What is a foreclosure property?

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.  

Joe Pritchard Headshot
Phone: 214-478-5903
Dated: November 4th 2016
Views: 78
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