A foreclosure property occurs when the owner defaults (does not make payments) and the owner’s lender takes the title of the home through the foreclosure process as prescribed by the Deed of Trust. The owner’s lender then proceed with selling the property in an attempt to recoup the funds borrowed for the purchase. These properties are also referred to as REO (Real Estate Owned) which is an accounting term used by banks to identify the foreclosure properties they own on their books.
#1 What differences are there in foreclosures?
In general, you are making one of the largest purchases of your life. It should also be one of the happier times for you. However, the purchasing process includes several hurdles and frustrations. If you can keep the end in mind and be patient it will be a very exciting process. As always, having a CENTURY 21 Jordan-Link & Company real estate professional guiding the way and following their advice will reduce your stress. Let our Realtor do the worrying.
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