How to Buy a Foreclosure
Home sales rose 14 percent last month, and many of those purchases can be attributed to attractive pricing on foreclosed homes.
RealtyTrac, a foreclosure property marketer, says that the best way to buy a foreclosure is from the bank that now owns it. These repossessions, called REOs (real estate owned by the bank), are usually in better shape than other foreclosures because the bank has had a financial interest in maintaining the property.
In addition, the bank may offer more favorable financing terms for those who want to purchase one of their foreclosure properties.
Purchasing a home that is in the foreclosure process through a “short sale” can be a slow and complicated process, requiring the potential buyer to negotiate a deal with both the owner and the lender.
Buying a foreclosure at auction is usually not a good idea for those who want to purchase a home for their primary residence. While prices are usually the lowest for homes sold at a sheriff’s auction, these houses are usually purchased “sight unseen,” which can potentially lead to big repair bills.
For more information on your rights as a homeowner in the Florida foreclosure process, contact our Jacksonville, Florida foreclosure law firm.
Greg Gilbert
Keith Maynard
