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How do I buy a foreclosed property?
There's a house across the street from my parents house that is being foreclosed. How do I find out who to contact to buy the property?
4 Answers
- acermillLv 71 decade agoFavorite Answer
You can check the land records for the property to discover which lender(s) hold mortgages against the property. As well, you can check the local sheriff's foreclosure sales to find out when this property is being sold 'at public auction'. You CAN bid at the public auction, but be aware that the lenders involved will have their representatives bidding against you until the sale price of the property goes high enough to satisfy what they are owed.
After the foreclosure auction, if the lender(s) purchase the house, it will most probably be listed with a local real estate agency for disposition, at which time you can place an offer on the property.
- 1 decade ago
Usually the house will be listed in your local paper and most foreclosed houses will be sold through auctions, therefore at lower prices.
- 1 decade ago
Simple call a Realtor they have resources to find out who is selling the property ( it will not be the owner )
- 1 decade ago
Have someone pull title on the address to see who is the owner and if they have mailing address different than the site address.