Mapi Abadia Real Estate Executive

02/19/2022

02/20/2020

How to Buy A Foreclosed Home
5 min read
In this article:
What Is a Foreclosed Home?
How Do You Buy a Foreclosed Home?
Resources for Finding Foreclosed Homes
Do I Need Good Credit to Buy a Foreclosed Home?
Buying a foreclosed home can be a smart way to get a bargain on a new house or investment property to rent or resell. In many ways, purchasing a foreclosed home is comparable to buying any other property, but since it comes with some potential pitfalls, it's not for the faint of heart. Here's how to buy a foreclosed home, and some tips to help you navigate the process.

What Is a Foreclosed Home?

A foreclosed home is one that has been seized by a mortgage lender (typically a bank, credit union or financing company) after a borrower failed to make required payments on their home loan.

Because lenders typically don't want to own these homes long term, it's possible to scoop up a foreclosed home at a bargain. It's important to remember, however, that foreclosed properties are sold "as is," and can have cosmetic and structural problems and financial encumbrances, such as back taxes, that typically aren't concerns when you're buying a home from a builder or private owner. A foreclosure may have been sitting vacant for a period of time, its yards may be overgrown, and the previous owner may have left items behind that'll need to be dealt with. Sometimes, an angry owner even vandalizes a property or strips out expensive wiring or piping before they depart. These issues shouldn't stop you from taking advantage of the potential savings, but it's important to prepare for the hazards.

Foreclosed properties available for sale fall into two broad categories: bank-owned properties and real estate-owned (REO) properties.

Bank-owned properties are in the process of being reclaimed by the lender and put up for auction. It's possible to make an offer for a property before it goes to auction, when the lender may still be working to evict the previous owners, and liens for back taxes or unpaid bills are still attached to the property. Typically by the time a property goes to auction, the lender has settled any liens, but it's wise to double-check the title and factor any such

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