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Debt Relief – Insolvency – Bankruptcy Information » Foreclosure Help » What should a person expect when purchasing a foreclosure home?

What should a person expect when purchasing a foreclosure home?

How does one deal with a foreclosure? Is the buyer allowed to look inside the house and should one go to bank if interested in buying a foreclosure home.

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2 Responses to "What should a person expect when purchasing a foreclosure home?"

  1. Robert says:
    Good question…depends how much they bought it for…the conditions of those homes ranges all over
  2. acermill says:
    Buying a foreclosure from a lender is generally the same as buying a conventional purchase, except that they are nearly always sold ‘as is’ by the lenders. A thorough inspection is recommended, either professionally or by trusted friends who know what they are doing.

    You are expected to either pay cash or finance this purchase as you would any other home purchase.

    If you are contemplating buying directly at the sheriff’s sale of the property, be aware that the lender will have a representative present to insure that any final bid exceeds the amount owed to the lender on the home by the defaulting seller.

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