Youll find there are some people who tout the benefits and advantages of buying homes that have gone through foreclosures. Often, those homes are offered up for auction to the highest bidder and there are some really good deals to be had at that point.
There are some very important pieces of information you should have before you start planning to buy homes that have been foreclose upon.
First, understand that a lender gave money to the person who wanted to buy that house in order for that borrower to make the transaction. The lender had some expectation that hed recover all that money plus some interest, but most lenders simply arent in a position to handle property. They dont want to foreclose on the house because then theyre going to have to do something with it. That means that the foreclosure process could take a long time while they look for some way to recover the loan from the original borrower, but it also means that most lenders are going to foreclose and then quickly offer the property at auction.
Youve probably heard about auctions that ended with buyers getting really good deals. That happens, but its not always the case. Why would a lender...
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