WHATS THE PROCESS TO BUY A FORECLOSED HOUSE?
HI Shelia, Well, the process can be like buying any home, SPECIFIC. Each transaction, each buyer and seller, almost every home purchase has different contract obligations. If you purchase a preforeclosure home, it has addendums specific to the consumer protection of issue that are likely to arise in the case of a preforeclosure. If you purchase a bank owned foreclosure, the banks usually have their own addendum that is primarily structured to protect their concerns about liability and keeping their buyer, you, in place throughout the transaction. Addendums are like an “attachment” the the purchase agreement. Some foreclosures are sold at auction, like REDC or Zetabid. For more information on their purchase process, I would recommend that you read their web sites in detail. I have been the local RealtyTrac agent for a few years in the East County area and I highly recommend that you set your price range, determine your criteria – what the home needs to have to meet you needs, and look a
