Hi, can someone please explain what process of purchasing a foreclosed property / foreclosure from a US bank? ...
Hi,
Can someone please explain what process of purchasing a foreclosed property / foreclosure from a US bank?
Properties in [foreclosure]https://www.google.co.il/search?q=foreclosure&spell=1&sa=X&ved=0ahUKEwirzquJ7aLjAhVtSxUIHfwECTQQkeECCCsoAA)Or short sale
I mean what steps on the practical level I have to do,
Thanks***
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Submit bids at a price that suits you and after the referral is received and becomes a contract, let the attorney do the rest of the testing work.
There is no simpler creator than that.
In Short Sale, it just can take a lot of time.
Munir Barakat
Danny Trestian
In Philadelphia (where I work) SHORT SALE - is usually a waste of time - often the seller tries to bring an offer to the bank in the hope that the bank will approve and the seller can thus avoid foreclosure. While this may sound like a good idea - it usually doesn't work that way. To check first if the acquaintance has been approved by the bank before wasting your time. Maybe there are areas it works sometimes
Steps tips and advice in buying a house that is a candidate for foreclosure according to Bank of America in the following link: How to buy a foreclosed home | Bank of America
https://foreclosures.bankofamerica.com/how-to-buy-a-foreclosed-home
And a short sale guide
A Complete Guide To Short Sale Homebuying | Bankrate.com
https://www.bankrate.com/mortgage/short-sale/
Depending on who you are buying the property from. If from the property owner you need to see his total debts for each lien that exists on the property and make sure you get a clean title. Because the bank has already started foreclosure, the total debt is probably higher than the value of the property and then the only way is to "short sale" through the owner of the property. Intended for sale with the consent of the bank, a somewhat long but rewarding process.
Good luck and update what happened at the end!