How Do You Bid On A Foreclosed House?
A foreclosure happens when someone is unable to meet her mortgage payments, putting the home loan in default. When this occurs, the lender will foreclose on the home and assume ownership. If the house is FHA or HUD insured, the United States federal government will purchase the home from the lender and attempt to resell the property. Buying homes in foreclosure can often provide excellent deals for the consumer. With a little research and a skilled real estate agent, buying a foreclosure can help you save a good amount of money on your home purchase. Visit the United States Department of Housing website to examine its foreclosure listings. In addition, contact mortgage brokers to access their lists of properties available through foreclosure. Ask a trusted real estate agent to set up a showing of selected properties. Ask the agent to help you design an appropriate bid for the home you select. He should be able to provide guidance in creating a reasonable offer. You will need to include
