Foreclosure in 95212>Question Details

Nibbles, Other/Just Looking in 95212

If the foreclosure has listed price is that just the opening bid? Also do you have to pay off the money still owed on the house if you are successful?

Asked by Nibbles, 95212 Thu Jul 29, 2010

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My answer assumes that you are looking at houses that are listed for sale and not those being sold at auction on the courthouse steps.

The asking price on a foreclosure is just that…the asking price. The final price may be more or less or the same. That is true of most real estate sales. You will only be responsible for the price that you agree to pay for the house, not the previous loan.

The above answer is a simplification of a complicated process, and does not apply if you are buying a house at a foreclosure auction.

You need to get together with a local real estate professional and get your questions answered by someone who has had experience helping individuals like you buy houses. If you are a serious buyer, you will find that a Realtor will be glad to spend time answering your questions and helping you to get into the house that meets your needs. Best part…the Realtor’s commission is paid by the seller.

Don’t know a Realtor? Ask for referrals from your friends, family or co-workers. You would be surprised how many people are eager to tell you about their favorite Realtor.
0 votes Thank Flag Link Thu Jul 29, 2010
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