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Ms.Content asked:
The housing market is in a crisis right now and i know that many ppl are going through foreclosures.I don’t wanna get a mortgage or rent if i can just learn more about foreclosures and how to get a home that way. So how do i purchase a home that’s been foreclosed?
The housing market is in a crisis right now and i know that many ppl are going through foreclosures.I don’t wanna get a mortgage or rent if i can just learn more about foreclosures and how to get a home that way. So how do i purchase a home that’s been foreclosed?
Tags: Housing Market, Mortgage, Ppl, Tax Foreclosures
November 6th, 2007 |
Tags: Housing Market, Mortgage, Ppl, Tax Foreclosures
November 9th, 2007 at 6:33 pm
There are generally two types of foreclosures - tax forclosures, which occur when a city or town takes a person’s property because they failed to pay taxes and mortgage forclosures, which occur when a person fails to pay their mortgage and the bank takes their property.
You can find out about tax foreclosure by contacting your local tax assessor’s office - if they don;t have the information, they should be able to direct you to the office that will. To find out about other types of foreclosures, check the legal notices section of your local paper - most states require that the entity foreclosing publish a notice.
Be warned, though, you usually cannot inspect the property before buying it. Also, make sure that you know the rules of the auction before going. In New York, they require 10% of the bid price, in cash or certified funds.
November 10th, 2007 at 4:25 pm
If you have been watching too much late night TV, you can forget about buying a home that is worth 100K for $500.
November 12th, 2007 at 1:09 am
they will announce when a sale will be held. You should go to the court haouse and get the list then go and check out the properties.
November 13th, 2007 at 2:36 am
Not many folks lose their house to tax foreclosures. Despite all the nonsense John Beck claims on his informercials, this just isn’t happening.
Even if they are sold as tax foreclosures, these auctions are often well attended and you will be bidding against professional investors.