Question : What should a person expect when purchasing a foreclosure home?
How does one deal with a foreclosure? Is the buyer allowed to look inside the house and should one go to bank if interested in buying a foreclosure home.
- asked by babiiprycess
All Answers:
Answer #1
Good question...depends how much they bought itfor...the conditions of those homes ranges allover
- answered by Robert
Answer #2
Buying a foreclosure from a lender is generallythe same as buying a conventional purchase, exceptthat they are nearly always sold 'as is' by thelenders. A thorough inspection is recommended,either professionally or by trusted friends whoknow what they are doing.You are expected toeither pay cash or finance this purchase as youwould any other home purchase.If you arecontemplating buying directly at the sheriff'ssale of the property, be aware that the lenderwill have a representative present to insure thatany final bid exceeds the amount owed to thelender on the home by the defaulting seller.
- answered by acermill
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