But property sellers, especially those selling foreclosed homes, are sometimes wary of the VA loan appraisal and inspection process. This process can at times be difficult if the foreclosed property has any defects that the VA requires the property seller to fix before the home can be approved.
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Home Talk – Pros and Cons of Buying a Foreclosure "You will almost always be beat out by a cash offer. Financing will take some time and [.] Foreclosures and Short Sales: The Dangers of Buying Them 5705 Hermosilla Avenue Atascadero Says: November 29th, 2009 at 9:01 pm
Even if you can get a professional inspection on a foreclosure, you typically have to buy the house "as is." Once you purchase the home, any problems that pop up are yours – as is the responsibility for finding and paying for a remedy.
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How to buy a foreclosed home. It can be an exciting and sometimes overwhelming process to find and purchase a home. You want to ensure the home you purchase is right for you and that you have a seasoned real estate agent to help guide you through the process.
Foreclosure usually ends with the sale of the property at an auction. The highest bidder is the new owner of the property, but if no one shows up or bids high enough, the foreclosing bank becomes the owner. A foreclosure auction is usually completely open to the public, so anyone can show up, but some types of bidders are more common than others.
Opportunities for Investors. But while foreclosures might be a burden for sellers, they do present opportunities for buyers. A lower-priced foreclosure could help buyers find homes in neighborhoods that they otherwise couldn’t afford. But buying foreclosures can also come with big headaches, mostly because these homes are often in terrible condition.
A Massachusetts firm that acquires foreclosed homes and sells them back to their former owners. and her group is working with homeowners who usually can’t find anyone willing to lend to them. Plus,
Sixty-three percent of foreclosures in Oregon are sold at auction. Even though foreclosures can be purchased at a lower price than market value, lenders will.