Is buying a foreclosure property more difficult than buying a home from a regular listing?

Rosemarie Baker
Other/Just Looking
96002

Does it involve more fees? Do they take longer to purchase? How do you know if there are any liens against the property?
Thanks for your time.

Answers (2)
Bob Ross
Real Estate Pro
Santa Maria, CA

yes, email me for more information

bross44@yahoo.com

Tue Jul 14 2009, 23:01
Bill Eckler-Flo...
Agent
Venice, FL
FIRST ANSWER

By our definition, the degree of difficulty is as follows, from easiest to more difficult:

1. regular transaction

2. foreclosure

3. short sale

With a foreclosure it is the banks responsibility to convey a clear title for the property meaniing that all liens should be identified and satisfied prior to closing.

Once a buyer has been identified and the contract executed ther should be little difference in the time required to close the transaction. Short sales, on the other hand, can last beyond eternity.

Fri Jul 3 2009, 12:27

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