What is a foreclosed home?

Asked by Jc.gogo, Omaha, NE Tue Jun 4, 2013

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Debra (Debbi…, Agent, Livingston, NJ
Tue Jun 4, 2013
With a foreclosed home, the bank has already taken over ownership, and is now selling the home directly...the bank is listed as the seller.

The former owners are no longer in the picture...the house is vacant and being sold, for the most part, as is.

You negotiate with the bank - this is a much easier process than a short sale.
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