Thinking About Buying A Foreclosure... Now What?Buying a home is one of the biggest investments and financial decisions you can make. Foreclosures aren't for everyone and 90% of the time they require
I am a real estate broker in Gulfport. If you haven't found an agent to work with please call or email me and I will put you on an automated list to get forclosure property listings as they hit the market. I am also a Realty Trac agent so if you need information on pre-forclosure properties I can look that informaton up for you also. I hope to hear from you soon.
A trustee will sell forclosures on the courthouse steps. These are cash only sales. Normally the bank that holds the mortgage will buy them. They typically don't sell to individuals at that point unless someone is willing to pay more than what is owed.... more
As others note, make sure you get title insurance on the property. Not just for the benefit of title insurance, but also because insurance won't be granted (or shouldn't be) without clear title. And, of course, make sure a current, up-to-date title search is done. I'm not a lawyer, so this isn't legal advice.
One other piece of advice--and this isn't meant to be critical--but if you are asking these questions (and good for you for asking)--you're probably not ready to consider buying foreclosures yet. Do some research--there are lots of pretty good books out there about buying foreclosures--find a good real estate lawyer, and then plunge in. But, as many investors know, many of the best deals aren't foreclosures. There are lots of good deals out there; don't narrow your search prematurely.... more