What is the process of buying a home before foreclosure?

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What is the process of buying a home before foreclosure?

Submitted by Seth on Thu, 04/10/2008 - 9:14pm.

How do I buy a foreclosure? Would I just need to pay off the loan and the default amount, and then I would own the house?

Comments:

Submitted by admin on Thu, 04/10/2008 - 9:24pm.

Hi Seth, Buying a home that

Hi Seth, Buying a home that is in default is very similar to any other home purchase. We'd recommend that you use a Realtor who is familiar with foreclosures and purchase title insurance. Also note that is some states like California there are additional requirements (see Civil Code 1695).

Nothing says the loans have to be paid off. For example loans could be assumed or the property purchased "Subject To" the existing loans (the loans stay in the prior owners name but remain a lien on the property which you have to pay or risk losing the home). Most loans have a due on sale clause so be aware of the risks for both you and the homeowner before pursuing a subject to purchase.

Submitted by Anonymous (not verified) on Sun, 05/04/2008 - 9:55pm.

where can you find a list of

where can you find a list of the top realtors that specialize in foreclosures.

Submitted by Sean on Mon, 05/19/2008 - 4:13pm.

Try our directory.

Submitted by kristi491 on Sat, 07/05/2008 - 7:45am.

Yes! I agree with your great

Yes! I agree with your great advice, it really works for me.

Thanks for your information!