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I have a question about government foreclosures. My girlfriend and I are getting married and we are getting ready to buy with a house. A friend of mine told me I should look into foreclosed properties as they are cheaper. He also mentioned that I look into government foreclosure homes specifically because the process is faster. I am looking to move out soon but is it worth it, and where can I look? Thanks anyone.
Yes, this can be true, like any foreclosure it can take some time, but can be one of the fastest types of foreclosure to purchase. Government foreclosures can also be the cheapest and offer loans easy to approve for.
I understand to purpose of buying a government foreclosure trying to get a better deal. My advice is to not do this. If a home did not have a mortgage, this might be OK. Here is New York, there is only a small percentage of homes owed with no mortgage.
Understand the foreclosure process - after home owner goes into foreclosure, most times the Lender pays the taxes to remain in first lien holders position. Because the county is always in a silent 1st position.
One should ask the reason why a bank would give up this right unless they didn't think the property was worth it. Ever see the movie the money pit? ..
I am seeing many banked owed foreclosures, which could lead you to just as good as a deal, compared to a Gov foreclosure....
I understand to purpose of buying a government foreclosure trying to get a better deal. My advice is to not do this. If a home did not have a mortgage, this might be OK. Here is New York, there is only a small percentage of homes owed with no mortgage.
Understand the foreclosure process - after home owner goes into foreclosure, most times the Lender pays the taxes to remain in first lien holders position. Because the county is always in a silent 1st position.
One should ask the reason why a bank would give up this right unless they didn't think the property was worth it. Ever see the movie the money pit? ..
I am seeing many banked owed foreclosures, which could lead you to just as good as a deal, compared to a Gov foreclosure....
My $00.02
..
Perhaps you misunderstand a government forclosure vs a short sale, or when a homeowner attempts to sell a property which is being foreclosed upon.
Government foreclosures, generally, do not have a mortgage, nor lien, nor any encumbraces.
The reason they don't is that they are usually, FHA, VA, or otherwise properties guaranteed by some government entity. The properties have been foreclosed upon by the Lender, and the mortgage paid off by the Guarantor. So, generally, there is no mortgage.
Often, the Guarantor agency will, again, provide a guarantee to qualified Buyers, allowing for an easy mortgage, but there are a few hoops to jump thru in the purchase process. The process is quicker if the Buyer doesn't need the guarantee.
There used to be a list which was printed in the newspaper. I would imagine that they post to a their websites, FHA and VA.
Also, you can go to local realtors and inquire as to any government foreclosed properties they have for viewing. Realtors will have the keys to properties in their area.
I understand to purpose of buying a government foreclosure trying to get a better deal. My advice is to not do this. If a home did not have a mortgage, this might be OK. Here is New York, there is only a small percentage of homes owed with no mortgage.
Understand the foreclosure process - after home owner goes into foreclosure, most times the Lender pays the taxes to remain in first lien holders position. Because the county is always in a silent 1st position.
One should ask the reason why a bank would give up this right unless they didn't think the property was worth it. Ever see the movie the money pit? ..
I am seeing many banked owed foreclosures, which could lead you to just as good as a deal, compared to a Gov foreclosure....
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