If you’re thinking of buying foreclosed homes, you have to consider the right steps on how to do this. Lenders and government agencies like HUD will also advertise the foreclosed homes which are for sale. These laws differ for most states and by checking out the laws one can decide which state to buy a foreclosed property in. Be specific – Before looking for a foreclosed homes sale it is a wise decision to decide the location, amenities required and the kind of house you want beforehand. Each state has different laws for foreclosed houses too, make sure you understand those laws completely.
Get an inspection done – Before buying through foreclosure homes sale it is advisable to always get a thorough inspection done. Also, foreclosure notices are usually posted on the property itself and somewhere in the city where the sale is to take place. In April, members of the FBI’s Mortgage Fraud Task Force arrested five people accused of stripping their foreclosed homes.
Mail or deliver the application along with $10 to the Travis County Tax Office, 5501 Airport Blvd, Austin, TX 78751 at least 5 business days prior to the sale. It’s also not unusual to hear of homes sold to buyers in other states and countries, with purchase prices rising with every flip. You want to have the property inspected before the sale if possible so you know the condition of the property before you bid on it. A real estate agent may have a better chance arranging an inspection than you do. An agent will also be helpful during the foreclosure sale as auctions can be chaotic and overwhelming.
Foreclosure by power of sale, also called nonjudicial foreclosure, is authorized by many states if a power of sale clause is included in the mortgage or if a deed of trust with such a clause was used, instead of an actual mortgage. This is especially true when it comes to cleaning windows from the outside and/or those that are high up (eg, on second or third stories of homes).
While in some stages you’ll have the opportunity to inspect a foreclosure property prior to finalizing the purchase, these homes are typically sold as-is; that means no repairs can be requested as a contingency of the sale. Provides a vast database of foreclosed homes located throughout the country and much effort is put into researching a home before it is listed.