'take over payments' on a foreclosed property. They are sold to buyers like any other. You must obtain a mortgage and offer to purchase the house just like any other. Read more carefully about those payments. They are probably estimates based upon a certain downpayment and interest rate.

Crabapple Crossroads - FORECLOSURE - Lots & Homes