how to buy foreclosure homes
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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Real estate auction — Sometimes, when a lender forecloses on a home, they will try to sell it through an auction. You’ve probably heard about people gathering at the county courthouse for a "sheriff’s auction" or a trustee’s sale. This is another way to buy foreclosure homes.
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· When a home buyer or investor wants to buy a cheap foreclosure, it’s easy to assume that all foreclosures sell for pennies on the dollar. However, that impression is somewhat false. It is not how foreclosures work.Especially if the home needs repairs. Your idea of a fix-up cost and the bank’s estimate might be two different opinions.
Home inspections on foreclosed properties may be required for certain types of financing; speak with a home mortgage consultant for additional information. If you have sufficient cash to buy a home, be sure to determine whether your needs are better met by using financing or buying with cash .
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The foreclosure process in Oregon takes about 180 days. The state of Oregon uses both judicial and nonjudicial means for carrying out foreclosures. Judicial foreclosure involves the filing of a lawsuit, whereas nonjudicial foreclosure allows the lender to reclaim a property due to the power of sale clause that exists in the mortgage.
· 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.