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What are foreclosures and how do I learn more about buying foreclosures?

April 26, 2017buying Foreclosures learn

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What are foreclosures and how do I learn more about buying foreclosures?

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Foreclosure is a legal process that allows a lender/bank to sell or take possession of a property due to non-payment of a loan that is secured by that property. RealtyTrac posts properties that have already been foreclosed (Bank Owned) and properties that are in the foreclosure process (Pre-Foreclosure, Auction). Buyers have three opportunities to purchase property during foreclosure. Buying Pre-Foreclosure, Buying at Auction, Buying Bank Owned (REO) Read an Overview of the foreclosure process, which includes links to state laws and other resources.