You can save money buying foreclosure properties.
Legal process by which a lender cancels (forecloses) a borrower’s right of redemption of the mortgaged property through a court order (called foreclosure order). The court sets a date up to which the borrower can redeem the property by paying off the entire loan balance (including foreclosing expenses). Thereafter, the lender is free to sell the property and, upon the sale, applies the sale proceeds first to the due amount and pays the remainder (if any) to the borrower. The borrower remains liable for the due amount if the property remains unsold, and for the shortfall if the sale proceeds are insufficient to pay off the entire debt.
But there are things you should know before pursuing a foreclosure purchase.
If a foreclosure appears to priced low act fast. Sometimes the distressed state of a foreclosure can appear or tragic than it is. To make money on a foreclosure real estate purchase you have to do the repairs for less than what everyone else imagines the cost. The lower the price more people will see the benefit and you will face competition from other buyers.
A Court Ordered Sale or Foreclosure. … Most properties will be listed as a court ordered sale – This means that the courts have “ordered” the sale, that is, they have given the right to someone (usually the lender/mortgage holder) to list and sell the property.
To avoid competition from other buyers on a foreclosure property you have to understand the steps to take and take them quick.
There is more to buying a foreclosure property at it’s best price and I’d be happy to help you through the process. For information on buying court ordered / foreclosure sales contact Blake King at www.BlakeKing.ca or firstname.lastname@example.org