Foreclosure is what happens when a homeowner fails to pay the mortgage.
More specifically, it's a legal process by which the owner forfeits all rights to the property. If the owner can't pay off the outstanding debt, or sell the property via short sale, the property then goes to a foreclosure auction. If the property doesn't sell there, the lending institution takes possession of it.
Should I be targeting one for my new purchase?
In my opinion, you should not target a foreclosed home. You could be in for a lot more than you bargained for. I would advise any buyer to opt into a option period and have home inspections completed before purchasing.
Author:LaPortia Hewitt Phone: 469-999-1034 Dated: November 4th 2016 Views: 65 About LaPortia: ...
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"After going through a failed sale, a business partner introduced me to Scottie. He came over and did a walkthrough and presented me with statistical data on my house and neighborhood. Scottie had complete confidence that my would sell in no time. He was right! I was very impressed with the amount of traffic my house received, not to mention the contract. Scottie and his team were A1 and professional! After completing some "to-do" items for him and the buyers, I signed the paperwork and closed the sell of the house to the new home owners today! Smoothest process ever!"