tips on buying a foreclosed home

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That may provoke a sense of dread for those who struggled to stay afloat during the last housing downturn or lost everything in a foreclosure. treated their home equity like an ATM machine,

Look for HUD homes. HUD homes are properties that were foreclosed on by a borrower with an FHA loan. You will need a real estate agent to place a bid on your behalf. There are also special programs such as the ReadyBuyer HomePath program that require a low down payment and 3% cash back to use for closing costs.

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1. flying solo. While enterprising do-it-yourselfers can certainly get away with going through the traditional home buying process without an agent, foreclosed real estate is another matter.Such complex transactions require the expertise of not just any real estate agent but one with a background in buying and selling foreclosed homes.

Get up to 5 Offers at LendingTree.com to see how much you can afford. You could save a significant amount of money when you buy a foreclosure home. Studies have shown that the average discount for a foreclosed home (when compared to regular, non-distressed properties) is around 27%. When you combine.

Here are five potential landmines to look out for when buying a foreclosed property. The process is highly impersonal. With a foreclosure, you’re not buying the house directly from the person who lived there. You’re buying it from the bank that foreclosed on the previous owner.

Interested in buying a foreclosed property? We can help by providing useful information and tips.

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The price is right on a foreclosed home, but is the price worth the trouble? Let's explore the pros and cons of buying a home in foreclosure.

 · In some ways, buying a foreclosure home in Washington State is similar to a “regular” real estate transaction. In other ways, it’s very different. So it’s important to have a basic understanding of the foreclosure buying process before you take the plunge. Here are five tips for buying a foreclosed home in Washington. 1.

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