Property Q&A in Wales>Question Details

Lynn, Home Buyer in Wales, MA

hi, I am curious about seeing this home and how one would go about purchasing a bank owned home.

Asked by Lynn, Wales, MA Sat Mar 21, 2009

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This question is about this property: http://www.trulia.com/foreclosure/2003058352--Monson-Rd-A-Wa…

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Hi, Lynn!
The key to buying a foreclosure is education. Make sure you read all you can on the positives, negatives and process of buying a foreclosure because as you can imagine it is very different then buying a property direct from a seller. There are a couple hoops to jump through and sometimes big delays when you purchase direct from the bank so reading and educating yourself will help manage your expectations throughout the process.

Just so you know the property you were inquiring about has not yet been foreclosed on. A lot of foreclosed properties on trulia are posted by a company called realty trac and unfortunately most of those properties are in pre-foreclosure and not yet available for purchase. Once a property gets foreclosed on it can take months for it to come on the market.

I hope that helps get you started!
0 votes Thank Flag Link Wed Mar 25, 2009
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