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:Joe Pritchard Phone: 214-478-5903 Dated: November 4th 2016 Views: 78 About Joe: ...
View our latest blog posts in your RSS reader. Click here to access.
WHO WE ARE
SCOTTIE SMITH II & ASSOCIATES is one of Dallas/Fort Worth’s fastest growing boutique brokerage firms. We are located in the historic Deep Ellum District of Dallas, Texas and focus on addressing the needs of home buyers, sellers, and investors. We do more than close real estate transactions; we help our clients build wealth and restore communities!
Which Comes First… Marriage Or Mortgage? According to the
"Robin is an amazing realtor. So amazing that she turned into a friend during the process. She is always honest and straight forward. Say no more when it comes to buying a home! Robin is who you need in your life!"