A foreclosed property – also known as Real estate owned (reo) – is a home that was once customer-owned but has been turned back to the mortgage holder as the result of a foreclosure action or acceptance of a deed-in-lieu of foreclosure.

Buying a foreclosure (FCL) house is often touted as a way for both owner-occupants and investors to obtain a great deal on a property. However, the potential financial rewards don’t come without.

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You will likely be asked to buy the home "as is." There are drawbacks to buying foreclosures, and you must make your offer subject to a home inspection. Some sellers in default will damage homes in foreclosure or strip assets such as kitchen or bathroom appliances.

But if you’re gearing up to buy your first home, take a hard look at whether buying a foreclosed property is a good idea. Although buying a bank owned property requires you to jump through a few extra hoops, if the price is right, the money you save will be well worth your time.

If you know how to buy a foreclosed home, you could get into your next house for less than you think. How to Buy a Foreclosed Home | The Motley Fool Latest Stock Picks

A thorough home inspection is extremely important when buying a foreclosed home. But even an inspection won't spot surface mold inside a.

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Note: if the house is in need of major repairs, beyond being considered a fixer upper, you will not qualify for this type of loan. Search for Foreclosures to Buy. If you are ready to invest in a foreclosure with no money down, you must first find a list of available properties in your area. With our listing service, you are in position to do.

See what you need to know when buying a home at a real estate auction.. The vast majority of homes sold at auction are foreclosures.

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How to Buy Bank Owned Foreclosures – Steps Start the hunt for REOs. Get pre-approved or pre-qualified. Decide whether you want to look for discounted properties or not. Get an appraisal and/or an inspection. Do a title search before you close the sale. Be ready to wait a while for a response.