Is it possible for someone to purchase a foreclosed home and how do you do this?
Written on December 31, 2009
By ‘someone,’ I mean the average lay person without a realtors license. I didn’t know how foreclosed homes were purchased from banks. Bonus question, does the average person have access to purchasing a home from a wholesaler, or once again can this only be done a licensed agent?
If it is possible, how does one go about pursuing and purchasing a foreclosed/wholesaled house?
Related posts:
- I am a property virgin and looking to purchase a foreclosed home.?
- Considering purchase of a foreclosed home?
- Is it necessary to have a Realtor to purchase a foreclosed home?
- Do you need good credit to get a foreclosed home? My friend he said he got a house it was foreclosed ?
- Dealing with Banks when trying to purchase a foreclosed home?
Filed in: Foreclosure News.
When a house is foreclosed, the foreclosing lender will attempt to auction it for cash on the actual date of foreclosure. Usually, it does not sell at auction. The property title then reverts to the lender, who lists it for sale through a realtor – just like any other house for sale. These properties are called “REOs” (Real Estate Owned by the bank).